Euro to Japanese Yen exchange rate history 1999 to 2026: carry and rate divergence
One Euro bought 121.231 JPY in 1999 and 183.328 JPY in 2026. Carry and rate divergence. The series covers 28 years of annual data.
- 2026 avg
- 183.33
- year to date
- Highest avg
- 183.33
- 2026
- Lowest avg
- 99.48
- 2000
- Traded range
- 89.36 to 187.63
- low 2000, high 2026
Source: Federal Reserve H.10 cross rate (DEXUSEU ÷ DEXJPUS). Latest daily observation 2026-10-30.
Annual averages of daily observations.
EUR/JPY in four numbers
- Change since 1999
- +39.4%
- 27 complete years
- Change over 10 years
- +25.9%
- 2015 to 2025
- Average annual change
- +2.8%
- standard deviation 10.5 points
- Largest drawdown
- 38.8%
- 2007 to 2011
EUR/JPY against related pairs
Each comparison uses the 2025 year-end change in this dataset, not a daily or monthly window.
EUR/JPY annual average, 1999 to 2026
Annual average with the full trading range for each year. average high–low range
Source: Federal Reserve H.10 cross rate (DEXUSEU ÷ DEXJPUS). Figures are annual averages of daily observations.
EUR/JPY since 1999
Euro to Japanese Yen averaged 121.231 JPY in 1999 and 169.044 JPY in 2025, 39.4% higher across 27 complete years.
The annual average has ranged from 99.483 in 2000 to 183.328 in 2026. On individual trading days the series reached 89.357 and 187.628, a ratio of 2.1 to 1.
EUR/JPY against related pairs
USD/JPY moved -0.4% in 2025, while EUR/JPY moved +13.0% over the same calendar year.
GBP/JPY moved +7.0% in 2025, while EUR/JPY moved +13.0% over the same calendar year.
EUR/CHF moved -0.8% in 2025, while EUR/JPY moved +13.0% over the same calendar year.
What moves EUR/JPY
EUR: The euro is the shared currency of the euro area. It was introduced for accounting in 1999 and as cash in 2002.
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 EUR/JPY, the EUR leg responds to European Central Bank policy, euro area inflation, energy prices, 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.
The euro-yen carry trade
EUR/JPY is a carry pair. The European Central Bank sets the EUR 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.
EUR/JPY is a carry pair: the euro area and Japan have often had very different policy rates, and the gap drives capital flows. The annual series reflects those shifts rather than a single trend. From 1999 to 2025 the average moved +39.4%, with 18 up years and 7 down years.
The pair is also sensitive to European growth and to safe-haven demand for the yen. 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.
The five largest EUR/JPY moves
Ranked by absolute year-end change, the five largest moves were 2013 (+26.9%), 2008 (-22.5%), 2010 (-18.8%), 2012 (+14.4%), 2025 (+13.0%). The biggest was 2013, when the rate moved from 114.244 to 145.024, a change of 26.9%.
Across 27 complete years the pair rose in 18 and fell in 7. The average annual change was +2.8% with a standard deviation of 10.5 percentage points, which is one way to compare its volatility with other pairs.
EUR/JPY by decade
Grouped by decade, the annual average was 121.231 in 1999 and 151.111 in 2020-2026. The widest decade-to-decade change was +22.5% between 2010-2019 and 2020-2026, when the average moved from 123.366 to 151.111.
The final bucket, 2020-2026, is a partial decade and includes the year-to-date 2026 average. The table below shows every bucket with its high and low, so the short-run moves and the long-run level can be read together.
How to read the EUR/JPY data
This is a derived cross rate. Each day's EUR/JPY is calculated from the two US dollar legs in Federal Reserve H.10 cross rate (DEXUSEU ÷ 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.
EUR/JPY history: the years that moved the rate
Each event below is dated and tied to one of the currencies in this pair.
- 1999 1999-01-01
The euro is launched
Eleven European Union countries adopted the euro as an accounting currency, replacing the European Currency Unit at a ratio of one to one.
- 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.
EUR to JPY exchange rate by year
Every year since 1999: 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 |
|---|---|---|---|---|---|
| 1999 | 121.23 | 134.47 | 102.34 | 102.88 | n/a |
| 2000 | 99.48 | 111.71 | 89.36 | 107.35 | +4.3% |
| 2001 | 108.77 | 116.64 | 100.51 | 116.64 | +8.7% |
| 2002 | 118.12 | 125.07 | 111.76 | 124.51 | +6.8% |
| 2003 | 131.08 | 140.60 | 124.19 | 134.95 | +8.4% |
| 2004 | 134.43 | 141.36 | 126.52 | 139.01 | +3.0% |
| 2005 | 136.84 | 143.51 | 130.92 | 139.59 | +0.4% |
| 2006 | 146.10 | 157.07 | 137.54 | 157.07 | +12.5% |
| 2007 | 161.31 | 168.76 | 151.90 | 163.13 | +3.9% |
| 2008 | 152.55 | 169.47 | 116.10 | 126.37 | -22.5% |
| 2009 | 130.41 | 138.47 | 113.00 | 133.40 | +5.6% |
| 2010 | 116.37 | 133.59 | 106.53 | 108.37 | -18.8% |
| 2011 | 111.05 | 122.70 | 99.87 | 99.87 | -7.8% |
| 2012 | 102.66 | 114.24 | 94.31 | 114.24 | +14.4% |
| 2013 | 129.64 | 145.07 | 113.95 | 145.02 | +26.9% |
| 2014 | 140.33 | 149.35 | 135.52 | 145.03 | 0.0% |
| 2015 | 134.29 | 144.42 | 126.34 | 130.60 | -9.9% |
| 2016 | 120.23 | 131.81 | 111.10 | 123.23 | -5.7% |
| 2017 | 126.65 | 135.48 | 115.42 | 135.48 | +9.9% |
| 2018 | 130.39 | 137.40 | 125.35 | 125.67 | -7.2% |
| 2019 | 122.05 | 127.29 | 116.13 | 122.00 | -2.9% |
| 2020 | 121.76 | 126.86 | 114.62 | 126.20 | +3.4% |
| 2021 | 129.88 | 133.95 | 125.59 | 130.35 | +3.3% |
| 2022 | 137.99 | 147.50 | 125.11 | 141.01 | +8.2% |
| 2023 | 151.95 | 163.96 | 138.14 | 155.89 | +10.6% |
| 2024 | 163.82 | 175.04 | 155.47 | 162.89 | +4.5% |
| 2025 | 169.04 | 184.52 | 156.00 | 184.02 | +13.0% |
| 2026 YTD | 183.33 | 187.63 | 175.68 | 175.78 | -4.5% |
1999–2026 · 27 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.
EUR/JPY by decade
Annual averages grouped into decade buckets. The first and last buckets may cover fewer than ten years.
| Period | Average | High | Low | vs previous |
|---|---|---|---|---|
| 1999 | 121.23 | 134.47 | 102.34 | n/a |
| 2000–2009 | 131.91 | 169.47 | 89.36 | +8.8% |
| 2010–2019 | 123.37 | 149.35 | 94.31 | -6.5% |
| 2020–2026 | 151.11 | 187.63 | 114.62 | +22.5% |
Average of the annual averages in each period. The first and last rows cover partial decades.
Five largest EUR/JPY moves
The largest absolute year-end changes in the published series, using complete calendar years only.
- 2013 +26.9% 114.24 to 145.02
Year-end rate moved from 114.24 to 145.02, a change of 26.9%.
- 2008 -22.5% 163.13 to 126.37
Year-end rate moved from 163.13 to 126.37, a change of 22.5%.
- 2010 -18.8% 133.40 to 108.37
Year-end rate moved from 133.40 to 108.37, a change of 18.8%.
- 2012 +14.4% 99.87 to 114.24
Year-end rate moved from 99.87 to 114.24, a change of 14.4%.
- 2025 +13.0% 162.89 to 184.02
Year-end rate moved from 162.89 to 184.02, a change of 13.0%.
EUR/JPY history: common questions
What was the EUR/JPY rate in 1999?
One EUR averaged 121.231 JPY in 1999, with a range of 102.342 to 134.474 and a year-end rate of 102.875.
How volatile has EUR/JPY been?
Across 27 complete years the average annual change was +2.8% with a standard deviation of 10.5 percentage points. The largest drawdown was 38.8%, from 2007 to 2011.
What was the biggest single-year move in EUR/JPY?
2013 was the largest, at +26.9%. The year-end rate moved from 114.244 to 145.024.
What is the highest EUR/JPY rate on record?
The highest annual average was 183.328 in 2026. The highest single observation was 187.628 in 2026.
What is the lowest EUR/JPY rate on record?
The lowest annual average was 99.483 in 2000. The lowest single observation was 89.357 in 2000.
What is the EUR/JPY rate in 2026?
The 2026 average is 183.328 JPY per EUR, based on the year to date. The latest complete year, 2025, averaged 169.044.
Query any EUR/JPY rate since 1999
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