Silver prices in Japan retreated sharply on Sunday, February 1, 2026, as global precious-metal markets remained closed and yen-denominated pricing adjusted to late-week moves in futures and currency markets. At 02:57 pm New York time, silver was quoted at ¥13,206.48 per troy ounce, marking a steep single-day decline that stood out even by recent volatile standards.
| Japan Silver Price | Level (JPY) | Change |
|---|---|---|
| Per troy ounce | ¥13,206.48 | −¥4,327.55 (−24.68%) |
| Per gram | ¥424.60 | −¥139.13 |
| Per kilogram | ¥424,597.87 | −¥139,133.86 |
The decline reflects a combination of profit-taking after strong gains earlier in the year and the way silver prices in Japan track international benchmarks once markets pause for the weekend. Because bullion markets were closed, Sunday pricing largely captured adjustments made late Friday in New York, translated into yen terms.
Gold prices in Japan also softened over the same session, reinforcing the sense that the move was not silver-specific but part of a broader pullback across precious metals. With gold quoted around ¥757,199 per ounce, both metals ended the week under pressure despite remaining well above longer-term averages.
What makes the latest drop notable is how it contrasts with silver’s performance beyond the daily timeframe. Over the past month, silver in yen terms is still higher, and its medium- and long-term trajectory remains firmly positive. Data tracking extended performance shows silver up more than 56% over 30 days, over 217% in six months, and more than 260% year-on-year.
This gap between short-term volatility and longer-term strength has become a defining feature of the silver market. For Japanese investors, yen fluctuations amplify these swings, making day-to-day moves appear more dramatic even when global spot prices shift by smaller margins.
Silver’s sensitivity to industrial demand also plays a role. Unlike gold, silver straddles both investment and manufacturing use, linking its price not only to monetary expectations but also to trends in electronics, solar, and broader industrial output. Any recalibration in global growth expectations can therefore feed quickly into yen-priced silver.
At the same time, Japan’s silver price remains closely tied to international spot and futures markets, with reference pricing drawn from major global exchanges and benchmarks such as those published by SilverPrice.org. Weekend updates often reflect currency translation effects rather than fresh physical trading.
As markets prepare to reopen, attention will turn to whether silver stabilizes near the ¥13,000 level or extends its pullback if global risk sentiment remains cautious. For now, Sunday’s numbers underline a familiar pattern: sharp short-term swings layered over a longer-term uptrend that continues to shape how Japanese investors view silver’s role as both an industrial metal and a store of value.
