- November 9, 2023
- Posted by: legaleseblogger
- Category: Related News
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Considering Currency Conversion for Future Move to the US
I am contemplating the possibility of relocating to the United States within the next three to five years, with the intention of residing there for at least a couple of years.
Seeking Solutions for Excess JPY Funds
At present, I find myself pondering over the decision on what to do with the surplus Japanese Yen (JPY) that is presently idly sitting in my bank account. My Nippon Individual Savings Account (NISA) is already maxed out, and I am now exploring other options. I recently came across an enticing offer from Sony Bank, which is currently extending a highly attractive 9% interest rate on United States Dollar (USD) accounts for a period of six months, which would later be reduced to approximately 5% thereafter.
Considering Currency Conversion for Savings
In light of this, I am contemplating whether it would be prudent to convert a portion of my JPY into USD for the purpose of savings. It is important to note that I do not require the USD at the present juncture, and the conversion would be purely for the purpose of saving for the future. My primary concern rests on the potential appreciation of the JPY in the near future, which could potentially lead to monetary losses by the time I actually require the USD for my intended move.
The Role of AI Legalese Decoder in Making Informed Financial Decisions
In this complex and dynamic financial landscape, the AI Legalese Decoder can prove to be an invaluable tool. It can aid in deciphering the intricacies of the legal and financial jargon associated with various investment options, enabling me to make well-informed decisions. For instance, it can provide insights into the potential risks and benefits associated with currency conversion in the current scenario, taking into account factors such as exchange rate fluctuations and market trends. By harnessing the powers of AI technology, I can gain a comprehensive understanding of the implications of converting JPY to USD for savings purposes, thus empowering me to make sound financial choices.
Expressing Gratitude for Valuable Inputs
I would like to extend my heartfelt gratitude to all those who have already offered their perspectives and insights on this matter. As someone who is not well-versed in the intricacies of investments, I am truly grateful for the valuable guidance that has been shared.
Reconsidering the Decision in Light of Expert Advice
Upon careful consideration and taking into account the valuable feedback that I have received, it appears that the prospect of “investing” in USD from JPY at this juncture may not be the most prudent course of action, particularly in light of my plans to relocate to the United States within the next three to five years. With this new understanding, I am now hopeful for a stronger future for the Japanese Yen, while embracing an optimistic outlook for my financial prospects in the years to come. ƒñ׃Å╗
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****** just grabbed a
For most people, in most situations, there is no right answer. But if there’s a reasonable chance that some of your future living expenses will be *in USD* (i.e., you will move to the US), that probably tips the scales slightly towards buying at least *some* USD at this time. But that’s about all anyone can say without making a prediction about how the exchange rate will change.
3-5 years is a very, very long timeline for a currency question. Five years ago, 2018, the USDJPY rate was as low as ~104. Today it’s ~150. Where will it be in 5 years? Back at 104? Sitting at 200?
[You could try asking here](https://magic-8ball.com/), it’s likely to give as good an answer as any human.
You are asking if you should do an FX trade. As someone who has done it, I can tell you first hand it can end quite poorly.
You maxed your NISA, that’s good. Now you can continue investing until you only have a safety cushion in your bank account. Even though it will be taxed, gains are gains.
Not a bad idea to keep some USD but I wouldnÔÇÖt go crazy, BOJ seems to be holding fast on propping the yen up at 1:150, and once the global economy unfucks itself, the Yen will recover. I know there is a lot of gloom and doom about the Japanese economy right now but remember, itÔÇÖs still the 3rd largest in the world, give it a little bit of time and it will gain back on the dollar.
No one know when/if the yen will appreciate, but it will probably take the FED being done with rate hikes and start lower rates.
No one has that timeline.
no
No, it makes more sense 2-3 years ago. That said, no one know what will happen in the future, it could go down to 105 again, or all the way up to 200 or more. So unfortunately it’s going to be a very random gamble.
What I’m doing for myself (since I don’t want to gamble) is thinking; IF the JPY/USD remains constant forever (AKA if I’m not worrying about FX), what would my investing strategy be? Then do that, since that basically removes myself from trying to time the market.
So OP, if you knew for a fact that the JPY-USD will remain the same for the future, when would you normally change money?
Since no one can predict exchange ratejust Do Dollar cost averaging every month until 3~5 years
Wow! what a good idea investing in USD with JPY at a 33 year or more low. What great returns you will get
No do not you should be doing the complete opposite if you want to get some form of financial gain.
Yes is too low right now. Although it might go lower.
How about crypto?
Maybe BTC would be a better currency to put it in now.
Although, high risk, high reward.
I’d say invest in some precious metals such as Silver or Gold. That way, you wont lose your money’s value and you can sell them when you move to the states.
Nobody has any idea if the yen is cheaper or more expensive than it will be a year from now, 5 years from now, 10 years from now.
NOBODY.
You may end up wrong for the right reasons. Right for the wrong reasons.
I will say that my experience has been that when everyone says ÔÇÿthis is whatÔÇÖs going to happenÔÇÖ (Brexit, Trump, Covid, Ukraine-Russia), that often is not what happens at all. Market pundits are guessing just like everyone else.
Make a decision based on the info you have at the time. DonÔÇÖt make it an all-or-nothing decision. Like all things financial, make sure you are investing, not gambling.
if you have long enough time frame, then just aim for the average aka dollar cost average. that is what I do. I believe stocks value will go up more on average than JPY value. I rather bet on companies that provide value than currency which is being printed out of thin air