Anne MercadoCalling all Singaporean travel enthusiasts with Japan on their bucket list! Pack your bags and get ready to stretch your Singapore dollars (SGD) further because the exchange rate is in your favour!
Also read: Japanese Yen Down, Tourists Up: Is Now the Perfect Time to Visit Japan?
Singapore dollar soars high: S$1 to ¥120
Image credit: (L-R) JordyMeow, frabbit75_cav via Canva Pro
The Singapore dollar has reached a new high against the Japanese yen (JPY), making it an ideal time to exchange your currency before your next Japanese adventure. On 11 Jul 2024, the SGD hit a record high of S$1 to ¥120.02. Even at the time of writing, the exchange rate remains very favourable, sitting at around S$1 to ¥119.90.
This positive development for Singaporean travellers comes amidst a weakening trend for the Japanese yen. Since March 2024, the yen has been steadily declining against the SGD, hitting new lows each month. In June, it reached ¥118.21 to S$1, and in April, it dipped to ¥116.02 to S$1.
Several factors are contributing to the yen’s decline. One major reason is a revamped Japanese investment scheme called the Nippon Individual Savings Accounts (NISA). This program allows Japanese citizens to invest in overseas assets tax-free, leading to an increase in yen being sold and dollars being purchased.
Economic factors at play
Japan’s ongoing trade deficit also plays a role. With more imports than exports, the country is experiencing an outflow of yen. Additionally, the Bank of Japan‘s low-interest-rate policy discourages foreign investment in yen-denominated assets, further weakening the currency.
Also read: Best and Worst Times to Visit Japan: A Traveller’s Guide
With the yen at a multi-year low against the SGD, Singaporean travellers have a golden opportunity to get more yen for their buck (or SGD!). Whether you’re dreaming of exploring bustling Tokyo, soaking in the serenity of Kyoto, or indulging in delicious Japanese cuisine, this favourable exchange rate allows you to experience more for less.
So, what are you waiting for? Start planning your Japanese adventure and take advantage as Singapore dollar soars high!
Featured image credit: rabbit75_cav via Canva Pro
