It has always been stated in electronics, semiconductor and solid state device textbooks that the hole drift and electron drift currents in the depletion region of a p–n junction are constant and independent of applied voltage (biasing). However, the explanations given are qualitative and unclear. We extrapolate the existing analytic theory of a p–n junction to give a quantitative explanation of why the currents are constant. We have also shown that the carrier concentrations in the depletion region, as depicted in some of the textbooks, are incorrect, and need to be revised. Our calculations further demonstrate that in reverse biasing, both hole and electron carrier concentrations each experience a local maximum and a local minimum, indicating that their diffusion currents change directions twice within the depletion region.