Japanese Yen (JPY) Real Effective Exchange Rate (REER) - Historical Data
BIS Real Effective Exchange Rate (REER) index (base 2020 = 100) for the Japanese Yen (JPY) issued by the Bank of Japan, spanning 1964 to 2026. The index measures the trade-weighted value of JPY against a broad basket of 64 economies adjusted for relative consumer price inflation. A reading above 100 indicates higher real purchasing power relative to the 2020 baseline.
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Current Statistics & Historical Records
Latest Reading (Sep 2026)
66.61
Prev (Aug 2026): 66.01+0.60
Highest Recorded (Apr 1995)
194.05
Strongest real trade-weighted valuation of the Japanese Yen (JPY REER Index, 2020=100).
Lowest Recorded (Mar 1964)
56.58
Weakest real trade-weighted valuation of the Japanese Yen (JPY REER Index, 2020=100).
Long-Run Mean (1964–2026)
107.61
63 annual observations · Monthly
Bank of Japan · JPY
Japanese Yen (JPY) Real Effective Exchange Rate (REER) (1964-2026)
Index (2020=100)Drag to pan, scroll to zoom, or toggle between full archive (1964–2026) and recent monthly observations.
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Source: Bank for International Settlements (BIS) (WS_EER:M:R:B:JP)
Latest: 66.61 (Sep 2026)
JPY REER Index Averages by Decade
Decadal mean, peak, and trough across the 1964–2026 archive
| Decade | Years Covered | Decade Mean | Decade High (Year) | Decade Low (Year) |
|---|---|---|---|---|
| 1960s | 1964–1969 | 63.67 | 66.63 (1969) | 59.55 (1964) |
| 1970s | 1970–1979 | 89.84 | 120.28 (1978) | 67.77 (1970) |
| 1980s | 1980–1989 | 112.45 | 142.09 (1988) | 91.22 (1982) |
| 1990s | 1990–1999 | 143.87 | 174.35 (1995) | 116.37 (1990) |
| 2000s | 2000–2009 | 130.72 | 162.11 (2000) | 106.07 (2007) |
| 2010s | 2010–2019 | 107.28 | 130.47 (2011) | 90.25 (2015) |
| 2020s | 2020–2026 | 79.43 | 100.00 (2020) | 66.19 (2026) |
Complete Annual Historical Ledger (1964–2026)
Unit: Index (2020=100) · Source: Bank for International Settlements (BIS) (WS_EER:M:R:B:JP)
| Year | Annual Value (Index (2020=100)) | Intra-Year Range (Min – Max) | Monetary Regime & Historical Context |
|---|---|---|---|
| 2026 | 66.19 | 65.23 – 67.67 | - |
| 2025 | 72.50 | 68.42 – 76.38 | Post-tightening monetary recalibration across advanced and emerging central banks |
| 2024 | 71.46 | 68.92 – 73.92 | G10 policy rates peak and pivot toward gradual monetary normalization |
| 2023 | 75.49 | 72.15 – 79.33 | - |
| 2022 | 79.19 | 74.52 – 86.59 | Global inflation surge triggers fastest synchronized rate hiking cycle in four decades |
| 2021 | 91.15 | 87.55 – 96.77 | - |
| 2020 | 100.00 | 97.15 – 103.70 | COVID-19 pandemic emergency rate cuts and record balance sheet expansion |
| 2019 | 99.18 | 96.08 – 103.07 | - |
| 2018 | 96.30 | 94.24 – 97.91 | - |
| 2017 | 97.31 | 94.48 – 100.91 | - |
| 2016 | 102.29 | 95.60 – 108.34 | Bank of Japan introduces Yield Curve Control (YCC); post-Brexit BoE easing |
| 2015 | 90.25 | 87.15 – 92.52 | - |
| 2014 | 96.75 | 88.62 – 100.18 | ECB and European peers introduce Negative Interest Rate Policy (NIRP) |
| 2013 | 102.64 | 96.62 – 111.75 | - |
| 2012 | 128.83 | 119.76 – 135.08 | - |
| 2011 | 130.47 | 124.01 – 136.04 | European Sovereign Debt Crisis and Swiss franc safe-haven surge |
| 2010 | 128.82 | 121.32 – 133.86 | - |
| 2009 | 128.10 | 123.70 – 137.58 | - |
| 2008 | 114.03 | 105.55 – 137.15 | Global Financial Crisis drives major central banks to the zero lower bound and QE1 |
| 2007 | 106.07 | 101.73 – 109.42 | - |
| 2006 | 115.99 | 111.29 – 120.04 | - |
| 2005 | 128.32 | 118.66 – 137.45 | - |
| 2004 | 136.87 | 133.87 – 140.12 | - |
| 2003 | 135.76 | 132.44 – 141.14 | - |
| 2002 | 135.27 | 129.79 – 140.69 | - |
| 2001 | 144.66 | 137.49 – 149.99 | Dot-com bust and synchronized G10 monetary easing cycle |
| 2000 | 162.11 | 156.68 – 164.83 | - |
| 1999 | 153.66 | 143.46 – 168.70 | Launch of the Euro and establishment of the European Central Bank (ECB) |
| 1998 | 136.91 | 123.91 – 147.96 | - |
| 1997 | 137.13 | 129.41 – 143.35 | Asian Financial Crisis triggers emergency EM currency defense hikes |
| 1996 | 146.14 | 138.82 – 151.85 | - |
| 1995 | 174.35 | 157.65 – 194.05 | - |
| 1994 | 172.56 | 164.24 – 176.74 | Global bond market selloff and pre-emptive Federal Reserve tightening cycle |
| 1993 | 149.87 | 131.92 – 162.48 | - |
| 1992 | 127.75 | 123.82 – 132.86 | European Exchange Rate Mechanism (ERM) crisis and Black Wednesday |
| 1991 | 123.92 | 120.78 – 128.50 | - |
| 1990 | 116.37 | 108.84 – 126.01 | German reunification tightening and Japanese asset bubble peak |
| 1989 | 130.43 | 121.71 – 140.27 | - |
| 1988 | 142.09 | 137.80 – 145.06 | - |
| 1987 | 135.06 | 130.04 – 143.49 | Louvre Accord and Black Monday central bank liquidity provision |
| 1986 | 129.14 | 112.79 – 138.18 | - |
| 1985 | 101.09 | 95.83 – 112.42 | Plaza Accord coordinated G5 currency intervention depreciates USD |
| 1984 | 100.02 | 97.18 – 103.02 | - |
| 1983 | 97.60 | 95.25 – 100.41 | - |
| 1982 | 91.22 | 85.76 – 98.03 | - |
| 1981 | 101.08 | 96.17 – 107.33 | Volcker disinflation peak pushes benchmark policy rates to postwar highs |
| 1980 | 96.75 | 89.35 – 103.59 | - |
| 1979 | 105.24 | 91.14 – 120.05 | Second oil shock; Paul Volcker appointed Federal Reserve Chair |
| 1978 | 120.28 | 106.93 – 131.91 | - |
| 1977 | 101.59 | 94.87 – 108.94 | - |
| 1976 | 92.01 | 87.24 – 96.10 | - |
| 1975 | 87.02 | 85.68 – 87.97 | - |
| 1974 | 87.53 | 84.52 – 91.53 | First OPEC oil shock triggers global stagflation and steep policy rate hikes |
| 1973 | 87.71 | 80.45 – 90.88 | - |
| 1972 | 78.98 | 76.28 – 80.31 | - |
| 1971 | 70.28 | 67.77 – 75.07 | Nixon Shock suspends USD gold convertibility; Bretton Woods system ends |
| 1970 | 67.77 | 66.75 – 68.21 | - |
| 1969 | 66.63 | 65.96 – 67.77 | - |
| 1968 | 65.77 | 64.82 – 66.73 | - |
| 1967 | 63.79 | 62.57 – 65.56 | - |
| 1966 | 63.48 | 62.61 – 64.27 | Credit crunch of 1966 and monetary tightening |
| 1965 | 62.83 | 62.11 – 63.72 | - |
| 1964 | 59.55 | 56.58 – 61.84 | - |
Frequently Asked Questions - JPY REER Index
What is the current Real Effective Exchange Rate (REER) of the Japanese Yen (JPY)?
As of Sep 2026, the BIS Real Effective Exchange Rate index for JPY is 66.61 (2020 = 100), compared with its long-run average of 107.61.
Statistical Provenance
Source Metadata & Methodology Notes
- Primary Institution:
- Bank for International Settlements (BIS)
- Dataset / Dataflow:
- BIS Effective Exchange Rate Indices (WS_EER)
- Canonical Series ID:
- WS_EER:M:R:B:JP
- Reuse & License:
- Terms of permitted use of BIS statistics
- Calculated as geometric weighted averages of bilateral exchange rates adjusted by relative consumer prices (2020 = 100).
- Splices the BIS Narrow basket (1964-1993) with the BIS Broad 64-economy basket (1994-present) for continuous post-war historical coverage.
Academic & Media Attribution
Cite This Dataset (APA & BibTeX)
APA 7th Edition
CentralBankData.com. (2026). Japanese Yen (JPY) Real Effective Exchange Rate (REER), compiled from Bank for International Settlements (WS_EER:M:R:B:JP). https://centralbankdata.com/japanese-yen-real-effective-exchange-rate
BibTeX
@misc{cbd_reer_japan,
author = {CentralBankData.com},
title = {Japanese Yen Real Effective Exchange Rate},
note = {Compiled from Bank for International Settlements WS_EER:M:R:B:JP},
year = {2026},
url = {https://centralbankdata.com/japanese-yen-real-effective-exchange-rate}
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