If you’ve ever tried to convert SGD to JPY, you know the number changes constantly. Right now, the Singapore dollar is buying more yen than it has in years — good news for travellers and anyone sending money to Japan.
Current rate (Apr 30, 2026): 1 SGD = 122.68 JPY (FreeCurrencyRates (currency data provider)) ·
Highest rate in April 2026: 125.24 JPY on Apr 13 (Exchange-Rates.org (historical currency data provider)) ·
6-month low (Oct 3, 2025): 114.20 JPY (Wise (currency conversion platform))
Quick snapshot
- As of April 30, 2026, 1 SGD = 122.68 JPY (FreeCurrencyRates)
- The SGD/JPY pair hit 125.24 on April 13, 2026 — the highest recorded in the dataset (Exchange-Rates.org)
- Monthly averages rose steadily from 119.07 (Nov 2025) to 122.41 (Feb 2026) (OFX)
- Whether the yen will strengthen against SGD in the next year
- Exact timing of Bank of Japan policy changes
- If Singapore’s dollar can maintain its 2026 strength amid global shifts
- Nov 2025: Monthly average 119.07 JPY/SGD (OFX)
- Jan 23, 2026: 6-month high 123.78 JPY (Wise)
- Apr 13, 2026: Peak 125.24 JPY (Exchange-Rates.org)
- Markets watching Bank of Japan for potential rate hikes
- Singapore’s economic growth may keep SGD elevated
- Travellers and remitters still benefit from historically strong SGD
Key figures on the SGD/JPY pair, drawn from several reliable sources, show a clear upward trend over the past year.
| Metric | Value | Source |
|---|---|---|
| Current rate (Apr 30, 2026) | 1 SGD = 122.68 JPY | FreeCurrencyRates |
| Highest rate in April 2026 | 125.24 JPY (Apr 13) | Exchange-Rates.org |
| Lowest in 6 months (Oct 3, 2025) | 114.20 JPY | Wise |
| Monthly average Nov 2025 | 119.07 JPY | OFX |
| Monthly average Dec 2025 | 120.88 JPY | OFX |
| Monthly average Jan 2026 | 122.38 JPY | OFX |
| Monthly average Feb 2026 | 122.41 JPY | OFX |
| Year-over-year change (Mar 2025–Mar 2026) | +11.86% | MEXC News |
| 6-month change (Jun 16–Dec 11, 2025) | +6.51% | Exchange-Rates.org |
| 2025 yearly average (approx) | 120.72 JPY | MEXC News |
The pattern is unmistakable: the Singapore dollar has gained against the yen consistently since late 2024, driven by policy divergence between Singapore’s central bank and the Bank of Japan.
What is a good exchange rate for SGD to yen?
Any rate above 120 JPY per SGD is considered strong, according to market analysts at MEXC News (cryptocurrency exchange and data platform).
But “good” depends on how you convert.
How to compare SGD to JPY rates
- The mid-market rate (the real exchange rate you see on Google) is the benchmark. As of April 30, 2026, that rate was 122.68 JPY per SGD.
- Banks and airport kiosks typically add a markup of 3–5% on top of the mid-market rate.
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Apps like Wise (currency conversion platform) and Revolut (digital finance app) offer mid-market rates with a small, transparent fee.
What affects the exchange rate
The SGD/JPY rate moves on interest rate differentials between the Monetary Authority of Singapore and the Bank of Japan, trade flows, and global risk sentiment. When investors are confident, they favour the Singapore dollar — a proxy for Asian growth — and the yen, a traditional safe haven, tends to weaken.
Singaporeans travelling to Japan get more yen today than they did in 2024 (around 114 JPY/SGD). But the same rate adjustment means Japanese importers pay more for Singaporean goods. The winner for now: any traveller or remitter converting SGD to JPY.
What is the all time high for SGD to JPY?
The highest rate recorded in available data is 125.24 JPY per SGD, reached on April 13, 2026, according to Exchange-Rates.org (historical currency data provider). That beat the previous 6-month high of 123.78 JPY from January 23, 2026.
Historical SGD/JPY highs
- Early 2010s: Yen ruled — rates hovered around 75–80 JPY per SGD, making Japanese goods expensive for Singaporeans.
- 2024: The rate averaged about 114 JPY per SGD, beginning a steady climb.
- 2025: The average crept up to 120.72 JPY per SGD.
- April 2026: Peak of 125.24 JPY recorded — the highest level in at least the past 10 years.
Factors behind the record high
The Singapore dollar hit an 11-year high against the US dollar in April 2026, reaching 1.27 SGD per USD. That broad strength, combined with Japan’s ultra-loose monetary policy, pushed SGD/JPY to record territory. The Monetary Authority of Singapore keeps the SGD strong to fight inflation, while the Bank of Japan continues its negative interest rate policy.
For a Singaporean sending S$1,000 to Japan, the difference between the 2024 average (114 JPY) and the April high (125 JPY) means ¥11,000 more in the recipient’s pocket — a meaningful gain for families and businesses.
Why is yen dropping against SGD?
The yen’s slide against the Singapore dollar isn’t a secret — but the reasons are structural. The core driver is the interest rate gap. Singapore’s central bank uses the exchange rate as its policy tool and has kept the SGD on a modestly appreciating path, while the Bank of Japan holds short-term rates at -0.1%. Investors chase yield by borrowing cheap yen and buying higher-yielding assets, a carry trade that pushes the yen down.
Bank of Japan policy
- The BOJ has maintained negative interest rates since 2016, with only a minor adjustment in July 2024.
- Governor Kazuo Ueda has signalled caution on rate hikes, keeping the yen under pressure.
- Any future BOJ tightening would likely strengthen the yen, but the timing remains uncertain.
Singapore dollar strength
Singapore’s economic growth and tight labour market have given the MAS room to keep the SGD trade-weighted index on a gradual appreciation path. In 2025, Singapore’s GDP grew 4.4%, outperforming many developed economies. A strong economy attracts capital, boosting the currency further.
The catch: The yen’s weakness is self-reinforcing. A cheaper yen boosts Japan’s exports, but it also raises import costs, feeding domestic inflation. The BOJ may eventually need to act — but until then, the SGD/JPY trend remains one-sided.
Is JPY a stable currency?
Historically, the Japanese yen is considered a safe-haven currency — investors flock to it during global crises. But stability depends on the comparison. Against the Singapore dollar, the yen has become notably volatile.
Historical volatility
- From October 2025 to April 2026, the SGD/JPY rate swung between 114.20 and 125.24 — a range of nearly 10%.
- Over the past five years, the pair has ranged from roughly 75 JPY to 125 JPY per SGD, an extremely wide band for a major currency pair.
Safe haven status
The yen’s safe-haven label still holds in acute crises — such as a global equity sell-off — but in a world of diverging interest rates, it has become a funding currency rather than a store of value. The MEXC News analysis notes the yen does not rank among the world’s 15 strongest currencies, reflecting its prolonged depreciation.
If global risk appetite turns sharply lower, the yen could stage a sudden rally. But as long as the BOJ keeps rates near zero, the structural trend against stronger currencies like the SGD is unlikely to reverse overnight.
Will Japanese yen strengthen against SGD?
Forecasts are mixed. A recovery in the yen would require either a sharp tightening by the BOJ or a global downturn that triggers safe-haven demand. Neither is certain.
Forecast from analysts
- Optimistic scenario: If the BOJ raises rates to 0.5% by late 2026, the yen could strengthen to 100–110 JPY per SGD, according to some market projections.
- Pessimistic scenario: Continued BOJ caution and persistent SGD strength could push the rate to 130 JPY or higher.
- Consensus: Most analysts expect the SGD/JPY rate to remain above 120 in 2026, with potential for modest yen recovery only if the BOJ acts decisively.
Key indicators to watch
- BOJ interest rate decisions (next meeting: June 2026)
- Singapore GDP data and trade balance
- US dollar index movements
- Japanese inflation (CPI) and wage growth reports
The implication for a Singaporean traveller or remitter: the window of favourable rates may still be open, but it’s unlikely to last forever. Anyone planning a trip to Japan or a large money transfer would do well to lock in a rate soon.
Upsides of converting now
- Highest SGD/JPY levels in modern history
- Transparent tools (Wise, Revolut) minimise markups
- Potential to secure ¥11,000 more per S$1,000 vs 2024
Downsides to consider
- Rate could move against you if yen strengthens
- Bank markups on cash exchanges still erode gains
- Forecast uncertainty means no guarantee of future rate
Whether you’re converting SGD to JPY for a holiday in Tokyo or sending money to family in Osaka, the decision boils down to timing and tool choice. For most people, using a mid-market rate provider today beats waiting for a potentially small improvement in the yen.
For those comparing regional currencies, the AUD to yen exchange rate offers a parallel view of how the Australian dollar has performed against the yen in the same period.
Frequently asked questions
How often does the SGD/JPY rate change?
The rate updates in real-time during market hours (Monday–Friday, roughly 5 a.m.–4 p.m. Singapore time). Weekend and holiday rates are based on the last available market price.
What is the best way to convert SGD to JPY?
Use a digital service like Wise or Revolut that offers the mid-market rate with a transparent fee. Avoid airport kiosks and hotel counters, which add hefty markups.
Is it better to exchange money in Singapore or Japan?
In general, it’s cheaper to exchange SGD to JPY online before you travel, then withdraw from an ATM in Japan using a card that reimburses foreign fees. The rate you lock in online is often 3–5% better than what you’ll get at a Japanese exchange counter.
How much is 100 JPY in SGD?
Using the April 30, 2026 mid-market rate (1 SGD = 122.68 JPY), 100 JPY equals approximately S$0.815.
Does the SGD/JPY rate affect travel costs?
Absolutely. A stronger SGD means your dollar buys more yen, making flights, hotels, and meals in Japan cheaper. At 123 JPY/SGD, you get about 8% more yen than you did at 114 JPY/SGD in 2024.
What economic events impact SGD/JPY?
The BOJ policy announcements, Singapore GDP and inflation data, US Federal Reserve decisions, and global risk events (conflicts, elections, trade disputes) all move the pair.
For Singaporeans and expats planning a trip or a remittance, the current SGD/JPY rate offers rare value. The trade-off: locking in now means you forgo a possible yen recovery, but given the structural drivers, waiting too long could cost you ¥10,000 or more on every S$1,000. Use a transparent converter, compare rates, and decide based on your own timeline.
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