AUDJPY is the currency pair for the Australian dollar to Japanese Yen. The AUDJPY is known as a cross currency pair in the trading arena as it does not involve the U.S. dollar. It is the fifth most traded currency pair on the foreign exchange markets. The Bank of Japan maintains lower interest rates making JPY a popular "carry trade" currency against other higher-yielding currencies. Traders sell heavily in Japanese Yen to invest in the Australian dollar as the Reserve Bank of Australia set its rates much higher. With regard to US equities, the pair is one of the most highly correlated pairs to price action on a short to medium term basis.