The Japanese yen (JPY) has experienced significant fluctuations against the US dollar (USD) in recent years, with the exchange rate reaching multi-year lows. As of June 19, 2024, the USD to JPY exchange rate stands at 157.87496, meaning one US dollar can be exchanged for approximately 158 Japanese yen. This marks a considerable change from just a few years ago when the exchange rate hovered around 100 yen to the dollar.
The current weakness of the Japanese yen can be attributed to various factors, including the Bank of Japan’s low interest rate policy, Japan’s economic recession, and currency market intervention by Japanese authorities. These factors have collectively contributed to the yen’s depreciation against major currencies, impacting both the domestic economy and international trade.
Current USD to JPY Exchange Rate
USD to JPY Conversion Rate
As of June 19, 2024, the USD to JPY exchange rate is 157.87496. This means that 1 US Dollar can be converted into 157.87496 Japanese Yen. It’s important to note that this is the mid-market rate, which is used for informational purposes only. Actual conversion rates may vary depending on the provider and any applicable fees.
For those looking to convert USD to JPY, various online tools and currency converters are available, such as Xe. These platforms offer real-time exchange rates and can help users make informed decisions when exchanging currencies.
JPY to USD Conversion Rate
Conversely, the JPY to USD exchange rate as of June 19, 2024, is 0.00633612. This means that 1 Japanese Yen can be converted into 0.00633612 US Dollars. Similar to the USD to JPY conversion, this rate is the mid-market rate and may differ from the actual conversion rates offered by various providers.
When converting Japanese yen to US dollars, it’s essential to consider factors such as exchange rate fluctuations, transaction fees, and the method of conversion (e.g., cash, credit card, or bank transfer) to ensure the best possible outcome.
Historical USD/JPY Exchange Rate Data
USD to JPY Exchange Rate Statistics for Last 30 Days
Over the last 30 days, the USD to JPY exchange rate has experienced some volatility, with a low of 155.11 and a high of 157.85. The average exchange rate during this period was 156.86, with a volatility of 0.28%.
| Statistic | Value |
|---|---|
| Low | 155.11 |
| High | 157.85 |
| Average | 156.86 |
| Volatility | 0.28% |
USD to JPY Exchange Rate Statistics for Last 90 Days
Looking at a longer time frame, the USD to JPY exchange rate over the last 90 days has seen a wider range, with a low of 150.75 and a high of 158.25. The average exchange rate during this period was 154.83, with a slightly higher volatility of 0.43%.
| Statistic | Value |
|---|---|
| Low | 150.75 |
| High | 158.25 |
| Average | 154.83 |
| Volatility | 0.43% |
Factors Affecting the Japanese Yen’s Value
Bank of Japan’s Low Interest Rate Policy
One of the primary factors contributing to the Japanese yen’s weakness is the Bank of Japan’s low interest rate policy. The central bank has maintained interest rates at or near zero for an extended period, making the yen less attractive to investors seeking higher yields. Last month, the Bank of Japan changed its interest rate from -0.1% to 0.1%, but this slight increase has not significantly impacted the yen’s value.
Japan’s Economic Recession
In February 2024, Japan slipped into a recession, further exacerbating the yen’s weakness. The economic downturn has raised concerns about the country’s growth prospects and its ability to manage its substantial public debt. As a result, Japan was overtaken by Germany as the world’s third-largest economy.
Currency Market Intervention by Japanese Authorities
In an effort to support the yen’s value, Japanese authorities have intervened in the currency market. In 2022, Tokyo intervened by buying yen and selling US dollars, spending approximately $60 billion in the process. Masato Kanda, Japan’s top currency diplomat, has indicated that the government is prepared to take further action if necessary.
However, some analysts, like Nicholas Chia, an Asia macro strategist at Standard Chartered Bank, believe that currency intervention may not be a sustainable solution, as it does not address the underlying factors driving the yen’s weakness.
Impact of the Weak Yen on Japan’s Economy
Increased Import Costs and Inflation
A weaker yen has led to increased import costs for Japan, as the country heavily relies on imported raw materials, energy, and food. This, in turn, has contributed to rising inflation, putting pressure on both businesses and consumers. As import prices continue to climb, there are concerns that the weak yen may hinder domestic consumption and economic recovery.
Benefits for Japanese Exporters and Tourism
On the other hand, a weak yen can provide benefits for Japanese exporters, as their products become more competitive in international markets. Additionally, the tourism industry in Japan has experienced a boom, as the lower value of the yen attracts record numbers of visitors looking to take advantage of the favorable exchange rate.
However, these benefits may be offset by the increased costs of imported materials and the potential for decreased domestic consumption due to higher prices.
Japanese Yen’s Performance Against Other Major Currencies
Yen Hits Multi-Year Lows Against USD, EUR, AUD and CNY
The Japanese yen has not only weakened against the US dollar but has also hit multi-year lows against other major currencies, such as the euro (EUR), Australian dollar (AUD), and Chinese yuan (CNY). This widespread depreciation has raised concerns about the yen’s overall stability and its impact on the global economy.
As the yen continues to trade at around 160 yen to the US dollar, there is speculation that Japanese authorities may intervene once again to support the currency’s value. However, the effectiveness of such interventions remains uncertain, as the underlying factors driving the yen’s weakness persist.
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