Currency
10.28.2008
The last week or so, people (myself included) have been going nuts over the (probable) recession around here.
When I got here, the exchange rate was about ¥105 = $1.00, and it was that way until about 2 weeks ago. Right now, it bottomed out Monday at ¥90 = $1.00, though it's bouncing back a tad right now (94.6).
The issue here is that this really is nothing. I'd assume you've heard that despite everything that's going on, the dollar's bouncing back amazingly well. It's just that the yen is going so amazingly well right now that even the dollar is falling to it. Some comparisons:
(all numbers are the amount of yen that equals whatever the equivalency of a dollar is; first number is the number around 9/1, second is where it bottomed out to this week)
USD: 108.65 -> 92.79 (-14.6%)
Canada: 102.34 -> 71.625 (-30.0%)
Britain: 198.21 -> 144.43 (-27.1%)
Australia: 93.35 -> 58.481 (-37.4%)
Euro: 159.59 -> 118.164 (-26.0%)
When I got here, the exchange rate was about ¥105 = $1.00, and it was that way until about 2 weeks ago. Right now, it bottomed out Monday at ¥90 = $1.00, though it's bouncing back a tad right now (94.6).
The issue here is that this really is nothing. I'd assume you've heard that despite everything that's going on, the dollar's bouncing back amazingly well. It's just that the yen is going so amazingly well right now that even the dollar is falling to it. Some comparisons:
(all numbers are the amount of yen that equals whatever the equivalency of a dollar is; first number is the number around 9/1, second is where it bottomed out to this week)
USD: 108.65 -> 92.79 (-14.6%)
Canada: 102.34 -> 71.625 (-30.0%)
Britain: 198.21 -> 144.43 (-27.1%)
Australia: 93.35 -> 58.481 (-37.4%)
Euro: 159.59 -> 118.164 (-26.0%)