Today’s currency conversion rate is at ï¿¥114 to $1. Good thing I converted some money when the rate was 116 Yen per 1 US Dollar, and I almost made the 117 mark! The dollar is getting weaker (of course) and now the Yen is on the rise. Thank God I don’t live in Canada right now with that type of conversion ($1 USD = 0.96 CAD). I’m no financial expert but if the US Dollar keeps declining in value at this rate and Japan’s economy improves… well… this could mean that 100 Yen to $1 USD might be happening in the next year. That sucks for people getting paid in US Dollars. On top of that conversion rate I’m getting nailed with a 2% transaction fee. 1% from MasterCard and 1% from my Bank to convert money at stores, restaurants, atms, etc. I’m waiting to get the debit card from Capital One all squared away to lessen the fees I’m getting hit with but it’s going to take forever. (Side note: in this case forever means about one month)
I just read about the Yen’s 6 week high at Bloomberg.com
The yen rose to a six-week high against the dollar as Asian stocks slumped after the Group of Seven nations said high oil prices and a housing slowdown in the U.S. will damp global growth.
The Japanese yen gained versus all 16 of the most-active currencies and reached a three-week high against the euro following the G-7′s Oct. 19 statement. Asian stocks fell the most in two months as investors reduced carry trades, in which they invest in higher-yielding assets with funds borrowed in countries such as Japan, where the benchmark interest rate is 0.5 percent. The dollar fell to a record low versus the euro.
With any other fees such as foreign ATM transactions, inflation, some more blah blah blah, and you have a recipe to make some ‘shiiiiiiiiiiiiiiit’.