USD/JPY Spread Comparison UK: 10 Brokers Tested (2026)
Which broker has the lowest spreads for USD/JPY?
USD/JPY spreads compared from ten different brokers
Last updated: 17th June 2026
Dollar/yen doesn’t seem to get much love when it comes to tight spreads.
All the brokers seem to be tight on the euro, maybe the FTSE, but then sneak a few tenths of a pip onto USD/JPY hoping we won’t notice…
So I wanted to spot check ten of the top brokers’ USD/JPY spreads.
A single point in time on a typical trading day… mirroring our trading process.
We scan the charts, see a setup, open a ticket and take a trade. As traders, we just assume the spread is going to be competitive, don’t we?!
Well, the differences between the best and worst spreads might surprise you.
And here’s my take on it for what it’s worth… headline spreads get clicks, good for marketing.
But many brokers try to make up for revenue losses with wider spreads in the less-traded markets.
And as much as I (maybe you) like the USD/JPY’s trading style, it’s often less loved than the Pound or Euro, so who’s going to notice an uncompetitive spread?
Me. And now you 
Lowest USD/JPY spread test
Here’s how I did my spread tests.
I took a typical Friday afternoon in June. 12th June 2026 at 16.17 BST to be precise.
Why did I choose this?
Well, it’s a typical time for most traders to trade. UK open, US open… and this day was like a usual Friday. Nothing spectacular, no economic data, no intervention from the BOJ… just normal price action, albeit a strong day.
And I picked ten brokers, either UK-based or FCA-regulated, that take UK clients.
Almost all of these offer spread betting and CFD trading, so I picked the quote that had no extra commission. So we could compare like for like. (Nothing worse than seeing a headline spread with a little asterisk telling you there’s commission on top)
The brokers in the test:
- Forex.com
- FXCM
- City Index
- Pepperstone
- Plus500
- IG
- CMC
- FX Pro
- Oanda
- Capital.com
Lowest USD/JPY spreads
In no particular order, just how they happened to be on my screen during the screenshot, these were the USD/JPY spreads
City Index 0.9 pips
FXCM 0.8 pips
IG 1.0 pips
Pepperstone 0.7 pips
Plus500 1.4 pips
Oanda 1.5 pips
CMC 0.7 pips
Capital.com 1.2 pips
FX Pro 1.5 pips
Forex.com 1 pips
I then watched the prices for a bit to see if any of these brokers had a variable spread…
City Index went from 0.9 pips to 1.4 pips
FXCM 0.7 – 0.8 pips
Forex.com 0.8 pips – 1 pip
Oanda 1.5 – 1.7 pips
Pepperstone dropped to 0.6 pips
Others seem to be fixed spreads…
USD/JPY broker spreads ranked from best to worst
Ok, so let’s tidy up the results and see where we are:
- Pepperstone and CMC 0.7 pips
- FXCM 0.8 pips
- City Index 0.9 pips
- Forex.com and IG 1 pip
- Capital.com 1.2 pips
- Plus500 1.4 pips
- FxPro and Oanda 1.5pips
Nice and low, good stuff.
I’m pretty shocked at the difference between the best and worst brokers here on USD/JPY quotes.
If you trade USD/JPY twice a day, let’s say at £5 per pip (or point if you prefer).
That’s an extra £240 a month, or nearly 3 grand a year in your pocket from getting the best vs worst spread. I don’t even want to know the cost if you’re scalping 10 times a day with size… low spreads are a must. (Use my spread saver tool to check yours)
Summary: Which broker won the USD/JPY spread test?
The brokers with the lowest spread during my screenshot were:
Pepperstone and CMC with 0.7 pips
Do your own due diligence, as I saw some brokers widen and narrow spreads under different market conditions.
All of these offer both spread betting and CFD accounts. (explore the difference between spread betting and CFDs)
If you trade forex a lot, then check out my GBP/USD and EUR/USD spread checker pages, using the same method
Indices? I’ve checked DOW, Nasdaq, S&P 500, FTSE and Dax spreads.
Commodities, I’ve looked at Gold and Oil spreads.
If you want to see the whole spreads experiment in one table, then the Spread Checker is worth a look.