JPY / INR
JPYINR=X
Key Statistics
About JPY / INR
By Liveworldmarket Editorial Team · Last reviewed 29 June 2026
JPY / INR — Japanese Yen vs Indian Rupee
JPY/INR (Japanese yen versus Indian rupee) is one of the four India-listed currency-pair contracts (alongside USD/INR, EUR/INR and GBP/INR). It quotes the rupee price of 1 yen (typically around 0.55-0.60 INR per yen in 2026). Volumes are modest compared to USD/INR — typically 5-10% of USD/INR volume — but the contract serves an important hedging function for Indian importers of Japanese capital goods, automobiles, electronics components and Japanese-yen-denominated debt issuers.
The JPY/INR rate is largely determined by the cross-rate between USD/JPY (the underlying yen rate) and USD/INR. Movements in USD/JPY (driven by Bank of Japan policy, US Treasury yields, and risk-on/off sentiment) propagate into JPY/INR via the cross-rate calculation.
History & contract origins
JPY/INR futures were launched by NSE and BSE in 2010 as part of the broader rupee-currency derivatives suite. Long-run yen vs. rupee history: in 1990, 1 yen was around 0.13 rupees. By 2000 the rupee had depreciated to around 0.40 per yen; by 2010 0.50; by 2020 0.65 at peak. The post-2022 BoJ-policy-divergence era has seen yen weakness re-emerge, taking JPY/INR back into the 0.55-0.60 range.
Notable episodes: yen weakened sharply from late 2022 through 2024 as the Fed hiked while BoJ remained at -0.1%, taking USD/JPY from 115 to 162 (a near 40% move). Through 2025-26 BoJ has gradually normalised policy and yen has recovered modestly.
Trading hours & session layout
JPY/INR onshore futures trade during NSE/BSE FX hours. In IST:
| NSE/BSE FX cash open | 09:00 IST |
| NSE/BSE FX cash close | 17:00 IST |
| Tokyo USD/JPY overnight session | 05:30 - 14:30 IST (offshore) |
Holiday calendar (typical annual closures)
Listed below are the major scheduled closures for the underlying exchange. Exact dates shift year-to-year — always verify against the exchange's official calendar before holding overnight positions across a holiday boundary.
| Holiday | Typical date |
|---|---|
| Standard Indian public holidays - onshore market closed |
How to read this tape
Read JPY/INR alongside USD/JPY (the underlying yen pair) and USD/INR (the underlying rupee pair). When USD/JPY rises sharply (yen weakens against dollar) and USD/INR is stable, JPY/INR falls. When USD/INR rises sharply (rupee weakens against dollar) and USD/JPY is stable, JPY/INR rises. Mathematically: JPY/INR ≈ (USD/INR) / (USD/JPY) × 100.
Indian importers of Japanese cars, electronics components and capital equipment use JPY/INR forwards to hedge their JPY-payable exposure. Indian shipping and auto-OEM companies (notably Maruti Suzuki) have meaningful JPY-payable exposure to their parent operations.
Frequently asked questions
Why is JPY/INR quoted per 100 yen on Indian exchanges?
Because 1 yen is a very small unit (0.55 INR per yen). For practical trading and contract sizing, the NSE/BSE quotes JPY/INR per 100 yen — so a quote of 55.00 means 100 yen costs 55 rupees.
Who hedges using JPY/INR futures?
Indian importers of Japanese goods (electronics components, auto parts, machinery), Indian companies with Japanese-yen-denominated debt (sometimes called 'samurai bonds'), and Indian exporters to Japan. Speculative volumes are smaller than USD/INR.
How does Bank of Japan policy affect JPY/INR?
Directly via the USD/JPY component of the cross. BoJ ultra-loose policy (sub-zero rates, yield-curve control) historically weakened the yen against the dollar, which dragged JPY/INR lower. The 2024-26 BoJ-normalisation cycle has been mildly yen-supportive.
Why was 2022-23 such a sharp yen-depreciation episode?
Because the Bank of Japan maintained negative interest rates and yield-curve control through 2022 even as the Fed raised rates from 0 to 5.25%. The unprecedented policy divergence drove a 40% USD/JPY rally and a similar JPY/INR weakening.
Can foreigners trade JPY/INR?
Limited access. NSE/BSE JPY/INR is open to Indian residents and certain registered FPIs subject to SEBI position limits. Direct retail-foreign-investor access is more limited than USD/INR.
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Editorial article. Information only — not investment advice. Read our Risk Disclaimer before acting on any market data shown here.