Compare Quotes To Get The Best JPY Exchange Rates

If you are doing any sort of Japanese Yen (JPY) conversion it pays to compare providers to see who can give you the best Japanese Yen (JPY) exchange rate. High street banks are the worst place to convert money as they generally have poor Japanese Yen (JPY) exchange rates. To get the best rate for large Japanese Yen (JPY) currency transfers, smaller regular money transfers or cash travel money read our guide to the top providers.

Get The Best New Zealand Dollar (NZD) Exchange Rate With These Currency Providers

Currency BrokerNumber of CurrenciesMin TransferForward ContractsPersonal TransfersBusiness CustomersSame DayCurrency OptionsYear FoundedAnnual TransfersAmount of CustomersGet A Quote
Key Currency42£1,00012 months✔️✔️✔️2015£2bn50,000+Visit Key Currency
OFX55+£25012 months✔️✔️✔️1998£2.4bn1,000,000Visit OFX
Global Reach30+£3,00024 months✔️✔️✔️✔️2001£6bn30,000+Visit Global Reach
TorFX40£10024 months✔️✔️✔️2004£7.5bn325,000Visit TorFX
Currencies Direct
40£10012 months✔️✔️✔️1996£7.5bn325,000Visit Currencies Direct

What is the best Japanese Yen (JPY) exchange rate?

The current best Japanese Yen (JPY) exchange rate versus other G10 currencies is the mid-market price which is:

Australian Dollar (AUD)0.01083713
Canadian Dollar (CAD)0.009530212
European Union Euro (EUR)0.007091459
New Zealand Dollar (NZD)0.01194002
Norwegian Krone (NOK)0.07377424362
United Kingdom Pound Sterling (GBP)0.006109385917
Swedish Krona (SEK)0.07641691943
Swiss Franc (CHF)0.007092384554
United States Dollar (USD)0.00739541

Japanese Yen (JPY) exchange rate explained

The Japanese Yen is the national currency of Japan. The currency was constructed at the end of WW2 at Y360 to the dollar under the Bretton Wood System. When that system broke down, the Japanese Yen was ushered into a free-float regime. Its FX abbreviation is JPY.

As one of the largest economies in the world, the Japanese Yen is highly valued by other countries. According to the Bank of International Settlements, the Yen is the third most traded currency in the foreign exchange market. The currency comprises about 6% of all reserve currency globally as calculated by IMF, ranking just behind the US Dollar and the Euro.

The issuance of the Japanese Yen is controlled by the Central Bank of Japan. The nine-member Policy Board determines the overall monetary policy of Japan and sets the policy rate. The board meets eight times a year. The current BoJ chairman is Mr Kuroda Haruhiko.

In March 2001, Japan was the first country to implement unconventional monetary policy (QE) in the world. This pinned interest rate to zero. During 2002-06, Japan was the favourite source of funding rate for the famous “carry trade“, a strategy of borrow from low interest currency to invest in high interest currency.

What factors affect the Japanese Yen (JPY) exchange rate?

Historically, the Japanese Yen was one of the most volatile currencies in the market. This is related to the rise and fall of Japan’s bubble economy during the eighties and nineties, followed by the ground-breaking quantitive easing during the noughties.

Moreover, the Bank of Japan has a history of intervening in the FX market to control the movements of the Yen. Traders should be aware of this possibility whenever the Yen trends to extreme levels.

The Japanese Yen was one of the safe haven assets during the Global Financial Crisis. As a result, the value of JPY surged. For example, USDJPY soared from 120 in 2007 to 76 in 2013 (see below). But the Yen’s role as a safe haven asset is limited these days due to excess monetary easing by the BoJ.

In 2013, the Bank of Japan implemented a massive monetary stimulus program known as ‘quantitative and qualitative monetary easing (QQE) with yield curve control‘. One goal of this program is to achieve the Price Stability Target at 2%. Under this program, the balance sheet of the Japanese central bank swelled. This program continues to this day.

In addition, during the pandemic in 2020, deflationary pressure forced the BOJ to enlarge its QE program. By 2020, the BoJ’s balance sheet is almost 130% of Japan’s GDP (see below). As a result, the Yen remains weak.

Another factor that sometimes impact the Yen is the ‘carry trade’. This is due to the large interest rate differential between Japan (low rate) and other countries (high rates). These days, nearly all policy rates are low. Hence the lack of interest arbitrage.

Source: AtlanticCouncil

Other drivers of the Yen include the data flow on GDP, inflation, trade data, and Tankan surveys. However, these factors are secondary because of the outsized influence of the BoJ’s QQE program.

Bottom line – The Yen is heavily influenced by the BOJ monetary policy over the years. Since 2013, the Yen has been pinned down by the continuing monetary easing. This trend looks set to continue in the foreseeable future.

Getting the best Japanese Yen (JPY) Exchange Rate FAQ

When you convert and transfer Japanese Yen (JPY) with a currency broker your fixed exchange should be a maximum of 0.5% from the mid-market for currency transfers. To put this in perspective, banks traditionally charge 3-5% which means that if you are sending £100,000 worth of Japanese Yen (JPY) you could save up to £4,500 with a currency broker versus the banks.

Request a quote to see how much you can save – you’ll find a better Japanese Yen (JPY) exchange rate than by using your bank.

Where to find the best exchange rate for Japanese Yen (JPY)?

Comparison tables and Japanese Yen (JPY) exchange rate quote request forms will help you find the best Japanese Yen (JPY) exchange rate. Japanese Yen (JPY) exchange rate comparison tables highlight the key features of currency transfer providers whereas Japanese Yen (JPY) exchange rate quote request forms will make currency brokers compete for your business by offering the best exchange rate.

A few tips on getting the best Japanese Yen (JPY) exchange rate:

How do I know I am getting the best Japanese Yen (JPY) exchange rate?

Only go with a currency broker that offer fixed and transparent exchange rates and clearly show fees. All fees and charges should be built into the exchange rate. Have a look around currency providers’ websites, and if you find that they don’t clearly show how much a currency transfer is going to cost you will need to ensure you get a fixed mark up rate in writing to ensure you get the best Japanese Yen (JPY) exchange rate.

Should you convert Japanese Yen (JPY) now or wait for the exchange rate to improve?

If you think the exchange rate is going to go in your favour have a chat with your currency broker. Most have been providing market timing advice to institutions and hedge funds for years and should be able to provide some guidenece on strategy. Or, if you are worried the rate will move against you it is possible to lock in the current rate for up to a year in advance with a currency forward.

How do I know what the Japanese Yen (JPY) exchange rate commission is?

These are included in the exchange rate and are always fixed and transparent. Our exchange rates are always a fixed percentage from the live mid-market.

If you want to know how much the fees will be just ask and we’ll provide a clear breakdown. Read our guide on how to compare exchange rates, which also explains what the fees are and how to calculate them.

Will I really get the best Japanese Yen (JPY) exchange rate?

Yes but you’ll have to put a bit of effort it. If you are already using your bank or another currency broker send us a recent transaction and we will send you back a breakdown of exactly how much they are charging you in hidden fees and how our approach to fixed and transparent exchange rates will result in you getting the best Japanese Yen (JPY) exchange rate.

Why buy Japanese Yen (JPY) through a currency broker?

  • Compare the cheapest bank beating currency exchange rates
  • Expert help and advice to reduce your risk and exposure
  • Dedicated account managers every step of the way
  • Convert funds online and platform access 24/7
  • Same day and forward currency exchange contracts
  • Zero service charge, commission or transfer fees
  • Transfer money direct to single or multiple beneficiary accounts
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