Wondering when’s a good time to make a currency exchange on your YouTrip app? If you’re planning on making a switch from Singapore dollar to Japanese yen, you’ve come to the right page!
Previously on 27 June 2023, the Japanese yen hit an all-time low against the Singapore dollar at S$1 to 106.42 Japanese yen. But on 20 September 2023, the Japanese yen broke a new record of S$1 to 108.56 yen!
As of today, 21 September 2023, at the time of writing, the current rate is still going strong at S$1 to 108.52 yen. So, what does this mean for you? Simply put, if you’re wondering when’s the right time to convert your SGD into Japanese yen, here’s a PSA for you — the time is now!
So whether you’re seizing the moment to make the most of every dollar by locking in a favourable rate before it bounces back — or just planning for a future trip to Japan to bask in all those good vibes and indulge in fresh sashimi, this guide is for you!
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SGD vs Japanese Yen: How’s It Going?
Image credits: Trading Economics
Image credits: Monetary Authority of Singapore
First of all, let’s break down both Fig A and Fig B. Fig A describes the general journey of the Japanese yen across the last year up to September 2023, showing that as of 20 September, the Japanese yen was at 0.00920 — the lowest it’s ever been. And as of today, 21 September 2023, the Japanese yen is at 0.00921 SGD.
Similarly, in Fig B, you’re looking at the monthly average of 100 units of Japanese yen per SGD. While September’s average rates have yet to be released, you can clearly see that the average monthly yen rate has been steadily decreasing against the SGD since April 2023 (0.9999) and is expected to remain weak for the time being or fall even further.
Why Is The Japanese Yen Falling?
Image credits: Google
According to Business Times, the weakening yen rates are attributed to changes in the relative bond yields and monetary policy. With that being said, Experts at the Bank of Singapore predicted that the Singapore dollar will fall to 92 yen over the next 12 months (guess they were right!). However, there have also been forecasts from an expert at UOB stating that the Singapore dollar will instead gradually depreciate to 97.7 yen in the second quarter of 2024.
Whatever the case is, there’s one thing we’re certain of — it’s prime time to pack your bags and start planning your dream trip to Japan this holiday season while you can still get the best bang for your buck!
So How Do I Use YouTrip To Lock In The Best Japanese Yen Rates?
In a nutshell, YouTrip works to “unpinch” your wallet – you don’t need to worry about losing money from exchange rate margins.
✅ Simply top up the desired amount of SGD you wish to change to Japanese yen in your mobile wallet
✅ Tap on the exchange icon in your YouTrip app and YouTrip will do all the work with Smart Exchange™
✅ You’ll see 10 major currencies available for real-time currency exchange and conversion, but you can go ahead and pick out the Japanese yen
Secure The Best Japanese Yen Rates With YouTrip!
And just like that, you’ve locked in the best rates! The same Wholesale Exchange Rates will be utilised when you exchange currency in-app. Moreover, exchanging currencies (choose over 150 global currencies) on YouTrip also comes with zero fees and markup!
When you go on your next holiday, just don’t forget to take your YouTrip card with you on your travels to make full use of our wholesale exchange rates (i.e. no pesky bank fees!).
If you don’t have a YouTrip card yet, sign up now and be sure to check out our YouTrip Perks page for exclusive offers and promotions too! For more great tips and articles like this, join our Telegram(@YouTripSG) and subscribe to our free weekly newsletter here or down below!
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Stay safe, and happy travels!
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*All currency conversion rates are accurate to the nearest 10 cents on 14 July 2022 SGT 10.33 AM. Bank card prices are calculated based on 3.25% foreign currency transaction fee.