Yen exchange volume hits a 1-year and 7-month high amid yen weakness
Surging demand for yen exchange, with travelers to Japan and buying demand flocking to the 40-year low Major banks' exchange volume at a record high... Check now and plan your foreign currency strategy
As the wontoyen exchange rate remains in the 800won range per 100 yen, the amount of yen exchanged at major domestic banks has reached its highest level in 1 year and 7 months. This is because the yen's value has fallen to its lowest level in about 40 years, increasing demand for currency exchange.
According to the banking sector, the amount of yen exchanged by the five major banks — KB Kookmin, Shinhan, Hana, Woori, and NongHyup — through the 27th of this month stood at 31.5 billion yen, up from last month. This is the highest since December last year.
The increase in demand is due to both summer vacation travel demand to Japan and demand from those attempting to buy the yen, believing it to be undervalued. During the same period, yen deposit balances also increased, but they are still at a low level compared with the beginning of this year.