On November 7, 2023, the Singapore Dollar (SGD) reached a historic peak against the Japanese Yen (JPY), surging to an exchange rate of ¥111.04 for every 1 Singapore Dollar. This notable appreciation of the SGD can be attributed to the Japanese Yen’s depreciation, primarily driven by the Bank of Japan’s (BoJ) commitment to maintaining an extremely accommodating monetary policy aimed at boosting the domestic economy.
According to FXStreet, The Japanese Yen weakened on Monday as the market mood turned upbeat. The Yen’s decline at the start of the week was influenced by a positive market sentiment, which favored riskier currencies over safe havens.
For individuals with plans to travel to Japan in the near future, this presents an opportune moment to convert their currency into Japanese yen. For those equipped with multi-currency travel wallets like YouTrip or Revolut, the favorable exchange rate offers the option of real-time, in-app currency conversion.
You can take advantage of this advantageous rate by exchanging your Singapore Dollars for Japanese Yen, obtaining a rate of S$1 = ¥110.90 through Revolut.
Additionally, by utilizing YouTrip, you can secure an even higher rate of S$1 = ¥111.04
