Wondering when’s a good time to make a currency exchange on your YouTrip app? If you’re planning on making a switch from SGD to JPY, you’ve come to the right page!
Previously on 20 March 2024, the Japanese yen hit an all-time low against the Singapore dollar at S$1 to 112.80 yen on both Google and YouTrip. As of today, 22 April 2024, at the time of writing, the current rate is S$1 to 113.68 yen on Google and 113.60 yen on YouTrip! So, what does this mean for you? Simply put, if you’re wondering when’s the right time to convert your SGD to JPY, 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 exchange 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 To JPY: How’s It Going?
Fig A:
Image credits: Trading Economics
Fig B:
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 March 2024, showing that as of today, 22 April 2024, the Japanese yen is at 0.008798 — the lowest it’s ever been!
Similarly, in Fig B, you’re looking at the monthly average of 100 units of Japanese yen per SGD. While February’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 from April 2023 (0.9999) to March 2024 (0.8902).
SGD To JPY: How To Capitalise On The Japanese Yen Right Now — Check out our month-by-month guide on the best time to visit Japan
Image credits: Google
At the time of writing, the current exchange rate is S$1 to 113.68 yen on Google and 113.60 yen on YouTrip! But why is that?
SGD To JPY: How To Capitalise On The Japanese Yen Right Now — Read more on flower festivals in Japan to looks forward to in 2024
Why Is The Japanese Yen Falling?
Image credits: Google
According to Bloomberg, the Japanese yen has fallen to its lowest level against the USD since 1990 and has been one of the worst performers this year among major currencies — falling more than 6%. At the time of writing, the JPY is at 154.72 against the USD and 113.68 yen against the SGD — setting a new all-time-low record.
According to Daily FX, higher-than-expected U.S. inflation numbers have boosted the U.S. dollar across the board. This caused the yen to weaken, creating a significant interest rate gap between the U.S. and Japan, and weakening the yen’s appeal to investors. As such, the future trajectory of the JPY will largely hinge on future decisions affecting this interest rate gap.
Although future plans regarding the interest rates in Japan are yet to be known, Kazuo Ueda, the governor of the Bank of Japan, has hinted at a cautious approach to raise interest rates which could further weaken the yen against the dollar.
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!
SGD To JPY: How To Capitalise On The Japanese Yen Right Now — Check out this Japan cherry blossom forecast 2024
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
SGD To JPY: How To Capitalise On The Japanese Yen Right Now — Here’s a 14-day Japan itinerary around Tokyo, Kyoto and Osaka
Secure The Best JPY Exchange Rates With YouTrip!
And just like that, you’ve locked in the best JPY exchange 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!
As Singapore’s favourite multi-currency wallet, we aim to get those pesky fees out of the way and help you save on your travels. With the best foreign exchange rates, no longer will you have to deal with those long queues at money changers! So if you’re looking for a go-to travel card, sign up for your complimentary YouTrip card today with <YTBLOG5> and get FREE S$5 in your account! 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.