currency outlook · updated 28 October 2026
Japanese Yen (JPY) macro outlook
Japanese Yen (JPY) currently carries a neutral macro bias, scoring 54 out of 100 on the composite, which is a broadly neutral, mixed read. The Bank of Japan stance currently reads on hold, with the policy rate at 1.25%. The composite blends fundamentals, central bank stance, bank research, seasonality, retail sentiment read contrarian and positioning into one number on published weights, refreshed through the day.
Composite score
54
Neutral
56+ bullish · 45 to 55 neutral · under 45 bearish
Reading of 28 Oct, 14:50 London
What is behind the number.
- Bank of Japan
- Reads on hold, policy rate 1.25%
- Institutional positioning
- Net short · at a crowded long extreme
- Inflation
- 2.1%
- Unemployment
- 2.5%
- PMI
- 52.3
- GDP
- 0.4%
How this score is built
Published weights, not a black box.
The same method applies to every market on this site, so a 56 here means what a 56 means anywhere else.
- Fundamentals22.5%
- Central bank18%
- Bank research18%
- Seasonality13.5%
- Retail sentiment10%
- COT level9%
- COT flow9%
The rest of the board
Ranked strongest to weakest on the same scale.
About Japanese Yen
Is Japanese Yen bullish or bearish right now?
As of 28 October 2026, Japanese Yen carries a neutral macro bias, scoring 54 out of 100 on the composite. 56 and above reads bullish, below 45 reads bearish, and the band between is neutral.
What is driving Japanese Yen?
The Bank of Japan stance currently reads on hold, with the policy rate at 1.25%. Positioning, bank research consensus and fundamentals are folded into the Japanese Yen composite, updated through the day.
What is the Bank of Japan policy stance?
The Bank of Japan stance currently reads on hold, with the policy rate at 1.25%. WatchTower tracks the full rate path and forward guidance in the Central bank panel, which is free.
How is the Japanese Yen macro score calculated?
The composite runs on published weights: fundamentals 22.5%, central bank 18%, bank research 18%, seasonality 13.5%, retail sentiment 10% read contrarian, COT level 9% and COT flow 9%. Equity indices use a different set including a weighted earnings beat rate. 56 and above reads bullish, below 45 reads bearish.
Where can I track Japanese Yen in real time?
Open WatchTower Terminal free: Asset scores carries the live Japanese Yen score and every driver behind it, alongside every G10 currency, metals and global indices, and a free account opens one market page in full a day. Asset in full and Score history, with the written read and the full history, are Pro, and every new account opens with 14 days of Pro, no card.
Track it live
This is 1 number. The terminal shows the working.
Every component and the weight it carries, free in Asset scores. The history of how the score has moved, the positioning behind it and the research it came from are on Pro, and every new account opens with 14 days of it, no card.