S$1 to 120.3 yen: S'pore dollar hits new all-time high against Japanese yen

The Japanese yen sunk to new lows against the Singapore dollar on Nov. 20, 2025

It fell to as low as 120.6 yen to S$1 at one point on Thursday during Asian trading hours.

This was barely half a year after the Japanese yen strengthened to 108 yen to S$1 in April 2025.

Exactly five years ago, S$1 was worth 77.2 yen.

The Singapore dollar has strengthened by 55.9 per cent over five years.

Yen's weakening puzzling

As reported by the financial press, the yen has been weakening against a basket of major currencies.

The yen has already lost 5 per cent of its value against the U.S. dollar since Japan prime minister Sanae Takaichi was elected president of the ruling Liberal Democratic Party in early October.

According to Japan Times, the yen has been weakening over time due to numerous factors.

As reported, a massive stimulus package set to be announced on Nov. 21 by the new administration in Japan is worrisome, as huge numbers are being bandied about with a chance that new debt will be issued to fund the stimulus backed by low interest rates.

A muted official response to market weakness and a lack of mention of an intervention may also have made matters worse.

Other analysts interviewed said the yen's weakening is puzzling as the country's stock market continued to close higher.

Some economists have also wondered how much an interest rate hike in Japan can prop up the currency, even as the Japan-U.S. rate gap narrowed over the past year.

Top photo via Google