I guess I didn't completely explain, I am moving there with a job, so the only converting I will be doing would be Yen to $. So actually this recession, I will call it that even though others won't, will increase my monthly salary that I transfer home. Or did I do the math wrong?You should've bought yen this past summer when it was as high as 124yen/$ if you knew you were moving to Japan. Better buy now because at last look it was down to 105/$, a loss of 2yen in one day.
As of this writing the yen is at 101/1$US and falling rapidly as it is doing against the Euro with the release of jobs figures about an hour ago. Those that were wise enough and bought yen at 124/$US or even 115 have been making a killing so far.Masamune_74 said:I guess I didn't completely explain, I am moving there with a job, so the only converting I will be doing would be Yen to $. So actually this recession, I will call it that even though others won't, will increase my monthly salary that I transfer home. Or did I do the math wrong?
The dollar traded as low as 101.98 yen in Tokyo, the lowest since January 2000. A weaker dollar cuts the value of repatriated profit from the U.S. for overseas companies....
One Yen Matters
A 1 yen change against the dollar affects Sony's operating profit by 6 billion yen ($59 million) a year, the company said.
March 10 (Bloomberg) -- For the first time in more than a decade, foreign exchange traders are confident that the Bank of Japan won't intervene in the currency market, paving the way for the yen to extend its biggest rally since 2000.
Japanese authorities sold the currency on all four occasions since 1995 when the yen approached the 100 mark in a bid to support exporters from Toyota Motor Corp. to Sony Corp. When the yen strengthened to a eight-year high of 101.43 last week, Finance Minister Fukushiro Nukaga stopped short of signaling that officials are concerned, only saying the government needs to watch currency moves ``carefully.''
Citigroup Inc. and Royal Bank of Scotland Group Plc, the third- and fourth- biggest traders, say Nukaga will let the yen break 100 because it's 40 percent weaker than its peak in 1995 on a trade-weighted basis.
``The U.S. now welcomes a gradual decline in the dollar and Treasury takes the position of Detroit. This is affecting how Japan is responding now.''
U.S. officials probably won't support dollar purchases unless the yen breaks 90 and heads toward 80, said Sakakibara. Central banks intervene in the foreign exchange market when they buy or sell currencies to influence exchange rates.
100 Barrier
The yen will rise to 95 per dollar, according to Citigroup, Lehman Brothers Holdings Inc., the fourth-biggest U.S. securities firm, and Mizuho Financial Group Inc., Japan's second-largest publicly traded bank. Deutsche Bank AG and UBS AG, the world's two biggest currency traders, predict the dollar will hold above 100.
When I was in Japan in 1970 we lived high, $1 = 360 yen
JPY/USD exchange rate was fixed under Bretton Woods Agreements from 1949 till Aug 1971.
Astroboy, what the heck is your second graph? It certainly isn't the USD to yen exchange rate. Only the upper one comes close. I was here in 1985, so I know the upper graph is correct, not the lower. And, in 1995 (my second trip here), it hit just below 100.
Dollar hits new record low vs euroThe dollar fell below the psychologically key 100 yen mark for the first time in over a decade on Thursday, as well as plumbing fresh record lows versus the euro, the Swiss francs and a basket of major currencies.
Gold will reach maybe $1,500/oz by years end and silver may double to $40/oz.