Japanese Yen

Discussion in 'Forex Trading' started by cml2949, Apr 3, 2008.

  1. cml2949


    Hi, some of you may have seen this post in the Eurex Trading already..

    On a trip last year to Japan I converted U.S dollar to Japanese Yen.. On the trip back to the U.S I held on to the yen instead of converted it back to the dollar.

    I noticed that I have around 13,000,000 yen which is a little more than 1 future contract. I want to exchange it back to dollar soon and the exchange rates at these currency exchanges are horrible.

    Anybody familiar with FCM's which will allow me to sell a future and let it expire to exchange the yen. What's the process?

    Will it be a better rate? Is there any other ideas to exchange from yen to dollar?

    Thanks in advance..
  2. Tums


    Keep the Yen. It will be par with USD soon.
  3. pkts


    Couldn't you open an account with IB and deposit the yen and then convert it to USD. I imagine the spread would be way better.

    I've never done this myself.
  4. Yes, you can do this with IB. I've converted Euros to Dollars through them.
  5. cml2949


    Ok I will contact IB and see if it's possible.. I did speak with Everbank last year, but they don't take the actual yen currency..

    Thanks for the suggestions. Now, lets see if how close to the market's rate IB will give!
  6. cml2949


    IB does convert Yen to Dollar, but only through their platform. I'm not sure how the process works, but I will look into it some more..

    I guess your out of luck if you have the actual Japanese Yen at hand because they only accept wire transfers.

    Heres the link to converting money http://individuals.interactivebrokers.com/en/trading/pdfhighlights/PDF-Forex.php?ib_entity=llc

    For long JPY, the interest rate will JPY LIBOR -0.5% for balance above 1,175,000, and for balance above 11,750,000 will be LIBOR -0.25%

    Take a look at these rates!
  7. m22au


    Getting close to the 22 May 2013 high of 103.74
  8. m22au


    Getting even closer to the 22 May 2013 high of 103.74

    reached 103.65 at 6.43pm ET on 12 December, after breaking above the 103.40(ish) peaks from 3 December, 9 December and 10 December.
  9. m22au


    New multi-year high at 103.93
    #10     Dec 13, 2013