The base currency – USD. The counter currency – JPY. The USD/JPY pair is named as the most liquid currency pairs because the US dollar is the first reserve currency in the world whereas the yen is the fourth. The pair is one of seven currency pairs with the USD as a base currency. The pair is greatly influenced by the US Federal Reserve and the Bank of Japan. Also, the pair is affected by other currency pairs such as USD/CHF and USD/CAD. The USD/JPY rate is impacted by the US and Japanese governments as well. To catch up with latest dollar to yen rate, follow Capital.com.