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Tuesday, June 9, 2015

Abe To "Keep An Eye" On Yen

Above, the entrance gate to Nakamise Street in Asakusa. Photo by Armand Vaquer.

For the past several days, the Japanese yen has been hovering around the 124-125 yen per dollar exchange rate. This amount hasn't been seen for about 13 years and it has become a cause for concern in Japan in some quarters.

According to Japan Today:
ELMAU, Germany —Japanese Prime Minister Shinzo Abe said on Monday it was desirable for currency rates to move in a stable manner and that the government would keep a close eye on a softer yen’s impact on small businesses and consumers. 
Abe’s comment, at a news conference in Munich after his attendance at the Group of Seven (G-7) summit, comes after the dollar rose to a 13-year high of 125.86 yen on Friday.
While these rates may be great for Americans traveling to Japan, as they get more yen for their dollars in exchange, it may not be too healthy for some Japanese businesses.

It would be perhaps wise to take that trip to Japan now as the exchange rates are making such trips more affordable. But, if panic sets in and the Japanese government acts to bolster the yen, then things will become more expensive. Time to go while the going's good!

To read more, go here.

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