Job Discussion Forums

William. · Joined: 07 Apr 2008 Posts: 35

The Yen to USD exchange rate has really taken a dive in the past couple months. (I suppose you could say it's just returned to where it's traditionally been).

Is there anyone out there who knows how Japan's economy is looking in general? How is it effecting EFL teaching? I already had one job fall through due to a school's financing getting cut just before my contract was going to begin. I'm wondering if this is a fluke case, or a sign of the times.

Is there a lot of this going on right now?

Glenski · Joined: 15 Jan 2003 Posts: 12844 Location: Hokkaido, JAPAN

"Traditionally been"? The yen waffles between 130 and 100 to the dollar. It usually floats around 120. It's at 97 or so right now, so that's far from "traditionally" where it's been.

Apsara · Joined: 20 Sep 2005 Posts: 2142 Location: Tokyo, Japan

I agree with Glenski- any time the US dollar is worth less than 100 yen it is very very low. Most of the 11 years I have been here it has fluctuated between about 112 and 125 yen to the dollar.

Anyone living in Japan and posting here knows that the economy here is dreadful. I got laid off from my part time corporate classes last year because the engineering company I was working for had seen their sales go down to almost zero. Japanese car companies have seen their biggest losses since WW2 and they have laid off a large number of employees, the stock market has had a large amount of its value wiped off it and spending is very low- the US is not the only country feeling the pinch, the economy is in pretty poor shape here as well.

While there are still jobs around, you are not the first person I've heard of that has had a job offer withdrawn recently.

William. · Joined: 07 Apr 2008 Posts: 35

Glenski, for several months it was in the 80s, so for it to return close to 100 is what I mean by "back to normal." But from what you say, it could get even worse if it goes back to how it's "traditionally been." bummer.

Apsara · Joined: 20 Sep 2005 Posts: 2142 Location: Tokyo, Japan

Looking at exchange rates for the last 6 months, the USD only spent about a week or so in December below 90 and then hovered around or just below 90 for a few weeks in January, so the 80s was never a level the dollar has spent any amount of time at- definitely not several months.

Glenski · Joined: 15 Jan 2003 Posts: 12844 Location: Hokkaido, JAPAN

William,
While I understand what you mean(t), may I respectfully ask how long you've been in Japan? In the decade Ive been here, the yen has fluctuated between 100 and 130, and as I wrote earlier, the norm is around 115-120.

William. · Joined: 07 Apr 2008 Posts: 35

I've never been to Japan, which is why I started to thread to get an insider's perception on what the economy is looking like.

The only time I've been paying attention is the past 6 months or so, when it's been typically around 85-95 from what I saw.

Apsara · Joined: 20 Sep 2005 Posts: 2142 Location: Tokyo, Japan

You might perhaps be looking at the bank selling rates or similar, because I'm not sure where you've seen the rates so low for so long. Most of December and January were around or below 95 to the USD, but it hasn't been that low for most of the last 6 months- here's a historical exchange rate table: http://www.exchange-rates.org/history/JPY/USD/T

Anyway, the economy is almost as dire here as it is in the States, and the English teaching job market is particularly tight due to A- people who have jobs not wanting to leave them because they think it will be tricky to find a job back home, B- an influx of people from the US, Canada etc. who can't find jobs at home so are trying their luck in Japan, C- people who were teaching in Korea but since the yen has become so much stronger than the won now want to come here, D- the eikaiwa market was not good even beforehand because of the collapse of Nova and general declining interest in English conversation.

I also do proofreading/rewriting and the number of new jobs in that field has also sharply declined.

gaijinalways · Joined: 29 Nov 2005 Posts: 2279

Yes, the economy is not great here. There are jobs, but they are paying the minimum which with the prices here will mean careful budgeting if you want to save money (not saying you can't do it, but your take home pay will be low unless you come on the JET program).

As to the exchange rates, what Glenski says is accurate. I am coming up on 12 years living here, and I have seen the yen at its strongest levels recently.

William. · Joined: 07 Apr 2008 Posts: 35

Gotcha, thanks so much for all the info guys. Definitely puts things in perspective! (clearly I wasn't going on much before).

What I had been looking at was just whatever google came up with in "yen to usd" and whatever ohayo-sensei's weekly rates were.

Well, I am just thankful I got a job with a company that's been around for a while. Hopefully that means some level of security. If nothing else, it is obviously more secure than where I was supposed to be a week ago! :-/

Hell, the way things are going for me and all my buddies (recent college grads) I'm just going to take it and love it. It's something, and that's more than what many people have right now.