Delayed

MXN/JPY currency exchange rate

9.1657 JPY
Mexican Peso / Japanese Yen-0.0258 (-0.28%) today
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2025-09-192026-03-192026-09-18

MXN/JPY currency converter

¥917
1 MXN = 9.1657 JPYDaily reference · Checked 2026-09-18 00:00:00 UTC

How do I query MXN/JPY?

One authenticated GET returns the latest value with its timestamp and source. Swap the language tab for your stack.

$ curl https://api.exchangerate.dev/v1/rate/mxn-jpy \
    -H "Authorization: Bearer $API_KEY"
# → rate, timestamp, source, derived
✓The response includes source, market_session, and data_updated_at freshness metadata.

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DelayedDaily reference rate (limited by the older currency observation). Last updated 2026-09-18 00:00:00 UTC. How rates are calculated.

MXN/JPY — Peso-Yen Carry and NAFTA/USMCA Flows

MXN/JPY is the carry-trade cross between the Mexican peso and the Japanese yen. Mexico's proximity to the US — its largest trading partner — and its exposure to oil exports make the peso sensitive to US economic conditions, USMCA trade flows, and energy prices. Combined with yen safe-haven dynamics, the pair has a rich macro driver set.

Japan and Mexico run meaningful trade and investment flows, particularly in the automotive sector. Japanese automakers have large manufacturing footprints in Mexico, and repatriation of profits between the two countries creates bilateral FX demand.

The Banco de México (Banxico) has historically held rates well above the Fed to attract capital and support the peso, while the BoJ has held near zero. The resulting carry is one of the largest in G20 currency pairs.

Rates shown are indicative from aggregated market data and public reference rates. Not for settlement.

Frequently asked questions

What is the typical MXN/JPY carry premium?
When Banxico holds rates at 11% and the BoJ at 0.1%, the annualized carry exceeds 1,000 basis points (10%). Narrowed carry in recent BoJ normalization cycles compressed this, but the differential remains large by G10/EM standards.
How does USMCA affect the Mexican peso?
The United States-Mexico-Canada Agreement locks in trade preferences that support Mexican manufacturing exports. Any threat to USMCA — renegotiation, tariff threats — is a negative for MXN and can move MXN/JPY sharply.
Does oil price matter for MXN/JPY?
Yes, through Mexico's state oil company Pemex and export revenues. Rising oil prices support the peso (higher MXN/JPY); falling oil adds fiscal pressure to Mexico, weakening MXN.
Why is MXN/JPY popular in Japan?
The large interest-rate differential has made it a retail carry-trade favorite for decades among Japanese investors. Periodic sharp devaluations (2008, 2016, 2020) have burned carry traders, but the premium regularly rebuilds.
How does the US Federal Reserve affect MXN/JPY?
Indirectly but significantly. Fed tightening strengthens USD, which often weakens EM currencies including MXN (USD/MXN rises). Banxico typically follows the Fed to maintain the rate differential, but rate expectations relative to the US still drive short-term MXN volatility.
Is MXN/JPY available on the free tier of the API?
Yes. Both MXN and JPY are in the live-updating currency set. Free-tier users get the live indicative rate with source and market_session on every call.
Does remittance flow between Mexico and Japan affect the pair?
Mexican diaspora remittances are a major national income source but are primarily USD-denominated flows. Mexico–Japan bilateral remittance is small relative to automotive investment flows.