{"version":1,"asset_type":"statistical_series","data_type":"time_series","slug":"bis-effective-exchange-rates","url":"https://apiardata.com/statistics/bis-effective-exchange-rates","html_url":"https://apiardata.com/statistics/bis-effective-exchange-rates/","title":"BIS Real Effective Exchange Rates (REER)","description":"Trade-weighted real effective exchange rate indices for the US dollar, euro, Japanese yen, British pound, and Chinese renminbi, compiled monthly by the Bank for International Settlements using a broad basket of 64 trading partners.","domain":"macro","category":"Economy & Macro","keywords":["Exchange Rates","Macroeconomics","Currency Markets","Competitiveness","Trade"],"publisher":"Bank for International Settlements (BIS)","frequency":"Monthly","temporal_coverage":"1994-01/..","last_updated":"2026-07-25","last_updated_text":"July 25, 2026","data_as_of":"April 2026","variable_measured":"Real Effective Exchange Rate Index (2020=100)","measurement_technique":"Trade-weighted geometric average of bilateral exchange rates, deflated by CPI","license":"https://apiardata.com/data-license","is_accessible_for_free":true,"sources":[{"name":"Bank for International Settlements — WS_EER","url":"https://stats.bis.org/api/v1/data/BIS,WS_EER,1.0/M.R.B.US+XM+GB+JP+CN"},{"name":"BIS Statistics Explorer — Effective Exchange Rates","url":"https://stats.bis.org/statx/toc/EER.html"}],"meta":[{"label":"Frequency","value":"Monthly"},{"label":"Coverage","value":"Jan 1994–present (series varies by economy)"},{"label":"Economies","value":"5 shown (US, Eurozone, Japan, UK, China); 64 in broad basket"},{"label":"Base period","value":"2020 = 100"},{"label":"Last updated","value":"July 25, 2026"}],"kpis":[{"label":"USD REER (Apr 2026)","value":"106.97","unit":"Index (2020=100), broad basket","trend":{"direction":"down","value":"-3.5% vs Apr 2025 (110.87)"}},{"label":"EUR REER (2026 YTD avg)","value":"103.15","unit":"Index (2020=100), broad basket","trend":{"direction":"up","value":"+0.4% vs 2025 avg (102.74)"}},{"label":"JPY REER (2026 YTD avg)","value":"66.29","unit":"Index (2020=100), broad basket","trend":{"direction":"down","value":"Generational lows"}},{"label":"USD YoY Change","value":"-3.5%","unit":"Apr 2026 vs Apr 2025","trend":{"direction":"down","value":"Fourth straight quarter of YoY decline"}}],"series":[{"key":"value","label":"USD Broad REER (Index, 2020=100)"}],"observation_count":66,"observations":[{"period":"Jan 2010","value":84.38},{"period":"Apr 2010","value":84.22},{"period":"Jul 2010","value":85.85},{"period":"Oct 2010","value":81.26},{"period":"Jan 2011","value":80.91},{"period":"Apr 2011","value":78.84},{"period":"Jul 2011","value":78.44},{"period":"Oct 2011","value":81.47},{"period":"Jan 2012","value":81.82},{"period":"Apr 2012","value":81.56},{"period":"Jul 2012","value":83.64},{"period":"Oct 2012","value":81.32},{"period":"Jan 2013","value":80.7},{"period":"Apr 2013","value":81.8},{"period":"Jul 2013","value":83.52},{"period":"Oct 2013","value":81.7},{"period":"Jan 2014","value":82.96},{"period":"Apr 2014","value":83.18},{"period":"Jul 2014","value":83.14},{"period":"Oct 2014","value":85.4},{"period":"Jan 2015","value":89.45},{"period":"Apr 2015","value":91.93},{"period":"Jul 2015","value":93.87},{"period":"Oct 2015","value":94.62},{"period":"Jan 2016","value":98.74},{"period":"Apr 2016","value":94.49},{"period":"Jul 2016","value":96.84},{"period":"Oct 2016","value":97.39},{"period":"Jan 2017","value":101.35},{"period":"Apr 2017","value":98.55},{"period":"Jul 2017","value":95.47},{"period":"Oct 2017","value":95.03},{"period":"Jan 2018","value":92.7},{"period":"Apr 2018","value":92.43},{"period":"Jul 2018","value":97.16},{"period":"Oct 2018","value":98.16},{"period":"Jan 2019","value":97.39},{"period":"Apr 2019","value":98.02},{"period":"Jul 2019","value":98.38},{"period":"Oct 2019","value":99.42},{"period":"Jan 2020","value":97.65},{"period":"Apr 2020","value":104.42},{"period":"Jul 2020","value":101.24},{"period":"Oct 2020","value":98.56},{"period":"Jan 2021","value":94.62},{"period":"Apr 2021","value":96.82},{"period":"Jul 2021","value":98.56},{"period":"Oct 2021","value":99.5},{"period":"Jan 2022","value":100.9},{"period":"Apr 2022","value":103.17},{"period":"Jul 2022","value":109.21},{"period":"Oct 2022","value":113},{"period":"Jan 2023","value":105.71},{"period":"Apr 2023","value":105.97},{"period":"Jul 2023","value":106.26},{"period":"Oct 2023","value":110.47},{"period":"Jan 2024","value":107.44},{"period":"Apr 2024","value":109.71},{"period":"Jul 2024","value":110.4},{"period":"Oct 2024","value":110.03},{"period":"Jan 2025","value":114.5},{"period":"Apr 2025","value":110.87},{"period":"Jul 2025","value":107.28},{"period":"Oct 2025","value":107.69},{"period":"Jan 2026","value":106.35},{"period":"Apr 2026","value":106.97}],"table":{"columns":[{"key":"period","label":"Year"},{"key":"usd","label":"USD"},{"key":"eur","label":"EUR"},{"key":"jpy","label":"JPY"},{"key":"gbp","label":"GBP"},{"key":"cny","label":"CNY"}],"rows":[{"period":"2026 (Jan–Jun)","usd":"106.78","eur":"103.15","jpy":"66.29","gbp":"111.22","cny":"90.97"},{"period":"2025","usd":"109.49","eur":"102.74","jpy":"72.49","gbp":"112.04","cny":"88.56"},{"period":"2024","usd":"109.40","eur":"101.15","jpy":"71.46","gbp":"110.31","cny":"92.40"},{"period":"2023","usd":"107.3","eur":"101.0","jpy":"74.9","gbp":"106.4","cny":"93.8"},{"period":"2022","usd":"106.7","eur":"97.0","jpy":"78.8","gbp":"103.3","cny":"102.1"},{"period":"2021","usd":"97.8","eur":"100.3","jpy":"91.3","gbp":"103.8","cny":"103.1"},{"period":"2020","usd":"100.0","eur":"100.0","jpy":"100.0","gbp":"100.0","cny":"100.0"},{"period":"2019","usd":"98.6","eur":"98.5","jpy":"99.1","gbp":"99.9","cny":"97.9"},{"period":"2018","usd":"95.8","eur":"101.1","jpy":"96.2","gbp":"100.2","cny":"98.3"},{"period":"2017","usd":"96.8","eur":"97.9","jpy":"97.2","gbp":"98.4","cny":"97.0"},{"period":"2016","usd":"97.2","eur":"96.6","jpy":"102.2","gbp":"103.7","cny":"100.0"}]},"qa":[{"question":"What does a real effective exchange rate measure?","answer":"A real effective exchange rate (REER) is a trade-weighted average of a currency's bilateral exchange rates against the currencies of its major trading partners, adjusted for relative inflation differentials. Unlike a bilateral rate such as EUR/USD, which captures the relationship between two currencies only, a REER summarises competitiveness across an entire trade network in a single index. An increase means the currency has appreciated in real terms — the country's exports have become more expensive relative to trading partners — while a decrease signals real depreciation and improved price competitiveness. The BIS uses consumer price indices to deflate nominal rates, and weights are derived from merchandise trade flows."},{"question":"How does REER differ from the nominal effective exchange rate (NEER)?","answer":"The nominal effective exchange rate (NEER) is the geometric trade-weighted average of bilateral exchange rates with no inflation adjustment — it captures only the nominal currency movement. The REER builds on the NEER by dividing out the inflation differential between the home country and each trading partner. When a country runs persistently higher inflation than its peers, its NEER may be stable while its REER appreciates, eroding export competitiveness even without any movement in spot exchange rates. For long-run competitive analysis, the REER is the more economically meaningful measure; the NEER is useful for isolating the pure currency component of the adjustment."},{"question":"Why does JPY REER weakness matter for investors?","answer":"The Japanese yen's REER has fallen approximately 51% from its 2011-2012 peak of 135.9 to 67.03 in February 2026, driven by a combination of persistent Bank of Japan monetary easing and the widest inflation differentials with trading partners in decades. In real trade-weighted terms, the yen is cheaper than at any point in the post-Bretton Woods era, which structurally advantages Japan's export sector and inbound tourism, but compresses import-cost margins and household purchasing power. For fund managers, an extraordinarily weak yen REER suppresses the returns of unhedged Japan equity exposure in foreign-currency terms, and creates significant sensitivity to any BoJ normalisation that closes the inflation and rate differential. It is also a key driver of the yen carry trade, in which investors fund higher-yielding positions with near-zero-cost yen borrowing — a structure that unwinds violently when the REER begins to recover."},{"question":"How does REER affect export competitiveness and corporate earnings?","answer":"A depreciated REER lowers the foreign-currency price of a country's exports, all else equal, boosting volume demand and supporting margins for domestic exporters when they repatriate revenues. The USD REER's rise from 84.4 in January 2010 to an annual average of 110.2 in 2025 — a real appreciation of roughly 31% over 15 years — chronically pressured US multinational earnings; the 7.3% YoY decline to 105.88 by February 2026 is beginning to reverse that headwind. Conversely, the yen's REER collapse has benefited Toyota, Sony, and other Japanese export-oriented corporates, whose overseas earnings translate into substantially more yen. For PE and strategic acquirers assessing cross-border assets, the REER is the correct lens for evaluating whether apparent cost advantages or profitability metrics are structurally durable or cyclically inflated by currency misalignment."},{"question":"What are the key methodological limitations of the BIS REER?","answer":"The BIS REER uses goods trade weights, which means services trade — now over 25% of global commerce — is not reflected in the basket weights. Economies with large financial services or tourism export sectors (UK, Switzerland, Singapore) may find the goods-weighted REER an incomplete measure of their effective competitiveness. The CPI deflator, while widely available and timely, is an imperfect proxy for traded-goods prices; unit labour cost-deflated REERs, which the BIS also publishes for a narrower set of economies, often tell a different story for industrial competitiveness. Finally, the base year (2020) coincides with pandemic disruptions in trade flows, which may distort weighting for some bilateral pairs. Analysts should treat the REER as a directional indicator of competitiveness shifts rather than a precise measure of equilibrium misalignment."}]}