Digital wallets see heightened demand for yen as Singdollar hits fresh high against Japan currency

SINGAPORE - The Singapore dollar has hit fresh highs of more than 120 against the Japanese yen, sending more people to the money changers while others stock up on the currency on multi-currency e-wallets.

The Singdollar to yen spot exchange rate has remained above the 120-yen mark since the evening of Nov 19, according to Bloomberg’s currency data.

Its rise against the yen, a gradual appreciation over the past few weeks, has resulted in greater demand at local money changers.

Mr Thamim A.K., who operates the Crown Exchange money changer at The Arcade, said that his business has been seeing “heavy demand”, and estimated that around four out of every 10 patrons to his store on Nov 20 asked for the yen.

Each customer has been changing the equivalent of $2,000 to $3,000, he added.

The spike in demand has also been observed on multi-currency account platforms.

Digital wallet operator YouTrip noticed a six-time increase in the number of users purchasing yen on its platform on Nov 19, compared with numbers from 10 days earlier, said chief operating officer Kelvin Lam, with demand remaining high on Nov 20.

The Japanese yen has remained steady through the year and continues to be the top exchanged currency on YouTrip, he said, but a notable surge was observed in October after Ms Sanae Takaichi was elected as Japan’s new prime minister.

“This reflects users’ proactive monitoring of currency fluctuations and Singaporeans’ responsiveness to favourable exchange rate movements,” said Mr Lam, noting that users are also preparing for the December holidays and the cherry blossom season in 2026.

“We anticipate demand to remain strong as travellers gear up for the holidays.”

British-headquartered digital bank Revolut has also seen higher user activity involving the Singdollar and yen on its multi-currency exchange services.

The number of Revolut users changing Singapore dollars for the yen rose by close to 20 per cent in the month leading up to Nov 17, said Ms Ashley Thomas, head of strategy and operations at Revolut’s Singapore post.

She said the continued rise in demand followed a particularly pronounced uplift from Sept 18 to Oct 17, when the number of users exchanging Singdollars to yen increased by around 174 per cent month on month.

“The increased demand for yen on Revolut broadly aligns with continued public interest in the historically weaker Japanese yen, as well as sustained travel demand to Japan,” she said.

The Singdollar’s appreciation against the yen is nudging frequent travellers to Japan to “stock up” more of the currency for coming trips.

Ms Cai Shuling, who has made trips to Tokyo, Kyoto and Osaka in 2025, said she will be buying more yen in advance for her next visit to the Japanese capital in April.

Cash is still king, as not all merchants accept card payments, said the financial services adviser, making it necessary for her to keep healthy amounts of cash and e-wallet balances for her spending on quality matcha and beauty products.

She noted that current political upheavals may present a different reason for would-be travellers to visit Japan, beyond the currency advantages.

Ms Takaichi’s start to her premiership has been marked by a diplomatic spat with China, leading to Beijing issuing its citizens with a travel advisory against travelling to Japan.

“It’s actually a good opportunity when Chinese cancel their flights and hotel bookings,” Ms Cai said. “Japan will be less crowded and it will be easier to access the famous restaurants.”