When is the best time to buy Japanese yen?

The Japanese yen exchange rate recently hit a 6-year high, so now would be a great time to buy

Right now there are 17 currency suppliers in the UK who are selling Japanese yen online, with exchange rates ranging from 142.492 (Manor FX) to 154.06 (Travel FX). You can see the full list on our Japense yen comparison page.

The good news if you're heading to Japan soon is the exchange rate hasn't been this high since February 2016. In fact, you'd have to go all the way back to 7 Feb 2016 beat the high of 164.595 we recorded on 19 April 2022.

Should you buy Japanese yen now or wait until later?

The small day-to-day fluctuations in exchange rates won't make a huge difference to the amount of Japanese yen you'll end up with if you wait an extra few weeks before buying. The exchange rate trend is more important, and as I've just pointed out the yen is currently at a multi-year high so there isn't much upside to waiting longer for a better deal.

According to technical analysis by walletinvestor.com, the Japanese yen interbank rate is predicted to hit 167 by the end of this year (the JPY interbank rate is currently 157), however the interbank rate is only available to banks and the actual exchange rate you'd get from a currency supplier will be a few percent lower - not far from where it is today.

Where is the best place to buy Japanese yen?

There can be a significant difference between buying Japanese yen online and buying in the high street, even among currency suppliers that offer both options.

You should always check to see if you can buy or reserve your currency online first, don't just turn up on the day and buy over the counter or you may be given a much lower rate.

From best to worst, the best places to buy Japanese yen are:

  1. Online travel money suppliers such as The Currency Club, Travel FX and Currency Online Group. You can compare their rates now on our Japanese yen comparisons page.
  2. Supermarkets, including Tesco, Sainsburys and ASDA who all offer a home delivery service as well as Click & Collect options. Use our Japansese yen store finder to search for your nearest store.
  3. The Post Office usually ranks under supermarkets for Japanese yen. Not the best deals but not the worst either - just make sure you order online first though to benefit from their online rate.
  4. Banks offer very poor exchange rates. You should avoid your bank for exchanging currency; almost any other bureau de change will offer you a better deal.
  5. Unsurprisingly, airports offer the worst exchange rates in the UK. If you've left it until you arrive at the airport to buy your currency, you're going to get really stung.

Dan Morley

Dan is the Technical Director of Compare Holiday Money.

Published on 3 May 2016
Jpy, Japanese Yen, Japan

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