Japanese Yen Futures (6J) Contract Specifications
What you're trading
The Japanese Yen future (6J) gives you exposure to the JPY/USD exchange rate — but with an important quoting convention: 6J is quoted in U.S. dollars per Japanese yen (e.g., 0.0067 USD/JPY), which is the inverse of the commonly cited USD/JPY rate (e.g., 150 JPY/USD). A rising 6J price means the yen is strengthening against the dollar. 6J is used to hedge yen-denominated assets, trade Bank of Japan policy expectations (particularly around yield curve control and interest rate differentials), and express carry-trade and risk-on/risk-off views.
Contract size
¥12,500,000.
Tick value
Minimum price fluctuation is $0.0000005 per yen for outright trades, and each tick is worth $6.25 per contract. Note the 7 decimal places — the yen's small per-unit value means prices are expressed with extensive decimal precision.
Trading hours
CME Globex: Sunday 5:00 p.m. CT through Friday 4:00 p.m. CT, with the 4:00–5:00 p.m. CT maintenance halt Monday through Thursday. 6J is particularly active during Tokyo and London sessions and reacts sharply to BOJ meetings and any MOF (Ministry of Finance) FX intervention signals.
Settlement type
Physically delivered (JPY for USD) via CLS Bank. Contract months are all 12 calendar months plus quarterly. Trading terminates at 9:16 a.m. CT on the second business day immediately preceding the third Wednesday of the contract month.
Margin snapshot
6J margin reflects yen-specific intervention risk from Japanese authorities and episodic BOJ policy surprises, both of which can cause larger-than-usual moves.
|
Initial margin (overnight) |
~$3,000–$4,500 per contract (approximate; varies with volatility) |
|
Maintenance margin |
~$2,730–$4,090 per contract |
|
Day-trade margin |
Broker-set; often a fraction of overnight margin |
|
Notional value (reference) |
~$80,000 at USD/JPY 155 |
Margins change with market volatility and vary by broker. The figures above are approximate and for reference only — always confirm current requirements with MetroTrade support or on the CME margin page before trading.