Job Discussion Forums

[Willy_In_Japan]

I was shocked that the Canadian dollar seems to be up in the 98 yen range now.

I am so disappointed.......when I got here, it was 77 yen......lost 20 percent of my wage since ive been here. This seriously sucks for Canadians in debt back in Canada.

When do you think it will stop?

[Gordon]

Good question. I think it will continue to get worse actually as the Japanese economy is still the pits with no end in sight and the Cdn economy is growing especially because of the oil sector. Actually on Lloyds Japan it is over 99.6 today.
I feel for you, it was 76 when I got here too. My savings is practically non-existent, hardly makes it worthwhile to send the money back.

[JimDunlop2]

It's depressing that I can now just move a decimal place to figure out the exchange rate... Used to be that the Americans only did that...

Nevertheless, I don't have a job lined up in Canada, and I still make much more here than I ever will there, so as far as paying my debts in Canada goes -- this is still it. Even though I've taken a massive "pay cut" from when I first arrived.

[canuck]

I remember around 9/11 I sent money to Canada and it was 73 or something close to that. It's really disgusting now. I'm really glad I sent money to Canada frequently before it started to get really bad throughout my four years. If I decided to hold on until now, I would have lost just over $30,000 just on the exchange rate. Crazy!

I know quite a few Canadians that feel it's not worth it anymore and have either left or made their exit plans based on the exchange rate. I agree, it's not going to get any better any time soon.

[Lister100]

I read somewhere that they're predicting the dollar might go as high as 89 cents US by next year. Don't expect it to go down, I just got back to Canada a month ago and took my lumps then. Now I'm happy I didn't wait.
The only way it will go down is if our industry collapses, which some are saying is going to happen (The Dutch Disease:rapid chaotic growth on account of natural resource production).

[JimDunlop2]

I remember when years ago a Canadian dollar was worth 0.89 U.S. It was great for cross-border shopping. Heck, my parents remember when the dollar was at par, and sometimes even higher than the U.S. dollar.

Unfortunately, none of this will have any bearning on my current situation in Japan. I have a good job and it pays for my bills, lifestyle and debts. Only if it ceases to do so will I consider another alternative.

[Zzonkmiles]

The US dollar isn't faring so well either as of late, I've noticed.

Just a few months ago it was at about 103 yen for $1USD. Now it's at about 115, so sending money back home is about 10% more expensive. Fortunately I made my final credit card payment this summer and am now just sending money back home to bulk up a small nest egg for when I return (likely next year). What do you think is causing this?

[JimDunlop2]

The Daily Yomiuri tends to have a daily explanation of the American dollar versus yen prices... I forgot already what the Excuse du jour was.

I WOULD, however, be VERY curious to learn the reason for the Canadian dollar catching up to the US$.... As well, it seems to be rising disproportionately higher than its US counterpart in the yen exchange. I'm no economist, unfortunately. But I'm open to suggestions why people think this is.

[Gordon]

Jim, the Cdn dollar has risen more against the greenback than any other industrialized nations's currency in the past quarter (this is Bloomberg, not me).
I think it is because our economy is perceived to be doing better and I think it is. Canada does produce a lot of oil as does the US, but they are also the largest consumer. The hurricanes and their costs also play a role in the US decline. Many Cdn economists think the dollar will hit 90 cents by year's end or early spring.

Any more advice and I will have to charge you for my services. Heck, we can call it even after all your free computer/internet advice.

[stretch]

Oil. Black gold!
The almight dollar over here is doing very well that's for sure.
Alberta is towing the line for Canada right now. Alberta residents (every one of them- infants included will get a a $400 gift from the government this year as they have such a massive surplus)
If one had the foresight to have any funds invested in Canadian Resources a couple of years ago, you'd be happy as a pig in ...
Lot's of financial folk are saying to look out however that our run won't last much longer.
One thing that does suck for us over here is that even though we produce a tonne of oil for ourselves, our oil market is effected here by the american one. ex. Katrina and Rita knock out Texas refineries and the price of gas in Toronto goes up 30 cents.

[Willy_In_Japan]

Well, I sent money home on October 31st...........100,000 yen got me $1002 Cnd.

Today, the Canadian dollar costs MORE than 100 yen!

This bites. In May 2005, the dollar was 85 yen.

[craven]

Yup, it was 72 when I showed up, and I cry a little each and every time I have to send money home. Wish I had the luxury to just hang onto my yen in hopes of a better exchange rate, but alas, debts call.
Does anyone out there have alternative places to keep/invest money they'd like to share (for free of course...sorry Gordon)? Or any advice about maximizing the value of your transfers home? Or a place to buy good crying towels...100 indeed!
J

[JimDunlop2]

Keep us posted on your progress. But please also ensure you calculate transfer fees in each transaction.

Lloyds charges 2,000 yen and Canadian banks charge from $10 to $25. (1000yen-2500yen..heh..heh...heh....) And I suspect the European banks won't do it for free either. Also the published rate in the newspaper tends to be different than what individual banks actually charge, as they calculate in commission for the exchange itself -- and the more times you change currency from one into another, the more money you lose.

I'd be curious to know if you end up saving after it's all been said and done.


But I'm serious -- keep us posted one way or another whether this method is feasible.

Cheers,

JD

[moot point]

I have a small amount in foreign currency time deposits with Citibank. It might be a bit late to sell your yen for a foreign currency, but if you believe the Euro will continue to appreciate you can look into it. You'll also be able to take advantage of a more attractive interest rate if your savings are held in a foreign currency. I believe the NZ$ accounts with Citibank offer an anuualised interest rate of 6.5%.

My wife has an account with Shinsei bank and I think they also offer the same service.

[JimDunlop2]