December 31, 2025
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- USD/JPY gains to near 156.60 as the US Dollar rises despite dovish FOMC minutes.
- Fed policymakers seek to return to neutral policy stance to support labor market.
- BoJ officials signaled that the monetary policy will remain on the upward path.
The USD/JPY pair trades 0.2% higher to near 156.60 during the late Asian trading session on Wednesday. The pair gains as the US Dollar (USD) trades higher, following the release of the Federal Open Market Committee (FOMC) minutes of the December policy meeting showed on Tuesday.
At the press time, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, rises to near 98.30, the highest level in a week.
US Dollar Price Today
The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the New Zealand Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.06% | 0.00% | 0.09% | 0.00% | 0.03% | 0.25% | 0.03% | |
| EUR | -0.06% | -0.04% | 0.04% | -0.05% | -0.03% | 0.20% | -0.03% | |
| GBP | -0.01% | 0.04% | 0.08% | -0.01% | 0.00% | 0.25% | 0.03% | |
| JPY | -0.09% | -0.04% | -0.08% | -0.08% | -0.06% | 0.17% | -0.04% | |
| CAD | -0.00% | 0.05% | 0.00% | 0.08% | 0.03% | 0.22% | 0.06% | |
| AUD | -0.03% | 0.03% | -0.00% | 0.06% | -0.03% | 0.23% | 0.00% | |
| NZD | -0.25% | -0.20% | -0.25% | -0.17% | -0.22% | -0.23% | -0.22% | |
| CHF | -0.03% | 0.03% | -0.03% | 0.04% | -0.06% | -0.01% | 0.22% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
The US Dollar attracts bids even as FOMC minutes showed that officials stressed the need for further interest rate cuts, citing United States (US) labor market risks.
Most participants noted moving toward a more neutral policy stance would help forestall possible job market deterioration,” FOMC minutes.
Fed policymakers have argued in favor of easing the monetary policy further despite reducing interest rates by 75 basis points (bps) to 3.50%-3.75% in 2025.
According to the CME FedWatch tool, the Fed will cut interest rates by at least 50 basis points (bps) in 2026.
Meanwhile, the Japanese Yen (JPY) faces selling pressure as traders doubt that the Bank of Japan (BoJ) will tighten its monetary policy in the near-term, given government’s support for higher fiscal spending to stimulate economic growth. However, BoJ officials have stated that there will be more interest rate cuts as firms’ behaviour on pay and wage growth appears to be changing.
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