I don't see any evidence for this, however much it suits your view of the Biden government. Have a play with this site yourself. The US dollar has not changed much over the last 2 years and in fact has slightly strengthened against other major currencies.At the rate US politicians are giving away money and going trillions in debt , our dollar may soon become worthless.View attachment 114626
Masamichi Adachi, chief economist for Japan at UBS Securities and a former BOJ official, said in a note Friday that he thinks the Finance Ministry "will intervene in the FX market to buy the yen and sell the U.S. dollar very soon, possibly today, London time or New York time." Shoki Omori, chief desk strategist at Mizuho Securities, said, "Today's [yen] move was a shock. But the move is gradual and that is not going to be a reason for intervention." But considering the yen's fall to a fresh 34-year-low, "intervention could come anytime," he said. "The ball is in the dollar's court. An intervention is not going to work because the dollar is so strong," he added. Japanese Finance Minister Shunichi Suzuki said Wednesday that he is "watching the market moves with a high sense of urgency," suggesting a move may be coming.
Some imply due to the weak yen you could almost get trapped in Japan like retirejapan Don't move to Japan or consider leaving Japan if you are there.
I agree they will not become a third world country any time soon. The retirejapan person who wrote has lived in Japan around 25 years himself and is staying. I guess the point is if you are not committed to spend the rest of your life in Japan then to try and move abroad if the yen does not recover can be prohibitively expensive trapping you. This is a lot of assumptions (how confident are we on the future value of the yen vs the US dollar or Euro or pound?). In your case I would stay, as I believe you are also in your 50s does not make a lot of sense to leave.If you are an expat looking for a quick buck, that's sound advice. However, many of us do not have that choice due to family circumstances, age, etc. And surely, Japan will not become a third-world country any time soon.
Yes anybody there now is pretty much trapped. But there are worst places to be stuck in the world.
Yea it would not be so bad at all.
The Japanese yen experienced a significant increase after momentarily falling beyond 160 against the U.S. dollar on Monday morning, marking a new 34-year low against the U.S. currency. At a certain point, the yen recovered, strengthening by 5 yen against the dollar. As of 10 p.m., the yen was valued at 156.40. Additionally, the yen dropped below 171 per euro, reaching a record low since the inception of the European currency in 1999. By 10 p.m., it was trading at 167.40.
Japan employs two primary types of currency interventions: selling dollars for yen to rectify excessive weakness in the yen, and selling yen for dollars to address excessive strength in the yen. The legal authority to decide on an intervention lies with the finance minister, although the vice minister of finance for international affairs often makes the actual decision. The Bank of Japan (BOJ) then executes the intervention on behalf of the finance minister. In a yen-buying intervention, the BOJ sells dollars from the Ministry of Finance's Foreign Exchange Fund Special Account to private banks and purchases yen. Given that Japan imports a significant portion of its food and natural resources, a weak yen can make imports more expensive, potentially leading to inflation. Rapid changes in exchange rates can also pose challenges for businesses, and buying yen can be beneficial in such situations. Interventions can also occur outside of Japanese trading hours or on holidays, either through the BOJ trading in foreign markets or via overseas intermediaries like the Federal Reserve Bank of New York or the European Central Bank. Requests for such assistance are reportedly seldom, if ever, refused.
In September and October of 2022, Japan intervened in the currency market three times, expending approximately 9.2 trillion yen ($58.7 billion at current rates). The Finance Ministry strategically times these interventions to optimize their impact. The intervention in September was conducted following a news conference by then-BOJ Governor Haruhiko Kuroda at the latest monetary policy meeting. The interventions in October were executed either early in the morning or late at night during periods of reduced market scrutiny. It's believed that Japan carried out the 2022 interventions independently, utilizing only its own foreign reserves. However, currency authorities also have the option to conduct coordinated interventions with foreign counterparts, allowing them to combine resources for a more significant market impact. Historically, Japan and the U.S. performed a coordinated yen-buying intervention in June 1998. The 1985 Plaza Accord was a joint effort by the U.S., Japan, the U.K., West Germany, and France to restrain the excessive strengthening of the U.S. dollar. The Group of Seven also participated in currency interventions, purchasing euros in 2000 and selling yen in 2011.
These relief efforts have had very little effect. Since the big intervention a few days ago (and I can't see any other reason for the sudden appreciation of the yen), the pound and dollar have regained two-thirds of their lost value against the yen and the euro has regained half of its lost value.BOJ accounts suggest Japan intervened Monday to support yen
Japan likely conducted its first currency intervention since 2022 to prop up the yen on Monday, according to a Bloomberg analysis of central bank accounts.finance.yahoo.com
Not certain yet, but it looks like relief efforts are beginning. As expected, actually, I didn't save a link to the article but one of the CNBC frequent guests had explained that there would likely be an intervention if the 155JPY line was crossed.
What's less clear to me is how effective such support is and what the secondary effects are. Also, yeah, like thomas points out, in the initial article in this topic the value of the intervention in the first place is questionable.
These relief efforts have had very little effect. Since the big intervention a few days ago (and I can't see any other reason for the sudden appreciation of the yen), the pound and dollar have regained two-thirds of their lost value against the yen and the euro has regained half of its lost value.
For just my wife and I , it runs about $200 US almost every week
As of the end of April, Japan had foreign exchange reserves worth $1.278 trillion. "We think the [Ministry of Finance] can credibly defend the yen for now, be it 160 or 165, with enough liquid dollar assets in the reserves," Bank of America Securities economists said in a research note on Thursday, adding, however, that the yen could fall to 165 without intervention. Currency intervention is a delicate subject for Group of Seven countries. The nations have agreed that "excess volatility and disorderly movements" can be dealt with but also that exchange rates should be determined by the market. Such principles are especially important for global currencies like the yen, which is the third most actively traded unit after the dollar and the euro, accounting for 17% of global volume, according to the Bank for International Settlements.
how fun! What's your plan? I've never been to Bangkok but I have gone to Railay/Tonsai near Krabi for climbing, Phuket and Khao Lak for a scuba trip, and Chiang Mai, Pai and Mae Hong Son in the north (and through Chiang Rai to get to Laos). I stayed at a forest monastery for a week up near Mae Hong Son, which is on the border with Myanmar. I highly recommend the northern part of the country.I have a question for you all. I'll be leaving for Thailand at the end of the month. I will be cycling/touring for a month. My question is this...
1. Should I exchange yen to dollars while I'm at Fukuoka airport?
2. Should I wait till landing in Bangkok and exchange Yen to Baht ?
I'm not sure if what I'm thinking is correct. I'm looking about 3 grand spending money for one month cycling around the country.
Thanks
I had to get some Hong Kong dollars last year and got a really good rate at one of those little currency exchanges near Shinjuku station by Ame Yokocho. I wonder if there are similar places near you.how fun! What's your plan? I've never been to Bangkok but I have gone to Railay/Tonsai near Krabi for climbing, Phuket and Khao Lak for a scuba trip, and Chiang Mai, Pai and Mae Hong Son in the north (and through Chiang Rai to get to Laos). I stayed at a forest monastery for a week up near Mae Hong Son, which is on the border with Myanmar. I highly recommend the northern part of the country.
Money-wise, you generally will take a hit every time you exchange money, so I would recommend just going straight from JPY to THB. Here's an article with more information:
Thai Baht: How to Get the Absolute Best Exchange Rates
Find out how you can get the best exchange rates and where to exchange your money in Thailand in this comprehensive guide.www.expatden.com