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Japanese Yen

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  • 05-01-2012 3:05pm
    #1
    Giruilla
    Registered Users Posts: 1,595 ✭✭✭


    The euro has reached an 11 year low against the Japanese yen today. 1 euro = ~98.7 yen.

    In the past 2 years the yen has risen by more than 25%. If a Japanese person was working in Europe whilst getting paid in yen, thats a salary increase of 25% for nothing! On the other hand, for a foreigner working in Japan who is being paid in euro, thats an effective salary decrease of 25% (I've met people in both these scenarios by the way)! Crazy..

    Anyone any thoughts on this? It means going on holiday to Japan at the moment could prove to be seriously expensive.


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    #2
    Konata
    Closed Accounts Posts: 6,164 ✭✭✭Konata


    I buy a fair few figures from Japan every month so this exchange rate is seriously depressing. I recently saw a post on a forum from 2 years ago where someone had bought 390 euro worth of figures or something - but at today's exchange rate the same total in yen would have cost just over 500 euro! That's crazy :(

    Most of my figures are pre-ordered months in advance too so what I may have estimated as 60 euro say at the time of pre-order will end up costing more than that when it comes time to actually pay.


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    #3
    Giruilla
    Registered Users Posts: 1,595 ✭✭✭Giruilla


    Yeah that sucks alright. Anyone importing form Japan as a living right now must be in a seriously tight situation.

    I bought a bottle of Asahi for a pretty reasonable price in Dublin the other day.. wonder how much it will be next time I'm there!


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    #4
    TheChrisD
    Registered Users Posts: 4,498 ✭✭✭TheChrisD


    Yea, it's been quite a change, even recently.

    The only think I've ever bought in Yen was my DXtory licence, which at ¥3600 cost me €33.50 back in August. At today's rates it'd be €36.77. That's a 10% increase just in the past 6 months alone!
    image.png




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    #5
    Monkeyto
    Registered Users Posts: 551 ✭✭✭Monkeyto


    It's actually good for those of us living here! I've changed some of my money into Euro just in case this doesn't last forever. It's like a trading stock market!


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    #6
    RadioClash
    Registered Users Posts: 132 ✭✭RadioClash


    Not being an economist or anything I don't understand how the Yen is maintaining and even strengthening against other major currencies. Given the effect of the tsunami on their already sluggish economy you'd think it would be falling in value if anything. Anyone care to enlighten me?

    Planning a trip there this year and I'm hoping the Yen won't be as strong, I was there for a week a couple of years ago and my eyes watered at the price of some things.


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    #7
    RadioClash
    Registered Users Posts: 132 ✭✭RadioClash


    As an aside this is a good blog on Japanese economic affairs that I sometime read, from an Irishman based in Tokyo no less.

    http://www.fingleton.net/

    I still can't make head nor tail on the Yens value however.


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    #8
    shindig-jp
    Registered Users Posts: 386 ✭✭shindig-jp


    RadioClash wrote: »

    I still can't make head nor tail on the Yens value however.

    Your buying power is beginning to shrink against the euro as from Fridays 24th close of business .Had you bought Euro on the strength of the yen,
    If by Wednesday 29th and the Yen continues to rise , keep the Euro and watch for an opportunity to buy sterling before Threadneedle Street starts to get jumpy.


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    #9
    hibby
    Registered Users Posts: 273 ✭✭hibby


    As of today, I can get nearly 108 yen for my euro on TransferMate. I'm very pleased I didn't lock in the rate a couple of days ago at 104.

    I'll be earning in euro and paying rent in yen for the next year. The house we're planning to rent is 110,000 JPY per month. If the rates continue to move in our favour, that could end up at less than €1000 per month, as opposed to more than €1100 a few weeks ago.


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    #10
    shindig-jp
    Registered Users Posts: 386 ✭✭shindig-jp


    @hibby

    I'm guessing you are contracted to Japan from a European company as is you say "Paid in Euros" , that being the case your contract will expire and you will be making a return to base at some stage .

    Japan is planning a hike in consumption tax, keeping that in mind plus the time you are contracted for, it might be an idea to purchase a nice decent looking car , six months before your contract runs out.

    Bring the car back with you ,(6 months ownership is required to bring home personal belongings) . it will save you VAT & VRT and it only costs you a grand to ship it RORO . Keep it for a year and you're good to flog it.

    You may be lucky and get another stint in Japan with the company and of course repeat the process . If you're married or with a partner, bring home two . (I'd be interested in one of them ) = the car not the partner

    By the way I like the Step Wagon (LWB)


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    #11
    hibby
    Registered Users Posts: 273 ✭✭hibby


    Thanks for the excellent advice.

    I didn't know the tax is going up. I will be seconded to a Japanese company by my employer in Ireland, who will continue to pay me in euros as normal. The secondment will last for one year.

    As it happens we intend to buy a car for our own use in Japan and ship it home (for our own use in Ireland). But we have the option of buying a second car to sell in Ireland and it might be worth doing if we can tie up that amount of cash for a year and a half.

    shindig-jp wrote: »
    @hibby

    I'm guessing you are contracted to Japan from a European company as is you say "Paid in Euros" , that being the case your contract will expire and you will be making a return to base at some stage .

    Japan is planning a hike in consumption tax, keeping that in mind plus the time you are contracted for, it might be an idea to purchase a nice decent looking car , six months before your contract runs out.

    Bring the car back with you ,(6 months ownership is required to bring home personal belongings) . it will save you VAT & VRT and it only costs you a grand to ship it RORO . Keep it for a year and you're good to flog it.

    You may be lucky and get another stint in Japan with the company and of course repeat the process . If you're married or with a partner, bring home two . (I'd be interested in one of them ) = the car not the partner

    By the way I like the Step Wagon (LWB)


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    #12
    Cravez
    Registered Users Posts: 3,031 ✭✭✭Cravez


    I'v seen the yen is now at ¥120 for €1 which is great! Probably the highest it's been in about 2 years? It seems to have been gradually increasing in the past few months so hopefully it would be nice to see it hit ¥130 for €1 again.

    The Japanese Government have introduced a stimulus package to help with economic growth in the long term so hopefully the yen will now start stabilising, particularly to increase tourism.


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    #13
    hibby
    Registered Users Posts: 273 ✭✭hibby


    Michael Cravez wrote: »
    I'v seen the yen is now at ¥120 for €1 which is great! Probably the highest it's been in about 2 years? It seems to have been gradually increasing in the past few months so hopefully it would be nice to see it hit ¥130 for €1 again.

    The Japanese Government have introduced a stimulus package to help with economic growth in the long term so hopefully the yen will now start stabilising, particularly to increase tourism.

    This is very good news for me. (As posted above, earning in euros and paying in yen.)

    I've been transferring money to Japan at the end of each month, after I get paid. 3000 euro a month to cover rent and living expenses. The difference between 1 EUR = 96 JPY and 1 EUR = 120 JPY is huge: it's equivalent to an extra 720 euros per month!

    Needless to say I've been following the EUR/JPY rate very closely over the past months and am delighted with this recent development.


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    #14
    Konata
    Closed Accounts Posts: 6,164 ✭✭✭Konata


    I approve of this exchange rate <3


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    #15
    Cravez
    Registered Users Posts: 3,031 ✭✭✭Cravez


    The Yen to Euro exchange rate is currently the highest I have seen it since 2009. According to xe.com €1 will get you ¥142.469

    Anyone thinking of planning a holiday to Japan, this year might be a good year to do so!


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    #16
    shindig-jp
    Registered Users Posts: 386 ✭✭shindig-jp


    Michael Cravez wrote: »
    The Yen to Euro exchange rate is currently the highest I have seen it since 2009. According to xe.com €1 will get you ¥142.469

    Anyone thinking of planning a holiday to Japan, this year might be a good year to do so!

    Consumption Tax kicks in on April 1st this year , 5% rising to 8%.

    Over the years I have found the best exchange rates are to be had at the airports on the Japanese side.


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    #17
    shindig-jp
    Registered Users Posts: 386 ✭✭shindig-jp


    The market’s momentum and positioning for further yen weakness as the Bank of Japan prints money, we may see the yen back to it's January 2014 value against the Euro . Good news for anyone buying


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