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Yen sinks to 153 range against dollar for 1st time in 34 years

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Well done J Govt, what is the next target? 160 Yen.

https://www.statista.com/statistics/649071/japan-import-value-foodstuff/

.

Supermarket items price and restaurant menu will be increase again obviously.

-19 ( +21 / -40 )

Perhaps to be expected after the Abe administration poured zillions of zen into the economy to keep things afloat during COVID, all the while continuing the country’s zero-interest rate policy.

9 ( +19 / -10 )

Sinking ship.

-27 ( +18 / -45 )

Sinking ship.

Not Land of sunrise anymore, now becoming Land of the sunset.

-26 ( +18 / -44 )

Well, I earn in dollars, more yen for me..

-8 ( +15 / -23 )

Excellent news overall - especially for exporters and the booming inbound travel industry.

Hopefully $1 will get to 200 Yen and stabilise around that point.

-18 ( +12 / -30 )

Japan imports a large percentage of FOOD from overseas.

A weak yen will increase prices.

Not good for local people on low, fixed wages/incomes.

21 ( +34 / -13 )

@GuruMick

Exactly, not only that good that are being manufactured abroad it also being traded using US dollar and raw materials for Japan Industry that too. Well done JGovt.

-6 ( +18 / -24 )

Hopefully $1 will get to 200 Yen and stabilise around that point.

Harsh! You are certainly no friend of the country!

Your proposal would place much additional hardship on Japanese households, which in 2023 had an average annual income of around 7.3 million yen (less than $48,000).

https://www.stat.go.jp/english/data/kakei/156n.html

13 ( +23 / -10 )

the Federal Reserve may delay interest rate cuts.

This whole mindset has for months been one of hope over reality. I recall scratching my head at the end of last year / beginning of this reading reading of this fanciful notion of yen strength in 2023 thanks to US rate cuts.

Here we are. The Federal Reserve may hike the policy rate. (I say it, although the media reports don’t.)

Not cut it. Even though people for various reasons would like to see cuts.

-5 ( +3 / -8 )

Hopefully $1 will get to 200 Yen and stabilise around that point.

hope is a plan.

1 ( +7 / -6 )

Inbound tourism is no way to prop up your economy.

12 ( +17 / -5 )

all Japanese will work abroad soon, young people are already outside the country...

you bet that workers are reducing...

-16 ( +11 / -27 )

American dollar is so strong. My yen is almost worth nothing overseas. Darn...

-5 ( +12 / -17 )

60% loss of purchasing power in 5 years.

Tell me again inflation is 2%

8 ( +16 / -8 )

The exchange rate with the Euro is even worse.

Japan stagnant’s economy and the immobility of this government in reforming it makes thing worse.

Hard days for the expats of developed countries with wages in Yen.

-5 ( +17 / -22 )

Well, this sucks.

-2 ( +11 / -13 )

I'm not from the US, my exchange rate is 167. This sucks on so many levels.

3 ( +6 / -3 )

@FX gai

fxgaiToday  07:49 am JST

the Federal Reserve may delay interest rate cuts.

Here we are. The Federal Reserve may hike the policy rate. (I say it, although the media reports don’t.)

Not cut it. Even though people for various reasons would like to see cuts.

You are not the only one to think so. Former treasury secretary Larry Summers said yesterday that CPI figure raised the chances that  Fed’s next move is to hike.

2 ( +2 / -0 )

Not really bothered as a Brit.

I've seen the yen as strong as 116 to the pound, and as weak as 255.

Right now it is around 190, the same as it was when I first arrived here in 2005.

If I were an American with dollar savings and intended to live the rest of my life in Japan, I'd be transferring huge sums over to yen right around now.

8 ( +17 / -9 )

Good. Keep going.

-18 ( +2 / -20 )

But hey, Biden is praising Kishida for Japan's "growing clout", right?

-11 ( +11 / -22 )

I feel really sorry for people sending money home for student loans (given that many come here right after university), for credit card payments (if they still use international cards), or just to save back home or to send to family. You automatically lose half the value, plus charges on both ends for the transfer.

-2 ( +12 / -14 )

dont forget imports are taxed by the government. So the more expensive they are the more the government gets. So it’s up to the government to lower import taxes to offset a yen valued correctly. Glory days are over.

-8 ( +7 / -15 )

So glad my daughter was studying at UCLA 4 years ago and not now.

Even back then it cost an absolute fortune but now it an extra 50% on top of what I paid.

I guess we will see fewer and fewer Japanese going overseas and it becoming even more insular.

A Japanese friend of mine told me that 20 or so years ago she spent a week in Hawaii at a very nice hotel and paid only ¥70,000 including the flights. Nowadays that same sum would just about cover the surcharge.

The Japanese are fast becoming impoverished.

-13 ( +11 / -24 )

A Japanese friend of mine told me that 20 or so years ago she spent a week in Hawaii at a very nice hotel and paid only ¥70,000 including the flights. Nowadays that same sum would just about cover the surcharge

A week at a nice hotel in Hawaii with round trip tickets for $450?

No way that was 20 years ago..

0 ( +4 / -4 )

Many are figuring out they can make more in Australia etc as a cleaner or checkout operator than your average salary person here.

The "working holiday" system is overwhelmed and I hear that many young women are looking for husbands in order to get PR. Then there is the problem of prostitution now with young women being denied entry.

Expect rules to be tightened up. This is about to get political.

-5 ( +7 / -12 )

A Japanese friend of mine told me that 20 or so years ago she spent a week in Hawaii at a very nice hotel and paid only ¥70,000 including the flights. Nowadays that same sum would just about cover the surcharge.

The Japanese are fast becoming impoverished.

Being unable to afford luxury holidays overseas is not necessarily a sign of "impoverishment". Japanese are less and less likely to travel abroad - most never do anyway - and more likely to travel within Japan. That's a good thing for the economy and a boost for the tourism and hospitality industry.

Perhaps many who used to holiday in Hawaii will consider some of the amazing Okinawan islands?

-6 ( +9 / -15 )

@Rakuraku,

You are not the only one to think so. Former treasury secretary Larry Summers said yesterday that CPI figure raised the chances that Fed’s next move is to hike.

Right, L. Summers has been quite good in recent times on inflation. He was calling out the inflationary policies even though it was against his political alignment to say so.

0 ( +3 / -3 )

If I were an American with dollar savings and intended to live the rest of my life in Japan, I'd be transferring huge sums over to yen right around now.

It may seem tempting, but I’d stick with the dollar until there are policy changes that suggest the tide will actually turn.

US folks might be able to get a better exchange rate in the years ahead, too, until the political leadership here finally shows up.

0 ( +4 / -4 )

Fighto!Today  07:30 am JST

Excellent news overall - especially for exporters and the booming inbound travel industry.

Hopefully $1 will get to 200 Yen and stabilise around that point.

I guess you don't live in Japan for say this. Yes it's good for 5% of japanese but you have to think about the other 95%.

11 ( +12 / -1 )

Being unable to afford luxury holidays overseas is not necessarily a sign of "impoverishment". 

Very true, but it is a sign of a developed country.

-9 ( +9 / -18 )

I recall scratching my head at the end of last year / beginning of this reading reading of this fanciful notion of yen strength in 2023 thanks to US rate cuts.

I think cuts are inevitable this year, no matter how much they claim otherwise. They will be forced by bankruptcies and the November election. I think they will come as a surprise to most, as well.

But that won't save the yen, which is on the road to oblivion along with many such currencies.

-3 ( +6 / -9 )

David BrentToday  09:05 am JST

Not really bothered as a Brit.

I've seen the yen as strong as 116 to the pound, and as weak as 255.

Right now it is around 190, the same as it was when I first arrived here in 2005.

Another Brit here.

I can remember the Pound to Yen exchange rate fluctuating widely throughout the years, too. I remember it being as low as 110 yen to the pound in 2011 and as high as 195 yen to the pound in 2015. And then dropping to around 130 yen to the pound in 2016, before gradually building up again over the past few years.

6 ( +6 / -0 )

The current weakness in the yen should have no impact on feed prices in Japan as commodity prices have fallen more. Although, commodity prices seem to have hit bottom a month or so ago and are slightly higher but still low. Wheat, corn, soy, canola, are all at bargain prices right now.

-1 ( +4 / -5 )

Is Japan now one of the cheapest places to visit in the OECD?

Damn, it's pretty close to Southeast Asia.

It will keep the toruist numbers and exports up nicely, but you have to feel sorry for Japanese tourists.

-5 ( +6 / -11 )

Perhaps many who used to holiday in Hawaii will consider some of the amazing Okinawan islands?

A couple years ago, when international travel was still limited due to Covid, this was good advice. But now? As these islands are being flooded with foreign tourists and their money, prices are soaring. So, not only will Japanese be unable to afford international travel, but they will be unable to afford domestic travel as well.

Like in many less developed countries, the only locals you see in the nice resorts are working there as staff. This is Japan's future if people don't get serious and start to address the underlying problems.

-2 ( +8 / -10 )

David BrentToday  09:05 am JST

Not really bothered as a Brit.

I've seen the yen as strong as 116 to the pound, and as weak as 255.

Right now it is around 190, the same as it was when I first arrived here in 2005.

If I were an American with dollar savings and intended to live the rest of my life in Japan, I'd be transferring huge sums over to yen right around now.

True in nominal terms but you have to adjust it for the differential of inflation between the 2 countries to see that the JPY is much weaker than it seems. Based on this the JPY is at a 50 years low and is equivalent to 300 to 350 of that time.

6 ( +6 / -0 )

Beyond my understanding. And the US may have to raise rates as high as 8% some are saying because the job market is still booming. I guess 170 yen to a dollar may actually happen.

-4 ( +4 / -8 )

Japan is really becoming unbearable as the tourists are now rich and the actual residents are poor.

Feels like 3rd world here.

-11 ( +15 / -26 )

Feels like 3rd world here.

Only going to get worse from here on out.

My small Japanese town has so many Vietnamese and Filipinos driving down wages, it's getting ridiculous.

-12 ( +13 / -25 )

Goodbye Japan! Its time to look for another country to work for.

-14 ( +12 / -26 )

Vietnam? Mexico? Both have good food.

-15 ( +9 / -24 )

Blacklabel -

Japan is really becoming unbearable as the tourists are now rich and the actual residents are poor.

Feels like 3rd world here.

No one and nothing is forcing you to stay in such an "unbearable" and Third-world country like Japan.

And guess what? The tourism industry provides plenty of jobs for the locals. That's a million times more important than an individuals feelings.

2 ( +14 / -12 )

Time to rename it to the Japanese Peso.

-13 ( +13 / -26 )

The AUD reach parity with the yen on Tuesday for the first time in 11 years back in 05/13 and Japan was not a third world country then and still isn,t.

2 ( +9 / -7 )

AUD isn’t a parity with the yen, 1 yen is worth only 1/100th as much. But ok I know what wanted to say, if we think of 100 yen as being the unit.

2 ( +5 / -3 )

This is clearly unbalanced as indicated by fundamentals, aside from the huge one of interest rates. As a more simple indicator, the Big Mac index. For people cheering this on, "Come to Japan and eat the world's cheapest McDonalds!" is hardly an achievement.

However, the market is what it is and I certainly don't recommend betting against it.

Japan is a manufacturer and high energy and input prices are not good. Tourism is a low-paid drop in the bucket compared to manufacturing.

7 ( +9 / -2 )

Japanese are less and less likely to travel abroad - most never do anyway - and more likely to travel within Japan.

The first part is true but the second certainly isn't. Look at all the ruins in onsen towns, closed ski resorts, derelict golf courses, rundown beach huts, abandoned tennis courts, rundown sports halls in inaka where no city schoolkids come to do "camp" any more.

"Oh but there is a boom in Shimoda and Niseko. Look at this glamping site and Hoshino Resort". Yes, but it used to be like that at dozens of resorts in dozens of prefectures. At low end not just at high end. With the dankai, Japanese boomers, about to hit 80, domestic travel by Japanese people will likely go off another cliff.

2 ( +11 / -9 )

Many are figuring out they can make more in Australia etc as a cleaner or checkout operator than your average salary person here.

You are probably thinking of this story:

https://www.abc.net.au/news/2024-02-29/japan-cost-of-living-young-people-leaving-for-australia/103520934

6 ( +6 / -0 )

Now, if that doesn't wake up the figure heads in the Japanese government, nothing will. Forget going to the US (and other countries this summer).

0 ( +2 / -2 )

A week at a nice hotel in Hawaii with round trip tickets for $450?

No way that was 20 years ago..

You are right.

Since it was 20 years ago ¥70,000 was worth nearly $1,000 back then.

0 ( +2 / -2 )

Teaching english in Japan now seems a poverty level job. When I was a JET in 1994, the pay was about US$40,000 per year, and now that would be maybe about half of that not even factoring in 30 years of inflation.

-5 ( +7 / -12 )

Today I was very happy with the exchange rate.

-5 ( +2 / -7 )

fxgai: No you are wrong. I said on Tuesday it was 100 but actual on close at 100.61 Today at closing it was 99.88 and since Tuesday it hasn't drop below 99.53. so what is this 99 you are referring too? Tuesday the 02/04 where it climb from 98.72 to 99.00 and has continue to climb until today. Do you know today is 11/04.

-2 ( +3 / -5 )

I guess nobody comes from western countries to teach english anymore. As the yen is akin to the zimbabwe dollar, and “salaries” are as low as 150,000 yen a month, well you would have to be insane, to come to Japan,

-13 ( +6 / -19 )

I guess nobody comes from western countries to teach english anymore. As the yen is akin to the zimbabwe dollar, and “salaries” are as low as 150,000 yen a month, well you would have to be insane, to come to Japan,

I never joined JET but in my first few months as an Eikawa teacher I brought in around 220,000 / month. Made the mistake to become an ALT in Tokyo. Brought in around 90,000 to 140,000 per month as an ALT. I can’t recall how I even survived the summers. Was very happpy to score an Eikawa job that paid 300,000 / month after a few years of struggling as ALT. Then they immediately lowered my working hours as to not need to pay the company insurance . Had to pay that myself on my lowered salary.

5 ( +6 / -1 )

Japan is no longer the place to look for work at poverty level salaries.

As Japan has no retirement visa for foreigners it cannot even take advantage of the rich overseas retirees.

Still, the cherry blossoms are looking good.

-4 ( +7 / -11 )

There are winners and losers. My exceedingly generous trust fund is paid in UK pounds, the high exchange rate more than compensates for the increased import food prices. Likewise Japanese car and other exporters are doing great.

-4 ( +2 / -6 )

I showed some visitors around last week and discovered the existence of a two-tier price system (one for rich foreign tourists and another for locals). I resent paying 1,500 yen in a hotel for a beer I can buy in a conbini for a quarter of the price.

0 ( +3 / -3 )

Yen sinks to 153 range against dollar for 1st time in 34 years

yup.

and only any idiot would travel to the USA right now in April 2024 for an extended period of time.......

oh wait, Kishida did just that.

I guess none of it matters when the tax payers are footing the bill.

-1 ( +1 / -2 )

Make that 154…

0 ( +0 / -0 )

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