Blue = Spot Market Rate.
Orange = Exchange Rate Index.
2009 – 2010. Discontinued in 2010 as Exchange Rate indices update every 5 years.
2022 – 2023. Note the massive BOJ adjustment.
The overall difference is seen since the BOJ totally revamped the exchange and interest rate and economic system in 2015. And YCC introduction.
The BOJ today prefers the spot rate and exchange rate index to share about a 5 point difference.. Trading days of 2009 and 2010, USD/JPY moved 2 and 400 pips regularly on any given trade day. Those were days of true volatility.
Trading currencies and other financial instruments carries a degree of loss and possible loss of entire investments. Please managed your own risks, stop loss, and margins requirements.