Yen hits longest losing streak on record Will it be cheaper to buy Japanese goods if the yen continues to depreciate?
1 yuan can be exchanged for 20 yen
Metro Express reports The Japanese yen is recognized as a “safe-haven currency”, but its safe-haven attributes are gradually receding. The exchange rate of RMB against the Japanese yen officially rose above the 20 mark yesterday, the first time since the RMB exchange rate reform in the third quarter of 2015. Therefore, “yen” also rushed to the hot search on Weibo yesterday.
Will it be cheaper to buy Japanese goods if the yen depreciates?
The depreciation rate of the yen recently is somewhat beyond everyone’s imagination. Yesterday, the USD/JPY exchange rate once climbed to 128.31, the biggest drop in a week. This is also the first time since May 2002 that the USD exchange rate reached a high of 127 after a lapse of about 19 years and 11 months.
Not only is it weaker against the dollar, the yen has also been weaker recently against other non-U.S. currencies. Among them, the onshore renminbi against the yen rose to a new high of 19.86 after the renminbi exchange rate reform in 2015. Yesterday, the People’s Bank of China authorized the China Foreign Exchange Trade System to announce that the exchange rate of 100 yen to RMB is 5.0120, that is, 1 yuan can be exchanged for 19.95 yen. In fact, the exchange rate of RMB against the Japanese yen has officially risen above the 20 mark yesterday.
In this regard, some orange friends said, “According to this exchange rate, it would be great to be able to go shopping in Japan. In 2019, 100 yen was about 8 yuan (equivalent to 1 yuan for 12.5 yen), and now 100 The exchange of yen for 5 yuan is quite a lot.”
Some orange friends also said, “When I went to Japan for the first time before the epidemic, the exchange rate was 20 (the exchange rate of RMB against the yen briefly crossed the 20 mark in 2015), but the yen has appreciated over the years, and now it has returned to Before. But now because of the epidemic, everyone can’t go out, so now, even if the yen has depreciated so much, everyone will not feel it very deeply.”
Some netizens are concerned that after the devaluation of the “yen”, some domestic Japanese goods (such as Japanese cars, cosmetics, watches, game consoles, cassettes, etc.) will be cheaper.
The reporter learned from a game store on Qingchun Road that the current domestic Nintendo handhelds are basically the national bank (domestic licensed), and the price has not changed, not affected by exchange rate changes, basically between 1400-2600 yuan.
However, the owner added that he is also concerned about the depreciation of the yen. “The original game consoles and cassettes imported later may be affected, but there are not many high-end players in China, and they are rarely named and must be ‘daily’ in stock.”
It is worth mentioning that the impact of the depreciation of the yen on some large Japanese goods is not obvious. The Lexus dealer responded, “The domestic Japanese imported cars are settled in RMB with the Chinese general agent, so they are not affected by the exchange rate change of the yen, and a few Japanese parallel imported cars are imported from the Middle East, North America and other regions. Imported cars are settled in U.S. dollars, so they are not affected by the sharp depreciation of the yen.”
As for Japanese cosmetics, the current exchange rate changes have little impact on their prices. The counter sister of a well-known Japanese cosmetics brand in Hangzhou told reporters, “Our cosmetics prices have always been relatively stable and are not affected by exchange rate changes. Generally, discounts are only given during shopping malls, and the discounts are basically the increase or decrease in the small sample gifts. change.”
And a micro-business engaged in Japanese cosmetics purchasing said, “The depreciation of the yen has basically no effect on cosmetics purchasing.” The reason is that many local drugstores in Japan are engaged in activities, and they are now giving discounts far greater than the exchange rate. magnitude of change.
However, the depreciation of the yen will have a certain impact on Sino-Japanese trade. A person in charge of a related foreign trade company in Zhejiang said, “Japanese products and Chinese products are internationally competitive to a certain extent, and the depreciation of the yen poses a certain competitive pressure on Chinese exports. Recently, Chinese exporters to Japan have suffered from the depreciation of the yen and the rise in raw material prices due to the depreciation of the yen. , profits are squeezed.”