It has been a while since I took a look at the exchange rate between the U.S. dollar and the Japanese yen.
We may be seeing "the light at the end of the tunnel" of the weak U.S. dollar vs. the Japanese yen according to Bloomberg:
Feb. 21 (Bloomberg) -- Japanese Prime Minister Naoto Kan’s wish for a weaker yen is coming true as the strengthening global economy encourages the nation’s investors to send more of their money overseas in search of higher yields.
The yen has depreciated 8.3 percent from its August peak against a basket of nine developed-nation peers, Bloomberg Correlation-Weighted Currency Indexes show. The lower exchange rate marks a turnaround from early 2010 when global investors demanding a refuge from Europe’s sovereign-debt crisis propelled it to a 15-year high versus the dollar.
The yen may weaken to 86 per dollar by the end of the second quarter and 90 by the end of the year, according a Bloomberg News survey of 40 forecasters. The currency gained 0.3 percent to 83.18 in the week ended Feb. 18.
It would be nice if the dollar got back into the 90s against the yen. Japan travelers would benefit. But it is still far short of the 116 yen/dollar rate I received when I went to Japan in 2007. I am planning on a return trip to Japan by the end of the year and a 90+ exchange rate would be a big help.
According to the Universal Currency Converter, today's dollar/yen rate is:
1.00 USD = 83.1135 JPY
To read the full Bloomberg article, go here.
No comments:
Post a Comment