JPY/ZAR — Safe Haven vs Risk Asset
JPY is the world's second most prominent safe-haven currency after CHF. ZAR is a high-yield emerging market currency. In risk-off environments, JPY strengthens while ZAR weakens — producing sharp JPY/ZAR upward moves. In risk-on environments, the carry trade (sell JPY, buy ZAR) applies — unwinding this trade is a major source of JPY/ZAR volatility.
| Lot Size | Pip value (ZAR) | 50-pip move |
|---|---|---|
| 0.01 | R0.10 | R5.00 |
| 0.10 | R1.00 | R50.00 |
| 1.00 | R10.00 | R500.00 |
| Instrument class | Exotic pair |
|---|---|
| One pip | 0.0001 |
| Standard lot | 100,000 JPY |
| Value of one pip per lot | 10 ZAR — converting… |
| Notional value of one lot | — |
| Margin on one lot at 1:30 / 1:100 / 1:500 | — |
The last two rows move with the market and are filled in from the live rate; everything above them is fixed by the contract. Leverage available to you depends on your regulator and account type — check it in the platform before you size a position.
| Currency | Central bank | Policy rate | What moves it |
|---|---|---|---|
| JPY | Bank of Japan (BoJ) | Short-term policy rate | BoJ · CPI · intervention signals |
| ZAR | South African Reserve Bank (SARB) | Repurchase rate | MPC · CPI · commodity exports |
Spreads are tightest when two sessions are open at once and widest when one desk has gone home and the next has not arrived. The shaded band is the overlap.
The JPY/ZAR Carry Trade
Japan has maintained near-zero interest rates for decades. South Africa's repo rate is currently 7.00% (May 2026). Borrowing JPY cheaply and holding ZAR-denominated assets to capture the yield differential is a classic carry trade strategy. When global risk appetite falls, carry traders close these positions — selling ZAR and buying JPY — causing sharp JPY/ZAR spikes. Bank of Japan policy changes can trigger massive carry trade unwinds.
Values are for educational purposes. Verify specifications with your broker before trading. Full pip value table →
