Canadian Dollar to Japanese Yen exchange rate history 1971 to 2026: oil and carry
One Canadian Dollar bought 344.432 JPY in 1971 and 114.189 JPY in 2026. Oil and carry. The series covers 56 years of annual data.
- 2026 avg
- 114.19
- year to date
- Highest avg
- 344.43
- 1971
- Lowest avg
- 68.49
- 1995
- Traded range
- 59.16 to 356.48
- low 1995, high 1971
Source: Federal Reserve H.10 cross rate (DEXCAUS ÷ DEXJPUS). Latest daily observation 2026-10-30.
Annual averages of daily observations.
CAD/JPY in four numbers
- Change since 1971
- -68.9%
- 55 complete years
- Change over 10 years
- +13.0%
- 2015 to 2025
- Average annual change
- -1.0%
- standard deviation 13.1 points
- Largest drawdown
- 77.5%
- 1971 to 1999
CAD/JPY since 1971
Canadian Dollar to Japanese Yen averaged 344.432 JPY in 1971 and 107.051 JPY in 2025, 68.9% lower across 55 complete years.
The annual average has ranged from 68.492 in 1995 to 344.432 in 1971. On individual trading days the series reached 59.164 and 356.481, a ratio of 6 to 1.
Oil, carry and CAD/JPY
CAD/JPY is a carry pair. The Bank of Canada sets the CAD policy rate and the Bank of Japan sets the JPY rate. The gap between the two is the main medium-term driver: capital tends to move toward the currency with the higher risk-adjusted yield, and the pair tends to move with that gap.
The Canadian dollar is a commodity currency and the yen is a funding currency, so CAD/JPY combines oil with the carry trade. The annual series reflects those shifts rather than a single trend. From 1971 to 2025 the average moved -68.9%, with 29 up years and 25 down years.
The pair tends to do well when energy prices and risk appetite rise together, and poorly when both fall. Because carry trades are leveraged, the pair can move sharply when the rate gap narrows or when volatility rises, which is why the largest annual moves are often larger than the change in policy rates alone.
What moves CAD/JPY
CAD: The Canadian dollar is a commodity-linked currency closely tied to the United States, its largest trading partner.
JPY: The yen is a free-floating currency that has spent long periods with very low interest rates, making it a funding currency for carry trades.
For CAD/JPY, the CAD leg responds to oil and commodity prices, US demand, Bank of Canada and Federal Reserve policy, while the JPY leg responds to Bank of Japan policy, interest rate differentials and carry trades, official intervention. The exchange rate is the market's attempt to balance the two sets of forces.
How wide is the CAD/JPY range?
The highest single observation in the series was 356.481 in 1971, and the lowest was 59.164 in 1995. That is a ratio of 6 to 1 between the two extremes.
Annual averages are narrower than single-day levels because they smooth the intra-year swings. Even so, the average has ranged from 68.492 to 344.432, a spread that matters for anyone converting at different points in the cycle.
The five largest CAD/JPY moves
Ranked by absolute year-end change, the five largest moves were 2008 (-34.4%), 1979 (+25.6%), 1978 (-25.3%), 1985 (-24.8%), 1977 (-24.5%). The biggest was 2008, when the rate moved from 113.055 to 74.175, a change of 34.4%.
Across 55 complete years the pair rose in 29 and fell in 25. The average annual change was -1.0% with a standard deviation of 13.1 percentage points, which is one way to compare its volatility with other pairs.
How to read the CAD/JPY data
This is a derived cross rate. Each day's CAD/JPY is calculated from the two US dollar legs in Federal Reserve H.10 cross rate (DEXCAUS ÷ DEXJPUS), joined on the same calendar date with up to seven days of holiday carry-forward. No figure on this page is estimated or interpolated.
CAD/JPY history: the years that moved the rate
Each event below is dated and tied to one of the currencies in this pair.
- 2008 2008-09-15
Lehman Brothers files for bankruptcy
The collapse of Lehman Brothers triggered a global financial crisis, a flight into the US dollar and extreme volatility across currency markets.
- 2020 2020-03-15
Pandemic triggers a global dash for cash
The COVID-19 shock caused a worldwide sell-off and a surge in demand for US dollars, followed by large central bank intervention and emergency rate cuts.
- 2022 2022-03-16
Federal Reserve begins a rapid tightening cycle
The Federal Reserve raised rates for the first time since 2018 and continued with unusually large increases, driving a broad dollar rally during 2022.
- 2024 2024-07-31
Bank of Japan raises rates and the yen carry trade unwinds
The Bank of Japan raised its policy rate to about 0.25 percent. The yen strengthened sharply and crowded carry trades unwound, contributing to a global market sell-off in early August 2024.
CAD/JPY annual average, 1971 to 2026
Annual average with the full trading range for each year. average high–low range
Source: Federal Reserve H.10 cross rate (DEXCAUS ÷ DEXJPUS). Figures are annual averages of daily observations.
CAD to JPY exchange rate by year
Every year since 1971: annual average, the year high and low, the year-end rate, and the change on the previous year.
| Year | Average | High | Low | Year end | Change |
|---|---|---|---|---|---|
| 1971 | 344.43 | 356.48 | 314.26 | 314.26 | n/a |
| 1972 | 305.96 | 313.57 | 299.88 | 302.99 | -3.6% |
| 1973 | 271.25 | 302.63 | 255.39 | 281.40 | -7.1% |
| 1974 | 298.35 | 310.54 | 282.03 | 303.63 | +7.9% |
| 1975 | 291.73 | 303.72 | 281.52 | 300.12 | -1.2% |
| 1976 | 300.63 | 308.93 | 286.93 | 290.35 | -3.3% |
| 1977 | 253.15 | 292.09 | 215.78 | 219.24 | -24.5% |
| 1978 | 184.91 | 220.34 | 150.36 | 163.73 | -25.3% |
| 1979 | 187.05 | 214.11 | 163.76 | 205.67 | +25.6% |
| 1980 | 193.85 | 220.00 | 170.03 | 170.03 | -17.3% |
| 1981 | 183.97 | 198.07 | 167.47 | 185.28 | +9.0% |
| 1982 | 201.73 | 227.04 | 184.35 | 190.86 | +3.0% |
| 1983 | 192.74 | 200.18 | 185.06 | 186.18 | -2.5% |
| 1984 | 183.33 | 190.36 | 174.28 | 190.36 | +2.3% |
| 1985 | 174.70 | 196.00 | 143.19 | 143.19 | -24.8% |
| 1986 | 121.11 | 145.19 | 109.51 | 114.63 | -19.9% |
| 1987 | 109.04 | 116.29 | 93.25 | 93.25 | -18.6% |
| 1988 | 104.20 | 111.63 | 94.46 | 104.84 | +12.4% |
| 1989 | 116.63 | 125.19 | 103.80 | 124.18 | +18.4% |
| 1990 | 124.27 | 136.91 | 106.44 | 116.98 | -5.8% |
| 1991 | 117.44 | 123.98 | 108.06 | 108.06 | -7.6% |
| 1992 | 105.04 | 113.98 | 95.10 | 98.20 | -9.1% |
| 1993 | 86.20 | 98.88 | 76.87 | 84.27 | -14.2% |
| 1994 | 74.82 | 85.81 | 69.96 | 70.99 | -15.8% |
| 1995 | 68.49 | 77.14 | 59.16 | 75.64 | +6.5% |
| 1996 | 79.77 | 85.69 | 75.87 | 84.52 | +11.8% |
| 1997 | 87.40 | 92.30 | 80.33 | 91.30 | +8.0% |
| 1998 | 88.43 | 99.34 | 73.55 | 73.55 | -19.4% |
| 1999 | 76.55 | 84.89 | 68.75 | 70.75 | -3.8% |
| 2000 | 72.58 | 76.51 | 69.50 | 76.26 | +7.8% |
| 2001 | 78.50 | 83.28 | 73.78 | 82.29 | +7.9% |
| 2002 | 79.72 | 84.39 | 73.79 | 75.16 | -8.7% |
| 2003 | 82.87 | 88.74 | 76.10 | 82.90 | +10.3% |
| 2004 | 83.18 | 89.26 | 78.78 | 85.32 | +2.9% |
| 2005 | 91.02 | 104.49 | 82.99 | 101.13 | +18.5% |
| 2006 | 102.58 | 106.09 | 98.08 | 102.15 | +1.0% |
| 2007 | 110.08 | 123.89 | 98.23 | 113.06 | +10.7% |
| 2008 | 97.91 | 110.63 | 71.07 | 74.17 | -34.4% |
| 2009 | 82.37 | 90.10 | 68.87 | 88.98 | +20.0% |
| 2010 | 85.26 | 94.04 | 79.00 | 81.60 | -8.3% |
| 2011 | 80.69 | 88.93 | 72.48 | 75.71 | -7.2% |
| 2012 | 79.88 | 87.01 | 74.84 | 87.01 | +14.9% |
| 2013 | 94.73 | 100.75 | 88.22 | 98.95 | +13.7% |
| 2014 | 95.71 | 106.26 | 90.85 | 103.31 | +4.4% |
| 2015 | 94.76 | 102.52 | 86.49 | 86.91 | -15.9% |
| 2016 | 82.04 | 88.32 | 75.76 | 86.98 | +0.1% |
| 2017 | 86.42 | 91.15 | 80.79 | 90.03 | +3.5% |
| 2018 | 85.23 | 91.30 | 80.40 | 80.40 | -10.7% |
| 2019 | 82.16 | 84.60 | 79.06 | 83.84 | +4.3% |
| 2020 | 79.61 | 84.54 | 74.64 | 80.91 | -3.5% |
| 2021 | 87.67 | 92.67 | 80.74 | 90.14 | +11.4% |
| 2022 | 100.92 | 109.96 | 89.69 | 97.41 | +8.1% |
| 2023 | 104.12 | 110.72 | 94.92 | 106.74 | +9.6% |
| 2024 | 110.56 | 118.85 | 103.53 | 109.28 | +2.4% |
| 2025 | 107.05 | 114.65 | 101.90 | 114.35 | +4.6% |
| 2026 YTD | 114.19 | 117.20 | 110.59 | 112.83 | -1.3% |
1971–2026 · 55 complete calendar years. Annual figures are averages of available daily observations. 2026 is year to date: the average is based on 209 published trading days through 2026-10-30.
Highest and lowest CAD/JPY rates on record
Measured across 56 calendar years of annual data, 1971 to 2026.
CAD/JPY history: common questions
What was the CAD/JPY rate in 1971?
One CAD averaged 344.432 JPY in 1971, with a range of 314.256 to 356.481 and a year-end rate of 314.256.
What is the lowest CAD/JPY rate on record?
The lowest annual average was 68.492 in 1995. The lowest single observation was 59.164 in 1995.
What was the biggest single-year move in CAD/JPY?
2008 was the largest, at -34.4%. The year-end rate moved from 113.055 to 74.175.
How volatile has CAD/JPY been?
Across 55 complete years the average annual change was -1.0% with a standard deviation of 13.1 percentage points. The largest drawdown was 77.5%, from 1971 to 1999.
How is the CAD/JPY rate calculated?
This is a derived cross rate. Each day's CAD/JPY is calculated from the two US dollar legs in Federal Reserve H.10 cross rate (DEXCAUS ÷ DEXJPUS), joined on the same date.
What is the CAD/JPY rate in 2026?
The 2026 average is 114.189 JPY per CAD, based on the year to date. The latest complete year, 2025, averaged 107.051.
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