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JimDunlop2
Joined: 31 Jan 2003
Posts: 2286
Location: Japan
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 Posted: Fri Nov 04, 2005 2:24 am Post subject: Breaking 100 - a grim celebration |
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Well, it's been official now for a little while.... And in case you don't yet know it, the Canadian Dollar has officially broken the 100yen barrier.
From Lloyds (www.golloyds.com) today: Canadian Dollar (CAD) 100.91
Because there's absolutely SQUAT that I can do about it -- and returning to Canada is NOT an option (now or for a long time to come)..... This weekend I'm gonna have a Grim 100-Breaking Party. I'm going to celebrate all the GOOD things about the dollar reaching an all-time high with some of my Canadian ex-pat friends (and wannabe Canadians).....
Letsee how many good reasons to celebrate this event I can come up with:
1. I no longer have to do complicated math to convert prices. I just have to multiply or divide by 100. How much is that 600yen beer at the pub? No problem! $6.00 How about that 980yen hamurger? $9.80. Easy stuff!
2. My family no longer has an excuse not to visit me in Japan. In ain't gonna get much cheaper than it is now, folks. Come on over!
3. My debts in Canada are almost paid off. Maybe I won't have to send money home much longer...
4. I can still laugh at the Americans. Those poor suckers are at 118!!!
5. It could be worse. I could still be in the Czech Republic, earning Czech crowns! Try converting THAT!
6. Seriously. How much worse could the rate get?
7. No really. I mean, it's already gone from 79 to 100 in the 2 1/2 years that I've been here...
8. My yen still buys me all what I need - as long as I stay in Japan...
9. I could be living in Canada, earning a lot less money and paying G.S.T. and P.S.T. At least here it's built into the price by law!
10. I can't think of a 10th reason. I need a beer, eh!
Enjoy your weekend, kids! And don't let the dollar get ya down!
JD |
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moot point
Joined: 22 Feb 2005
Posts: 441
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| Posted: Fri Nov 04, 2005 4:00 am Post subject: |
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| When I went home for a holiday about ten years ago the rate was 66yen to the Canadian dollar. Man, did I feel rich back then! |
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Gordon
Joined: 28 Jan 2003
Posts: 5309
Location: Japan
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| Posted: Fri Nov 04, 2005 12:48 pm Post subject: |
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| You're right, the rate is the absolute pits. You know I think it will only get worse, not better. I didn't think it would get any worse when it hit 95 either. I think Canada is doing better economically and Japan loves to have a low yen for exports, so I think one day we might be happy with it at 100. Still it hurts. |
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moot point
Joined: 22 Feb 2005
Posts: 441
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| Posted: Fri Nov 04, 2005 2:03 pm Post subject: |
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May I recommend putting your yen into a Canadian $ time deposit then?
Personally, I don't think that is the best bet right now. I think the C$ is a bit strong right now and if I was a betting man, which I've known to be, I'd be transferring my yen to NZ$. Their interest rates are high and will continue to piggy-back with the strength of the OZ$. Take a look at Citibank Japan for more details.
That said, the yen is bound for a rebound shortly. This usually happens in the upcoming months and then once again around March. It has depreciated too much lately and with the Nikkei breaking some key resistances this week (i.e. 14000yen), I think you'll see a lot of foreign investment driving the yen in the near future.
So to make it short: hold onto your yen, put it in the Nikkei for now, move it to Canadian stocks when it gains in strength in six months time. |
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Gordon
Joined: 28 Jan 2003
Posts: 5309
Location: Japan
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| Posted: Tue Nov 22, 2005 2:12 am Post subject: |
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I just saw that the dollar hit 102.17 today on Lloyds. How high will it go? 
We may look back nostalgically and say "remember when it was only 100 to the dollar"? |
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Bozo Yoroshiku
Joined: 22 Feb 2005
Posts: 139
Location: the Chocolate Side of the Force
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| Posted: Tue Nov 22, 2005 2:55 am Post subject: |
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I remember golfing and breaking 100 for the first itme... I tell you, breaking that many clubs is a might more expensive than this exchange rate thingy.
--boz |
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Gordon
Joined: 28 Jan 2003
Posts: 5309
Location: Japan
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| Posted: Tue Nov 22, 2005 3:54 am Post subject: |
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| Bozo Yoroshiku wrote: |
I remember golfing and breaking 100 for the first itme... I tell you, breaking that many clubs is a might more expensive than this exchange rate thingy.
--boz |
Depends how much money you have stashed away I guess. |
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Zzonkmiles
Joined: 05 Apr 2003
Posts: 309
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| Posted: Tue Nov 22, 2005 6:40 am Post subject: |
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| I'm one of those poor Americans who has been watching the yen go from 105 to almost 120 in less than a year. It's very depressing. Fortunately my credit card bill is all paid off. But I still send home a modest amount of money each month for student loans and building a new nest egg. If things get too much worse, I may start looking for other ways to supplement my income, such as getting a second PT job. I'm still not too big on teaching privates though, so we'll see. But this is seriously making me and a few others question just how lucrative it is for us to be teaching here. I guess if you have no financial obligations to dea | |
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