It’s a reserve currency for global trade and finance. The US dollar is the world’s highest traded currency. Factors that have been driving the US dollar in 2021 In addition, Japan had a customs-cleared trade deficit of 68.51bn yen ($604.4m) in October, from a trade surplus of 840.8bn yen a year earlier, the Ministry of Finance said on 17 November 2021.Īnd rising US Treasury yields have had a weakening effect on the USD/JPY currency pair – higher bond yields widened the yield advantage in favour of the US dollar. On an annualised basis, the country’s economy declined 3% on weaker domestic demand. Taking into consideration the latest available data, Japan’s economy contracted 0.8% in the third quarter of the year from the April to June quarter, according to the Cabinet Office’s preliminary estimates of 15 November 2021.
Higher energy prices take a toll on the country’s trade balance and economic growth. Higher fuel prices drive up electricity prices. Crude oil, natural gas and coal generate nearly 70% of the country’s electricity, the US Electricity Information Administration said in a November 2020 report. The yen was also affected by rising fuel prices. Average monthly consumption expenditure for a household in September was 265,306 yen ($2,340), down 1.7% in nominal terms and 1.9% in real terms from the same period last year, according to a news release by the Statistics Bureau of Japan. It accounts for nearly half the country’s gross domestic product (GDP). Japan’s vaccination programme has improved matters, but business has not returned to pre-pandemic levels.Ĭonsumer spending in Japan fell. The increase in new Covid-19 cases affected industries that offer face-to-face services, such as hospitality. The price-setting came as shopping in Japan took a hit as demand fell, Adachi Seiji, a member of the policy board at the Bank of Japan, told local leaders at a meeting in Oita on 1 December 2021. Reasons for this include Japan’s continuing fight with Covid-19, the changing price-setting behaviour of companies during the pandemic, rising commodity prices and higher US Treasury yields. The Japanese yen has grown weaker compared to the US dollar in 2021. Factors that have been driving the Japanese yen in 2021 We also review the latest USD/JPY forex forecasts for 2022. In this article, we take a look at the yen’s performance this year and what factors have been driving the USD/JPY trend. On 6 December 2021, the USD/JPY exchange rate fell to 113.150, amid fears of the new Covid-19 variant, Omicron. When investors have fewer assets to hedge against market volatility, the Japanese yen may appeal more than riskier stocks and government bonds. Its heavily traded nature raises the yen’s liquidity. This strength is rooted in Japan’s solid trade surplus. The yen has been historically considered a safe-haven currency owing to its resilience in uncertain times. Convert 371 JPY to USD Dollarsģ71 Yen equals $3.2648 or 371 JPY = 3.2648 US dollars.The Japanese yen (JPY) is the most-traded Asian currency and the world’s third most-traded.
When the rate changes, the YEN to dollar amount will also change. The 371 Japanese YEN to USD rate changes constantly.
To calculate how much is 371 Yen in US dollars, multiply by 0.0088. Online Calculators > Financial Calculators > 371 Yen to USD 371 Yen to USDģ71 Yen to USD conversion calculator to convert 371 JPY to USD Dollars and vice versa.