Surge in Enthusiasm for Visiting Japan as Demand for Yen Exchange Increases

Reported 3 months ago

According to a report from Taipei on July 17, 2024, the yen exchange rate has been weak in the first half of the year, leading to a surge in demand for exchanging yen among the public, particularly for traveling to Japan. Public banks noted a 40% increase in yen banknote sales in the first half of the year compared to the same period last year, with significant growth observed in January and April due to peak travel seasons and noticeable declines in the yen's value during those months. Although many people have been exchanging yen whenever it hits a new low, the continuous depreciation of the yen has deterred individuals from stockpiling yen unless they have immediate travel needs. Market expectations for a high USD/JPY rate due to the lack of significant interest rate adjustments by the Bank of Japan or the Federal Reserve have also led to a wait-and-see approach by the public.

Source: YAHOO

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