Japanese Yen (6J)

What 6J tracks

6J is the CME Japanese Yen futures contract. One contract covers 12.5 million yen, priced in US dollars per yen. That is the inverse of the USD/JPY rate most people quote, so when the yen strengthens (USD/JPY falls), 6J rises.

Because one yen is worth less than one cent, 6J prices have many decimal places, such as 0.0065. The minimum tick is $0.0000005 per yen, worth $6.25 per contract. Some platforms display the price without the leading zeros, so check how yours shows it.

6J contract specifications

Specifications come from CME Group: CME Rulebook Chapter 253, CME FX futures overview, CME FX monthly futures, CME Micro FX futures. CME can change trading hours, listed months and other terms, and holiday schedules differ, so confirm the details on CME Group's site before you trade.

What moves 6J

Several forces tend to drive 6J prices. None of them predicts direction on its own, and they often pull in different ways at the same time.

• Bank of Japan policy. Changes to Japanese interest rates or bond purchases can move the yen sharply.
• US yields. The gap between US and Japanese interest rates has a large effect on USD/JPY. Higher US yields often weaken the yen, which pushes 6J lower.
• Risk sentiment. The yen has often strengthened during market stress, when investors unwind trades funded in yen.
• Intervention. Japanese authorities have stepped into the currency market at times, which can cause sudden large moves.

Example P&L math

Say 6J rises by 0.000050, a 50-pip move, while you hold one long contract. That is 100 ticks of $6.25, so:

• 100 ticks × $6.25 = $625 per contract.
• A long position gains $625, and a short position loses $625. The math works the same way in reverse.
• On the Micro JPY/USD (MJY) contract, the same 50-pip move is worth about $62.50, one-tenth as much.

These figures exclude commissions, exchange fees and slippage. Those costs shrink a winning trade and add to a losing one.

Our tick value calculator and position size calculator currently cover the original 16 contracts on FuturesPro and do not include 6J yet. You can still do the math by hand using the tick value and point value above.

Margin

CME Group sets minimum performance bonds (margins) for every contract, and each broker then sets its own requirement, which can be higher. Many brokers also offer lower day-trading margins for positions closed before the session ends. These figures change often, especially when markets get volatile, so we do not quote a number here. Check your broker's current margin page before you trade, and compare brokers on our futures brokers page. Remember that margin is not the most you can lose. Losses on a futures position can exceed the margin you deposit.

6J vs MJY

CME lists a smaller Micro JPY/USD contract, MJY, at one-tenth the size of 6J. MJY ticks in 0.000001 increments worth $1.25, and CME lists it as financially settled. We do not have a separate guide for MJY yet, so check its CME spec page for full details.

When the smaller contract fits: smaller accounts, learning, and strategies that need to scale in small steps. Micro contracts can trade less actively than the full-size contract, so check the bid-ask spread before you rely on one. When 6J fits: larger accounts and traders who need the most active market, accepting that each tick is worth $6.25.

Position sizing

A common approach is to decide how many dollars you are willing to lose on a trade, then work out how many contracts fit. For example, with $200 of planned risk and a 10-pip stop on 6J, each contract risks $125, so 1 contract fits within that limit.

This example ignores commissions, fees and slippage, which make real losses larger. Stops can also fill worse than planned in fast markets.

Expiry and rolling

6J is physically delivered. If you hold a position after the last trading day, you can end up making or taking delivery, which retail and prop firm accounts are not set up for. Brokers usually require you to close or roll before a cutoff they set, which can be earlier than the exchange's last trading day. Check the CME calendar for exact dates each month.

Related contracts

• Euro FX (6E)
• British Pound (6B)
• 10-Year T-Note (ZN)
• Gold (GC)

See every contract we cover on the futures contracts page.

Frequently asked questions

What is the tick value of 6J?

One minimum tick on 6J is $0.0000005 per yen, worth $6.25 per contract. The point value is $12.50 per 0.000001 move.

What are the trading hours for 6J?

Sunday to Friday, 6:00 p.m. to 5:00 p.m. ET, with a 60-minute break starting at 5:00 p.m. ET (5:00 p.m. to 4:00 p.m. CT). Holiday hours differ, so check CME Group's holiday calendar.

Is 6J cash-settled or physically delivered?

6J is physically delivered. The last trading day rule: second business day before the third Wednesday of the contract month. Delivery takes place on the third Wednesday.

How much margin do I need to trade 6J?

Margins are set by CME and then by each broker, and they change with market conditions. Check your broker's current margin page, and see our futures brokers comparison.

Why does 6J go up when USD/JPY goes down?

6J is priced in dollars per yen, while USD/JPY is quoted in yen per dollar. They are inverses. A stronger yen means each yen buys more dollars, so 6J rises while USD/JPY falls.