The SGD/JPY rate has surged to levels that seemed improbable a few years ago, trading near 125.59 yen per Singapore dollar. This guide cuts through the forecasts to help you understand where the yen is headed in 2026 — and whether it’s time to lock in your rate.
Current SGD/JPY Rate: 125.59 ·
52-Week High: 125.673 ·
52-Week Low: 113.92 ·
Q3 2026 Forecast: 124.77 ·
1-Year Forecast: 123.38
Quick snapshot
- SGD/JPY is trading near 125.59 (Trading Economics)
- 52-week range: 113.92 – 125.673 (Trading Economics)
- Trading Economics: 124.77 by end of Q3 2026 (Trading Economics)
- CoinCodex: slight uptick in 24h (CoinCodex)
- Yen hit a fresh low against SGD in April 2026 (The Straits Times)
- SGD hit record high vs yen at 125.673 in July 2024(Trading Economics)
- Yen is historically cheap, but further weakness is possible if the Bank of Japan stays cautious (XS.com)
- Potential rebound if BOJ tightens policy, but timing is uncertain (HSBC Singapore)
Five key data points, one pattern: the yen has been losing ground against the Singapore dollar for over a year, and forecasts suggest it will stay near these elevated levels through 2026. The pattern is clear: the yen’s weakness is not a short-term blip but a sustained trend.
| Metric | Value |
|---|---|
| Current Rate (SGD/JPY) | 125.59(Trading Economics) |
| 52-Week High | 125.673(Trading Economics) |
| 52-Week Low | 113.92(Trading Economics) |
| Q3 2026 Forecast (Trading Economics) | 124.77(Trading Economics) |
| 1-Year Forecast (Trading Economics) | 123.38(Trading Economics) |
| Q4 2026 Forecast (LongForecast) | 128.00 (LongForecast) |
Is yen expected to weaken against SGD?
The yen has already weakened to multidecade lows against the Singapore dollar. Most forecasters expect it to stay soft through 2026, but the direction depends heavily on central bank moves.
What is driving the yen’s weakness?
- Interest rate gap: The Bank of Japan has kept rates near zero while the Federal Reserve and other central banks raised rates aggressively. This gap fuels carry trades where investors borrow yen to invest in higher-yielding currencies like the SGD (XS.com).
- Japan’s trade deficit: The country has run trade deficits, weakening demand for yen (HL Bank Singapore).
- Safe-haven flows: Investors have preferred the US dollar and Singapore dollar during global uncertainty, adding to yen selling pressure.
The implication: Until the rate differential narrows, the yen faces headwinds.
How does SGD compare to other currencies against yen?
- The Singapore dollar has been one of the best-performing major currencies against the yen in 2024-2026. The SGD/JPY rate hit a record high of 125.673 in July 2024(Trading Economics).
- By contrast, the New Zealand dollar and Australian dollar have also gained but less dramatically.
Why this matters: SGD’s resilience reflects Singapore’s trade surplus and the Monetary Authority of Singapore’s (MAS) managed appreciation stance, which contrasts with Japan’s persistent monetary easing.
Is the yen predicted to go up or down?
Short-term forecasts point to a slight easing of SGD/JPY, but the range of predictions is wide — meaning no one is betting the house on a dramatic yen rebound in 2026.
Analyst consensus for USD/JPY
- HSBC Singapore (May 2026) said USD-JPY may stay capped over the near term, suggesting a similar dynamic for SGD/JPY (HSBC Singapore).
- HL Bank Singapore (March 2026) gave a USD/JPY range of 156.50–161.25, which would imply continued yen weakness (HL Bank Singapore).
SGD/JPY forecast from Trading Economics
- Trading Economics projects the SGD/JPY rate to decline modestly from 125.59 to 124.77 by end of Q3 2026 and further to 123.38 in 12 months(Trading Economics).
- CoinCodex gives a 2026 average of 125.90 with a range of 124.44–127.25 (CoinCodex).
- LongForecast expects a rise to 128 by December 2026 (LongForecast).
Key factors: BOJ rate hikes, US interest rates
- The Bank of Japan raised rates for the first time in decades in 2025, but further hikes are uncertain (HSBC Singapore).
- US Federal Reserve rate cuts could reduce the dollar’s appeal, indirectly supporting the yen. But no central bank has confirmed a clear path.
Is the yen getting stronger or weaker in 2026?
SGD/JPY historical trends
- The yen weakened significantly in 2024-2025. The SGD/JPY rate broke above 120 for the first time in 2024 (The Straits Times).
- The pair has traded between 113.92 and 125.673 over the past 52 weeks(Trading Economics).
Impact of Japan’s trade balance
- Japan’s trade deficit has continued to pressure the yen. Weak export demand and high import costs (oil) have kept yen supply high (HL Bank Singapore).
Role of carry trade
- The yen remains the favorite funding currency for carry trades. As long as global interest rates stay above Japan’s, investors will borrow yen to buy higher-yielding assets, including SGD-denominated instruments (XS.com).
The pattern: 2026 looks like a stabilization year, not a breakout. The yen will likely remain weak against the SGD, with occasional rallies if BOJ surprises markets.
What is a good exchange rate for SGD to JPY?
Historical average rate
- Over the past decade, SGD/JPY averaged around 105-110. Current levels near 125 are 15-20% above that average(Trading Economics).
Current rate context
- At 125.59, the rate is near the top of its 52-week range. By historical standards, it’s a very favorable rate for SGD holders.
How to determine a good rate
- For travel: any rate above 120 is historically generous for Singapore travellers to Japan.
- For investment: a “good” rate depends on your view of where the yen is headed. If you expect the yen to strengthen, then a rate of 125 or higher is attractive to lock in.
- For remittances: compare mid-market rates on platforms like XE, but be aware of spreads.
The trade-off: locking in now means you avoid the risk of further yen weakness, but you also give up potential gains if the yen rebounds.
Should You Buy JPY Now?
Upsides
- Yen is at historically cheap levels relative to SGD. A purchase now secures a rate near 125, far above the 10-year average of 105-110.
- If BOJ tightens further, the yen could strengthen significantly, giving a windfall for those who bought at current levels.
- Diversification: holding yen provides a hedge against Singapore-dollar-centric investments.
Downsides
- The yen could weaken further if the BOJ remains dovish and global rates stay high. Some models see the rate rising to 128 or beyond.
- Carry trade dynamics favor further yen selling. Institutional investors are not rushing to buy yen.
- Liquidity risk: yen-denominated assets may underperform if the currency continues to slide.
Pros of buying yen now
- Record-level exchange rate benefits any SGD-based buyer.
- Potential for capital appreciation if the yen recovers.
Cons of waiting
- The rate may not improve further; by waiting, you risk a move to 128+ (LongForecast) that would require more SGD per yen.
- If the yen strengthens to 120, you’d have been better off buying now. But if it weakens to 130, waiting would have saved you money.
Alternatives like currency ETFs
- Consider yen ETFs or forex accounts that allow you to hold yen without converting large sums. This provides flexibility to time your entry.
- Forward contracts from banks like HSBC Singapore can lock in a rate for future conversion(HSBC Singapore).
Timeline
- — SGD hits record high against yen at 125.673(Trading Economics).
- — Yen reaches 40-year low against USD (The Straits Times).
- — Bank of Japan raises interest rates for first time in decades(HSBC Singapore).
- — Forecasts suggest SGD/JPY stabilizes around 124-128(Trading Economics) (LongForecast).
Clarity
Confirmed facts
- The yen has weakened significantly against SGD. It hit a fresh low in April 2026(The Straits Times).
- SGD is at multi-year highs vs yen, trading above 125(Trading Economics).
- The Bank of Japan has begun tightening, raising rates once in 2025(HSBC Singapore).
- Forecast models cluster SGD/JPY between 123 and 128 for end-2026 (multiple sources).
What’s unclear
- Timing of further BOJ rate hikes — HSBC noted no confirmation of recent action(HSBC Singapore).
- Impact of US Federal Reserve policy on yen — rate cuts could help or hurt depending on timing.
- Whether yen weakness is cyclical (carry trade) or structural (Japan’s economic shift) — XS.com flags carry trade as a key driver but not the only one(XS.com).
“The Singapore dollar-yen pair is likely to remain at or above current record levels through 2026.”
— Oriano Lizza, trader at CMC Markets Singapore, as reported by The Straits Times(The Straits Times)
“USD-JPY may stay capped over the near term. Neither Japan’s Ministry of Finance nor the Bank of Japan had confirmed any recent action.”
— HSBC Singapore FX Viewpoint, May 2026(HSBC Singapore)
For a Singapore-based traveler or investor, the choice is clear: the yen is as cheap against the SGD as it’s ever been. If you need yen in the next year, converting now at 125+ locks in a historically favorable rate. If you’re willing to gamble on the Bank of Japan surprising with more hikes, waiting could pay off — but you’ll be bucking the consensus. The safe path: convert half now, half later. The aggressive path: wait for 120 or below. But with most forecasts pointing to stability near current levels, the odds favor acting rather than waiting.
Related reading: Singapore Rate in India: SGD to INR Exchange Rate Guide · DBS Exchange Rate Today: Live Rates & Calculator
gov.capital, becoin.net, 30rates.com, businesstimes.com.sg, moneygraph.net, mexc.com
För den som vill följa den aktuella SGD till yen-kursen live finns uppdaterade siffror i aktuella SGD till yen-kursen som kompletterar prognoserna med realtidsdata.
Frequently asked questions
What factors affect the SGD/JPY exchange rate?
Key factors include interest rate differentials (Bank of Japan vs MAS), trade balances, global risk sentiment, and carry trade activity. The rate is also influenced by US dollar movements, as both SGD and JPY are often traded against the greenback.
How does the Bank of Japan’s policy impact the yen?
BOJ policy directly affects the yen’s value. When the BOJ keeps rates low, the yen tends to weaken because investors borrow yen to buy higher-yielding currencies. Any signal of tighter policy can trigger yen buying.
Is it a good time to convert SGD to JPY for travel?
Yes, the rate near 125 is historically very favorable for Singapore travelers. It’s a good time to exchange at least part of your travel budget, especially if you’re planning a trip to Japan in 2026.
What is the difference between SGD/JPY and USD/JPY?
SGD/JPY is the direct exchange rate between Singapore dollars and Japanese yen. USD/JPY is the dollar-yen rate. Because SGD is often correlated with USD, the two pairs move similarly but not identically. SGD/JPY reflects both the SGD’s strength and the yen’s weakness.
Where can I get the best exchange rate for SGD to JPY?
Banks like HSBC Singapore and online platforms like XE offer competitive rates. For larger amounts, consider using a forex broker or a forward contract to lock in a rate. Always compare mid-market rates and check for hidden fees.
How often does the SGD/JPY exchange rate update?
Live rates update every few seconds during market hours. For precise forecasts, daily or weekly updates from sources like Trading Economics or CoinCodex provide near-real-time data.
What is the outlook for the yen against the Singapore dollar in 2027?
No reliable long-term forecast exists for 2027. However, if BOJ continues normalizing policy and global rates decline, the yen could strengthen. On the other hand, structural weakness could persist. Check back in early 2027 for updated projections.