Also known as the Gopher this currency pair is the second most traded within the FX market. The Yen is mostly affected by factors which hit the Asian stock market. The Federal Reserve, as well as the Bank of Japan, will have an influence over the market movement for USD/JPY. In a similar way to the EUR/USD decisions made by the Fed and BoJ will also impact the currency pair, if the Fed increased its interest rate then this would make the USD rise in value compared to the Yen. This currency pair also tends to underperform when the global economy is doing well.