Yen pairs: why is the pip different?

On most pairs a pip is the fourth decimal place. On yen pairs it's the second: USD/JPY moving from 150.10 to 150.11 is one pip. The difference comes from the yen's low unit value, and it trips up beginners doing pip-value maths.

Have you been caught by it?

• the pair and the mistake
• how you remember the rule
• how pip value differs on yen pairs in dollar terms

The pip guide covers the yen exception with worked examples.