Contract mechanics · CME 6J / JPY-USD
6J Contract Specs: Exact Tick, P&L, Margin and Delivery Math
Standard 6J represents ¥12.5 million. One outright tick is 0.0000005 U.S. dollars per yen and $6.25 per contract. Those are the easy numbers. The expensive mistakes come from misreading the quote, confusing a broker’s day margin with risk, or drifting into a physically delivered contract.
- Contract unit
- ¥12.5M
- Outright tick
- 0.0000005
- Tick value
- $6.25
- Settlement
- Physical
0.0000005×¥12,500,000 = $6.25Standard 6J outrightChecked August 12, 2026
Direct answer
What a 6J Trader Actually Needs to Know
Use the contract multiplier, not the number of decimals on the screen, to calculate risk. Standard 6J is quoted in U.S. dollars per Japanese yen. A price such as 0.006700 means one yen is worth $0.006700; at that hypothetical price the contract’s dollar notional is $83,750. It does not mean the margin or maximum loss is $83,750.
A 0.01 price move is $125,000, not $12,500. The correct ladder is 0.01 = $125,000; 0.001 = $12,500; 0.0001 = $1,250; 0.00001 = $125; and one 0.0000005 tick = $6.25. Most daily moves are only a fraction of 0.01, but the multiplier never changes.
Exchange record
Current Standard 6J Specifications
The table is based on CME’s product guide and Japanese Yen contract calendar, checked August 12, 2026. Holiday schedules, performance bonds and broker cutoffs can change, so the dated source matters.
| Field | Standard 6J specification | What it means |
|---|---|---|
| Product / rule | Japanese Yen futures; Globex 6J; CME Rule 253 | Confirm the symbol and expiry, not just the root. |
| Contract unit | ¥12,500,000 | Every quoted price change is multiplied by 12.5 million yen. |
| Quotation | U.S. dollars per Japanese yen | Higher 6J generally means a stronger yen versus the dollar. |
| Outright minimum tick | 0.0000005 = $6.25 | Spread products can use different increments; this article addresses the outright. |
| Regular Globex hours | Sunday–Friday, 5:00 p.m.–4:00 p.m. CT; 60-minute daily break | Check CME’s holiday calendar and convert Chicago time correctly for daylight saving. |
| Listed months | Three nearest calendar months plus 20 months in the March quarterly cycle | Quarterly months are March, June, September and December. |
| Last trade | 9:16 a.m. CT, two business days before the third Wednesday of the contract month | Normally Monday, but holidays can alter the calendar. |
| Settlement | Physical delivery | A position held too long can create delivery obligations and broker intervention. |
| Performance bond | Variable; consult CME’s live margin page | It is a risk deposit, not the most the position can lose. |
CME’s specifications distinguish outright ticks from calendar-spread increments. Do not copy a spread tick into an outright P&L calculator. The regular-hours line is not a promise of equal liquidity throughout the session.
No shortcut math
Turn Any 6J Move Into Dollars
The formula is simple: (exit price − entry price) × 12,500,000 × contracts for a long position. Reverse the sign for a short. Then subtract commissions, exchange and regulatory fees, and slippage.
| 6J price move | Ticks | P&L per contract |
|---|---|---|
| 0.0000005 | 1 | $6.25 |
| 0.0000050 | 10 | $62.50 |
| 0.0000100 | 20 | $125.00 |
| 0.0001000 | 200 | $1,250.00 |
| 0.0010000 | 2,000 | $12,500.00 |
| 0.0100000 | 20,000 | $125,000.00 |
Worked long example
A hypothetical long entry at 0.0067000 exits at 0.0067125. The move is 0.0000125, or 25 ticks. Gross P&L is 25 × $6.25 = $156.25 per contract. Two contracts produce $312.50 gross. Trading costs still come out of that number.
Worked short example
A hypothetical short entry at 0.0067450 is stopped at 0.0067530. The adverse move is 0.0000080, or 16 ticks. Gross loss is 16 × $6.25 = $100 per contract. Three contracts lose $300 gross, before costs and possible stop slippage.
These prices are arithmetic examples, not market forecasts or trade recommendations. A stop order becomes an instruction to trade after activation; it does not guarantee the stop price.
Leverage without the sales pitch
Performance Bond Is Not a Loss Limit
CME calls the clearing requirement a performance bond. CME can revise it as risk changes. Your futures commission merchant may require more, and some brokers advertise a lower intraday amount. That lower number changes how much capital the broker lets you post. It does not change the ¥12.5 million contract, the $6.25 tick or the size of a gap.
Exchange / clearing requirement
- Risk-based and subject to change.
- Applies to carrying the cleared position under the applicable account treatment.
- Can rise during volatile conditions.
- Must be checked on the live CME margin page and with the broker.
Broker intraday margin
- A broker policy, not a contract specification.
- May apply only during defined hours and to selected contracts.
- Can be increased or removed without making the market less volatile.
- Can trigger forced liquidation under the broker’s rules.
Month selection and delivery
The Root Symbol Is Not the Whole Contract
6J is a series of dated contracts. Liquidity normally migrates as the active month approaches expiration, but the exact roll point must be observed, not assumed from a fixed calendar rule. Compare volume, open interest, bid-ask spread and usable depth in both months.
Record the complete broker symbol, contract month and year. A chart labeled only “6J” may be continuous, adjusted or mapped to a different month.
Use objective evidence such as sustained volume migration and acceptable execution in the next contract. Document whether backtests use raw or back-adjusted prices.
The broker can require liquidation or roll before CME’s final trading time. Physical delivery makes that operational deadline real.
Orders do not automatically become economically identical in a new month. Recalculate price, basis, tick distance and size before replacing them.
Before the order ticket
A 6J Pre-Trade Worksheet That Catches Expensive Errors
Fill this out before entry. If one line is unknown, the position size is unknown too.
| Input | What to record | Calculation or check |
|---|---|---|
| Exact contract | 6J month/year and broker symbol | Matches intended expiry and live liquidity |
| Entry / invalidation | Exact prices | Absolute difference ÷ 0.0000005 = stop ticks |
| Gross risk | Stop ticks × $6.25 × contracts | Fits the predeclared account-risk cap |
| Cost allowance | Round-turn commissions/fees plus slippage assumption | Added to loss; subtracted from gain |
| Event and session | Scheduled releases, maintenance break, holiday hours | No accidental entry into a known blackout |
| Exit / roll deadline | Broker deadline and personal buffer | Earlier than any delivery-risk cutoff |
Frequently asked questions
6J Contract Specification Questions
What is one tick worth in standard 6J futures?
One outright 6J tick is 0.0000005 U.S. dollars per yen and is worth $6.25 per standard contract. Ten ticks are worth $62.50 before commissions, exchange fees and slippage.
How much is a 0.01 move worth in 6J?
A 0.01 move is worth $125,000 per standard 6J contract because 0.01 multiplied by 12,500,000 yen equals $125,000. A 0.001 move is $12,500 and a 0.0001 move is $1,250.
Is CME performance bond the same as a broker's day-trading margin?
No. CME performance-bond requirements are clearing risk requirements that can change. A broker's reduced intraday margin is the broker's own risk policy, can be changed or withdrawn and does not reduce the contract's tick value or market risk.
Does the standard 6J contract settle in cash?
No. CME lists standard 6J as physically delivered. Traders who do not intend to make or take delivery need a documented exit or roll deadline before the broker's own cutoff, which may be earlier than the exchange's last trading time.
Sources, calculations and editorial disclosure
- CME Group: Japanese Yen futures product page for the exchange product and linked contract resources.
- CME Group: Japanese Yen futures calendar and contract specifications for contract unit, regular hours, outright tick, listed months, physical settlement and last trading time.
- CME Group FX Product Guide 2026 for the 6J code, Rule 253, contract size, physical settlement, tick increment and U.S.-dollars-per-yen quote unit.
- CME Group: Japanese Yen performance bonds / margins for the live requirement rather than a stale amount embedded in this article.
- CME Group trading hours and holiday calendars for current exceptions to the regular schedule.
- CME Group: Understanding FX Quote Conventions for base/terms currency interpretation.
Exchange sources were checked August 12, 2026. Grizzly Parrot Trading calculated every displayed dollar value as price move multiplied by ¥12,500,000; tick counts equal price move divided by 0.0000005. Worked prices are hypothetical and exclude trading costs unless stated. This is independent editorial education, is not sponsored by CME Group or any broker and does not quote a broker-specific margin as an exchange fact.