Japan Real Effective Exchange Rate stands at 66.6 as of September 2026, down from 71.8 a year earlier. The reading sits in the 2nd percentile of its history back to 1994.
| Latest (September 2026) | 66.6 |
| One year ago | 71.8 |
| 10-year range | 65.2 – 107.8 |
| All-time range | 65.2 (2026) – 194.1 (1995) |
| Change over 12 months | −5.2 — bottomed at 65.2 in 2026 |
| Percentile vs. full history | 2nd |
| History | 1994–2026 (393 observations) |
Japan's real effective exchange rate (REER): the trade-weighted value of its currency against a broad basket of partners, adjusted for inflation differentials. A rising REER means the currency is getting more expensive in real terms, which is a headwind for exporters and, historically, for subsequent equity returns in that market; a REER well below its long-run average marks a cheap currency, which has tended to precede stronger returns for foreign investors. Values are an index (2020 = 100); the deviation from its own average matters more than the level. Data: Bank for International Settlements effective exchange rate indices (broad basket).
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<a href="https://www.tacticalassetallocation.com/charts/japan-real-effective-exchange-rate/">Japan Real Effective Exchange Rate — Cambria Chart Lab</a>
Data: download CSV (source: BIS effective exchange rates).