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!
By now you’re probably aware of the plummeting value of the Japanese Yen against the Dollar (USD) — the lowest it has been in 24 years and predicted to fall further in the coming days. But what does this mean for the Singapore Dollar (SGD)? Simply put, if you were planning to move your SGD into Japanese Yen, you’re going to get a lot more Japanese Yen for your SGD if you made an exchange right now.
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, this guide is for you.
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 quarter of 2021, up to September 2022 — showing that as of September 9, the Japanese Yen is at 0.00979 SGD. It is now the lowest it has been in 24 years. 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, its continuous drop to the lowest it has been in August (1.0065) could be the reason why the experts over at Japantimes are expecting the Yen to remain weak for the time being or fall further.
Why Is The Japanese Yen Falling?
Image credits: Google
For years, according to the New York Times, Japan’s central bank has pursued a ‘magic formula’ of stronger inflation and a weaker Yen. Yet, despite the return of global inflation and the Yen being the weakest it has ever been in 24 years, the formula seems to be depressing the demand at home more than it is stimulating it abroad.
While there are quite a few reasons, The Diplomat attributes the falling Japanese Yen to disruptions in supply caused by the war in Ukraine and the pandemic. These factors have caused commodity prices to rise to mind-boggling heights — which have in turn forced importers to sell more Yen for dollars to pay their bills.
Still, experts have concluded that the nation’s insistence on “maintaining interest rates near zero even as other central banks, led by the Federal Reserve, raise their own drastically” is probably the main cause of the plummeting rates.
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!).
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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.