Japan's tourism industry is still trying to recover from the effects of the March 11 earthquake and tsunami. Today's news on the further slippage of the U.S. dollar against the Japanese yen does not help matters any since we are now in vacation season.
Marketwatch.com is reporting:
SAN FRANCISCO (MarketWatch) - The yen rallied against the U.S. dollar early Wednesday in Asia, with the greenback hitting a low of ¥78.49. At last check, it traded at ¥79.06, down from ¥79.40 in late North American trading Tuesday and below late Monday's ¥80.28.
This means that for every dollar exchanged for Japanese yen, the dollar buys only ¥79 or less. Four years ago, I was able to buy ¥116 for every dollar I exchanged.
This does not bode well for travelers to Japan as their dollars buy fewer yen, thereby making a trip to Japan more expensive. It also makes Japanese goods more expensive. It also does not help Japanese exporters as it makes their goods more expensive in America.
Right now, the current rate* of exchange between the dollar and yen is:
1.00 USD = 79.4261 JPY
*Source: Universal Currency Converter
To see Marketwatch's article, go here.
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