S$1 equates to ¥116.02 as Japanese Yen weakens against S’pore Dollar

1 Singapore Dollar equates to 116.02 Japanese Yen on 27 & 28 April

Singapore residents planning to travel to Japan can rejoice as the Singapore Dollar (SGD) has strengthened against the Japanese Yen (JPY), with S$1 now equating to ¥116.02.

The exchange rate increased on Saturday (27 April) and has been holding up till today (28 April).

End to negative interest rate policy weakens JPY

According to The Japan News, the Bank of Japan (BOJ) announced in March that it would cease the negative interest rates policy and eliminate its yield curve control (YCC) measures.

The BOJ’s decision to keep interest rates steady has led to the JPY hitting a 34-year low. slipping as low as USD$157.78, reported The Financial Times.

As of 27 April, the JPY has tumbled to USD$158.09, per Google Finance.

Concerns rise regarding negative effects of the falling Yen

Shunichi Suzuki, Japan’s Finance Minister, expressed concern about the negative effects of the weakening JPY.

While a weak JPY favours imports, it has inflated the cost of living for households in Japan, due to increased imported costs.

Reuters noted Mr Suzuki’s warning about stepping in after having talks with U.S. and South Korean counterparts last week.

Nasdaq stated that Japan has likely started intervention but discreetly, aiming for desired results in the long run.

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Featured image adapted from shisuka on Canva.