USDJPY Pip Value by Lot Size (at 148.10, USD account)
| Lot size | Pip value |
|---|---|
| Standard (1.0) | ~$6.75 |
| Mini (0.1) | ~$0.68 |
| Micro (0.01) | ~$0.07 |
Why Yen Pip Value Changes With Price
For a pair like EURUSD the quote currency is already dollars, so nothing is converted. On USDJPY each pip is worth 0.01 times 100,000, which is 1,000 yen per standard lot, and those yen have to be turned into dollars at the live price. Dividing 1,000 by a price of 148.10 gives about $6.75. Because you divide by the price, a higher USDJPY makes each pip worth slightly fewer dollars.
The practical effect is small trade to trade, but it matters when you compare risk across pairs. A 20 pip stop on USDJPY is not the same dollar risk as a 20 pip stop on EURUSD, so always price your stop in money rather than assuming every pip is ten dollars.
