Long queues at S'pore money changers as yen falls to record low
Ethel Tseng
TNP
Oct 10, 2025
Money changers have seen long queues in recent days, as Singaporeans rush to take advantage of the Japanese yen falling to a record low.
The exchange rate recently fell to 117.85 yen against the Singapore dollar, with changers offering between 116.5 yen and 117.1 yen. Some reported customers changing as much as $4,000 to $5,000 in one go.
Following Sanae Takaichi's victory in Japan's Liberal Democratic Party election on Oct 4, which positions her to become Japan's first female prime minister, the yen weakened further. The Singapore dollar subsequently strengthened, climbing from around 114 yen to nearly 118 yen in just a few days.
On Oct 8, the exchange rate briefly hit 117.96 yen, the highest since last July's 119.81 yen. The following day, the rate hovered around 117.85 yen - about nine per cent higher than the 108 yen seen in April.
When Shin Min Daily News visited money changers at The Arcade and People's Park Complex on Oct 15, most were offering about 116.5 yen per dollar. City Money Changer at The Arcade drew a crowd by posting a rate of 117.12 yen.
Zhao Jinkang (transliterated), 30, said he checked rates at The Arcade during lunchtime and was surprised to see them above 117. "I queued for about 10 minutes and exchanged $1,000 for my family. They're only travelling to Japan next Feb, but since the rate was good, we decided to start exchanging bit by bit."
Customer service officer Li Jiajing (transliterated), 27, who is travelling to Japan next week, told Shin Min: "I usually exchange currencies using e-wallets. But since I'll need some cash overseas, I decided to change some at a physical counter as it's one of the better rates lately."
Mr Zhu (transliterated), 34, who is heading overseas with his family next month, exchanged $4,000 worth of yen. "I probably won't change more, the rest I'll just pay using cards or e-wallets."
Money changers stocking up on yen
At VS Money Changer in The Arcade, director Tajdeen Vanchilabbai said there has been a noticeable rise in customers exchanging yen since early October, with around a fifth of all customers coming specifically for the yen.
He noted that the year-end school holidays are often a busy period, with many changing money as a result of the spike in the exchange rate.
Crante Money Changer partner Huang Suzhen (transliterated) at People's Park Complex, agreed that many started buying yen once the rate broke 115. "We have also increased our yen stock by about 50 per cent. Many customers exchange between $2,000 and $5,000 each."
Digital wallets offering rates up to 117.7 yen
An increasing number of Singaporeans are also turning to multi-currency e-wallets such as YouTrip, Wise, and Revolut, which offer better exchange rates than physical money changers. Some also allow free ATM withdrawals overseas.
On Oct 8, the exchange rates on these platforms ranged between 117.5 and 117.7 yen.
Mr Chen (transliterated), 40, who works in the media industry, exchanged $250 via YouTrip in two days. "I'll be going to Japan in January 2026, so I've been exchanging small amounts whenever the rate looks good. It's convenient and offers better rates," he said.
Educator Lin Huimin (transliterated), 36, used Revolut to exchange about $500, but still plans to exchange some cash. "Japan still has many places that only accept cash payments. I prefer to have yen on hand when I arrive, rather than look for ATMs there - and I'm not always sure which ones charge extra withdrawal fees."
Analysts: Yen may remain weak amid political uncertainty
OCBC foreign exchange strategist Huang Jinglong (transliterated) said Takaichi's victory in the Liberal Democratic Party election was likely the main driver behind the yen's recent slide.
"Markets now expect the Bank of Japan to delay any rate hike until March next year. With no signs of strong intervention and uncertainty around Takaichi's policies, the yen may stay weak. The Singapore dollar is likely to remain strong in the 117 to 118 yen range," he said.
He added that the Monetary Authority of Singapore (MAS) is set to release its monetary policy statement next week - a key event that could influence the Singapore dollar's trajectory.
Economist Song Sengwun noted that the weakening yen could persist until the US Federal Reserve cuts rates or the Bank of Japan raises interest rates. "If the Japanese government and central bank intervene, the yen's direction could change," he said.
Song added that if the US dollar remains strong, the Singapore dollar could even break past 120 yen.
