USD/JPY collects nicknames because it is quoted, hedged and talked about constantly; gopher is another. The pair is driven by the gap between US and Japanese policy rates, by US Treasury yields, and by safe-haven-currency flows into the yen during shocks.
Yen pairs quote to two decimals, so a pip is 0.01 rather than 0.0001, and a pipette is the third decimal. Pip value in dollars therefore depends on the level of the rate itself.
Example: USD/JPY at 151.90. One pip on a standard-lot is JPY 1,000, which converts to USD 6.58. At a rate of 140.00 the same pip would be worth USD 7.14.