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).
Source: Google Finance
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.
Source: The Bangkok Insight
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.
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.
Also read: Japan to construct 2.5m barrier to block Mount Fuji from view due to inconsiderate tourists
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