The US dollar has strengthened against the Japanese yen over the past month, reaching a three-week high of 148.60 yen on July 15, 2025. This appreciation follows a period of relative stability after the Bank of Japan (BoJ) decided to maintain its current interest rates in mid-June 2025. Following the BoJ's decision and subsequent comments by Governor Ueda regarding trade uncertainty, the yen remained steady while the dollar held firm. The dollar's rise against the yen has been influenced by escalating trade tensions, contributing to the dollar reaching its highest level versus the yen in over two weeks by early July. The dollar/yen exchange rate climbed steadily from around 147.89 yen on July 14 to 148.60 yen by July 15, marking a 0.5% increase in the dollar's value against the yen.