USDJPY is a currency pair that represents the value of the US dollar against the Japanese yen.

The US dollar, issued by the United States, is circulated worldwide and holds the largest share in global foreign exchange. The 2022 BIS Triennial Central Bank Survey states that currency pairs involving the US dollar account for 88.4% of all currency trading. Additionally, many countries adopt the dollar-peg system, meaning their currencies are tied to the value of the US dollar. According to the 2022 IMF report, 37 countries and regions use the dollar-peg system, accounting for approximately 20% of IMF member states.

The yen is Japan's currency. According to the 2022 BIS Triennial Central Bank Survey, transactions involving the yen account for 8.3% of the total, ranking third after the euro. The yen also has the characteristics of a safe-haven asset. Investors may choose to buy the yen to avoid risk when the international situation becomes unstable. This is due to factors such as Japan's current account surplus, its large net external asset position, and its political and economic stability.