JPY / INR | Interbank / OTC: JPYINR | Currency: INR | Type: Currency Pair
Key Statistics
About JPY / INR
JPY/INR expresses the Indian rupee value of the Japanese yen and is conventionally quoted per 100 yen in Indian markets. The yen side is driven by Bank of Japan policy and global risk appetite — the yen strengthens in risk-off episodes — while the rupee side follows India's external balances. Importers of Japanese machinery and auto components are natural hedgers of this cross.
Instrument Details
| Ticker | JPYINR |
| Exchange / Market | Interbank / OTC |
| Instrument type | Currency Pair |
| Quote currency | INR |
Pair Components
| Base currency | JPY — Japanese Yen |
| Quote currency | INR — Indian Rupee |
| Quote convention | 1 JPY = X INR |
Market Structure
The JPY / INR rate is set by the global foreign-exchange market — a decentralised network of banks, dealers and electronic platforms — rather than a single exchange. Central-bank policy, interest-rate differentials, trade balances and capital flows drive the rate over time. Exchange-traded currency futures and options based on this pair also trade on regulated exchanges.
Trading Hours
JPY / INR trades 09:00 AM to 05:00 PM IST on NSE currency derivatives, while the underlying spot pair trades nearly 24 hours a day, five days a week. Outside those hours this page shows the last traded level, with change figures measured against the previous official close. All session times are expressed in Indian Standard Time (IST).
How to Read JPY / INR
A rising JPY / INR quote means the base currency is strengthening against the quote currency. Compare the live rate with the 52-week range to judge how stretched the move is, and watch round-number levels where central banks and corporates often place orders. Interest-rate announcements from either economy are the biggest scheduled movers.
52-week range: 0.561 – 0.613. Trailing 12-month change: -0.40%.
By Liveworldmarket Editorial Team · Last reviewed 31 August 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.