Japan Today Get your ticket to GaijinPot Expo 2024
business

Yen briefly dips past 161 against dollar to 37-year low amid intervention talk

48 Comments

The requested article has expired, and is no longer available. Any related articles, and user comments are shown below.

© KYODO

©2024 GPlusMedia Inc.

48 Comments
Login to comment

gnore the nonsense that foreigners say, and focus on domestic issues such as improving the working environment, raising wages or lowering taxes, and taking measures against the declining birthrate.

Meanwhile enjoy white rice and miso soup the rest of your life.

1 ( +1 / -0 )

Unlike Egypt, Japan has no need to rely on tourism. Tourism still only accounts for a few percent of GDP.

A weak yen is wonderful. How much we have suffered from a strong yen.

There is no need to raise interest rates. Doing so would only make life even tougher for ordinary people, including mortgages.

Ignore the nonsense that foreigners say, and focus on domestic issues such as improving the working environment, raising wages or lowering taxes, and taking measures against the declining birthrate.

Rather than accepting foreign workers, it would be much better to put currently unemployed Japanese to work and let them collect taxes.

I have never heard the nonsense that if we fall from 3rd to 10th in GDP ranking, we will no longer be a developed country. The lives of our people are more important than rankings.

-3 ( +1 / -4 )

Yen will continue to fall freely, 200 or even 500. They just have 1.1 trillion USD which they cannot use much to strengthen the yen. Japan will need 60 million or more foreigners to visit to get income on which rests the economy and also do quantitative easing to pump in money in the markets in the next many years. Younger generation will continue to go overseas to do part and full time jobs as those countries will have better wages. Pension will eventually start at the age of 70. Number 2 economy of olden times is now at number 4 and will go down to number 8-10 in the next 2 decades. +++. Sad future that we need to face.

1 ( +3 / -2 )

Great! Please do stay there and enjoy your

That’s the plan! Cheers and hope you find your happy spot as well!

-1 ( +1 / -2 )

User accountToday  04:37 am JST

With all old hags at the wheel .. soon the yen will be worthless. From the 90ies they have ruined the country. Neither of them have the brains nor the balls to make bold decisions.

100% Spot on

-2 ( +3 / -5 )

If ¥ will crash to 200 for a USD, this will mean game over for Japan and Japanese Economy. Busy mostly for Japanese population which will start to be as poorer as South Easter Asian countries.

Already the trend is there. Japanese economy lives now only from tourism, just like countries such as Thailand, Vietnam, Philippines, etc.

-2 ( +4 / -6 )

travelbangaijinJune 28  11:30 pm JST

Things can fall fast at this stage - Japan has to make bold decisions now

"Japan" and "bold decisions" is an oxymoron.

-3 ( +4 / -7 )

excellent results from the sanctions of several G7 countries.

-8 ( +0 / -8 )

If there is a war in Asia. The yen decline will reverse

-5 ( +0 / -5 )

With all old hags at the wheel .. soon the yen will be worthless. From the 90ies they have ruined the country. Neither of them have the brains nor the balls to make bold decisions.

-2 ( +3 / -5 )

Yen is a funny money now.

I might vacation and book a penthouse suite in Japan after all!!!

-10 ( +5 / -15 )

Japan could hit 300 yen to 1 dollar and I'd still prefer to live in Japan than the US.

Would be the perfect reason to never visit home. "Sorry - it's just too expensive!"

Great! Please do stay there and enjoy your life.

-3 ( +2 / -5 )

It should be 180 to the U.S. dollar. Japan and America should never be even. Japan is turning into a tourist destination only. There are so many innovative Asian countries now. Japan no longer holds the keys to Asian economic might.

-3 ( +5 / -8 )

Japan could hit 300 yen to 1 dollar and I'd still prefer to live in Japan than the US.

Would be the perfect reason to never visit home. "Sorry - it's just too expensive!"

1 ( +4 / -3 )

Things can fall fast at this stage - Japan has to make bold decisions now

1 ( +3 / -2 )

YankeeXToday  06:08 pm JST

The delusion that debt doesn't matter because it's domestically is coming home to roost. Sadly, nothing will change until it's too late.

Exactly. it's a good lesson for the believers in Modern Monetary Theory.

proxyToday  10:31 pm JST

Kanda Masato has been fired. It is so bad that a bureaucrat has been fired. When has a bureaucrat, any bureaucrat been fired in Japan? Kanda was the person who was responsible for Japan's interventions in the foreign exchange market is a huge move. 

IMO, it means Japan will now aggressively try to manipulate the yen higher but at the end of the day will be forced to throw in the towel as nobody can fight the tide coming in.

The fact that Kanda was fired is very concerning. He is a scapegoat. The responsibility for the current mess lies with the politicians and Kuroda and just replacing a bureaucrat will change absolutely nothing or probably make things worst as you say.

2 ( +3 / -1 )

Kanda Masato has been fired. It is so bad that a bureaucrat has been fired. When has a bureaucrat, any bureaucrat been fired in Japan? Kanda was the person who was responsible for Japan's interventions in the foreign exchange market is a huge move.

IMO, it means Japan will now aggressively try to manipulate the yen higher but at the end of the day will be forced to throw in the towel as nobody can fight the tide coming in.

-2 ( +4 / -6 )

@Josh That was Fry not Bender, I think.

0 ( +0 / -0 )

All this is great for us foreigners. We all hold our funds in US Dollars and Swiss Franc accounts. Nobody holds any funds in the pathetic basket case “currency” yen.

Unless you are employed by a Japanese company, like MOST of us foreigners here (tears rolling down cheeks emoji).

3 ( +7 / -4 )

There is nothing to stop the yen from dropping currently. They may have to peg it to the USD to steady things. Simple 360:1 like post war times.

-1 ( +4 / -5 )

Part of my income is in US Dollars and I am very happy with the yen’s collapse. All this is great for us foreigners. We all hold our funds in US Dollars and Swiss Franc accounts. Nobody holds any funds in the pathetic basket case “currency” yen.

I hope the yen collapse continues for a lonf time!

-10 ( +6 / -16 )

I'm hoping for 200 when I retire in a few years since I wasn't daft enough to buy any J stocks (just a small percentage in a J index fund). I live in Japan, buy made-in-Japan, eat local produce. Where's the Australiaesque 'Proudly made in Japan' on every label? 161 is just a number. Nothing wrong with that number, it's just the comparison to a previous number. Raw materials are more expensive? Then export more and get more yen for your buck. And why is locally produced produce increasing in price? I get paid in yen and the exchange rate only adversely affects me when the yen gets stronger.

Vote me down then discuss.

But what if you don't want to burn your bridges and never travel outside Japan again for the rest of your life?

1 ( +5 / -4 )

I have seen the yen stronger than the dollar and now I am seeing the yen weaker against the dollar and all currencies go through a roller coaster ride. Two things need to happen to stop this Japan needs to raise their interest rates and US needs to drop theirs this will help improve the yen.

Economically with all the tourists coming to Japan there and the money being spent in so many sectors is keeping the country afloat.

-4 ( +2 / -6 )

If currency could be affected by gravity, then this is it.

0 ( +3 / -3 )

Bizarre indeed; (well-spotted!) ...but why isn't the American dollar weakened by such instability in their leadership?

-1 ( +4 / -5 )

as long as exporters are doing well

The thing is Japan has been running trade deficits. Raw materials imported to produce those goods eat away the dollar brought in from exports. So it's actually better if Japan stopped manufacturing and exporting stuff. Really, the best way to go about it is pull rickshaws for tourists.

-10 ( +2 / -12 )

230 yen / USD by the end of the century. It's getting there .

Good for Japan anyway you roll it.

-14 ( +3 / -17 )

""Stocks ended slightly higher as the yen's depreciation lifted some export-related issues such as Toyota Motor and Honda Motor.""

This is what it's all about, as long as exporters are doing well and raising their wages, in the end things will level out.

As for importers pass the extra cost and at the same time start raising them SALARIES.

It's a two ways street last I checked.

-3 ( +1 / -4 )

The weak currency is one sign of the Japanese economy's inexorable descent into third-world status. A bit disconcerting for those of us who moved here decades ago when Japan was the richest country in the world. But we can now enjoy a cheap retirement if we saved enough money in the good times and didn't make any bad financial moves like getting divorced from our Japanese partners.

-14 ( +7 / -21 )

I'm thinking of forexing more USD to Yen and buy a new car. I'm looking at a new Honda Freed, all in it would be around Y3,000,000. In UDA that works out to $18,750.00... for a damn good minivan. In addition, used car prices are currently quite high, so I should get a decent amount on a trade in. If you have cash in the States... now it the time to buy Yen.

1 ( +4 / -3 )

If the currency continues like this less foreigners want to come to Japan to work and live (an eikaiwa salary for someone straight out of university is starting to look pathetic); more tourists come because it's so cheap; Japanese people get more frustrated because of the influx of tourists not understanding the rules; yen continues to depreciate; local people paying more and more for daily goods; population shrinking; no reason for foreign professionals and tradespeople to make Japan home because cultural barriers, lack of opportunity, and sizeable lack of rewards for talent. Bye bye Japan.

-13 ( +10 / -23 )

No, it's based on interest rate differences between Japan and other countries. Speculators borrow yen and buy higher yielding currencies/assets. There will be a fast move down if/when the global economy starts to tank (and central banks start cutting interest rates again).

The yen's decline is based on Japanese's rapid economy and fiscal fundamental decline. The delusion that debt doesn't matter because it's domestically is coming home to roost. Sadly, nothing will change until it's too late.

6 ( +8 / -2 )

smithinjapanToday  05:19 pm JST

"Finance Minister Shunichi Suzuki on Friday ramped up his warnings that Japan will take "appropriate" steps against excessive volatility in the currency market, after the yen skidded past the 161 line."

I'm warning you!! We may actually ACT instead of just talking! Be warned, we've already talked about forming a panel, and that may well lead to discussions on acting in the future!

I actually laughed out loud at this comment! Thank you for the much-needed belly laugh given the abysmal circumstances.

-7 ( +10 / -17 )

The yen's decline is based on Japanese's rapid economy and fiscal fundamental decline. The delusion that debt doesn't matter because it's domestically is coming home to roost. Sadly, nothing will change until it's too late.

1 ( +9 / -8 )

Time to act, I would say. Because this is significantly contributing to this already hurting post-corona (hyper-) inflation and will finally turn out as the neck breaker for the whole inbound economy and consumption as well as social security systems, birthrates and all such. That's really affecting everything, not only a few foreigner's wages paid in Yen instead of Dollars.

0 ( +3 / -3 )

Japan is rapidly losing it's status as a developed country. For 30 years or more they have been in the doldrums. It had to happen. And with demographics the way they are, anyone betting for a return to 1:1 to the dollar anytime soon is deluded.

-12 ( +9 / -21 )

Man, Japan's massive overspending is finally catching up with them.

-11 ( +8 / -19 )

No mention that Kanda has been fired.

3 ( +6 / -3 )

Please intervene. It will speed up 170 to the dollar. Didn’t expect high 160’s until end of summer but thanks to the last intervention it was speeded up. When salaries and many products are at the cost of 30 years ago what do you expect.

3 ( +8 / -5 )

Finance Minister Shunichi Suzuki on Friday ramped up his warnings that Japan will take "appropriate" steps against excessive volatility in the currency market, after the yen skidded past the 161 line.

Warnings that Japan will take appropriate steps… like what? Manipulate, the currency even more?

-1 ( +11 / -12 )

Record numbers of young people leaving the country to live and work abroad, and who can blame them?

-17 ( +19 / -36 )

"Finance Minister Shunichi Suzuki on Friday ramped up his warnings that Japan will take "appropriate" steps against excessive volatility in the currency market, after the yen skidded past the 161 line."

I'm warning you!! We may actually ACT instead of just talking! Be warned, we've already talked about forming a panel, and that may well lead to discussions on acting in the future!

-16 ( +14 / -30 )

Sad times to be payed in Japanese Yen as a foreigner living in Japan...

-21 ( +20 / -41 )

Getting paid in dollars has been a blessing

6 ( +20 / -14 )

Login to leave a comment

Facebook users

Use your Facebook account to login or register with JapanToday. By doing so, you will also receive an email inviting you to receive our news alerts.

Facebook Connect

Login with your JapanToday account

User registration

Articles, Offers & Useful Resources

A mix of what's trending on our other sites