The best EUR to JPY rate is 161.94, and is the current mid-market exchange rate.
We help you compare Euro to Japanese yen rates and costs to this live market rate.
In this Euro to yen (EUR/JPY) rate guide:
Compare exchange rates - EUR to JPY
Exchange rates can vary significantly between different currency exchange providers, so it's important to compare
Euro (EUR) to Japanese yen (JPY) rates from different sources before making a conversion.
The below Rate Comparison Table
makes it easy to compare the Total Cost you are being charged on Euro to yen currency rates and the possible savings of using various providers.
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@bestfxrates : EUR/JPY holding steady at 162.6. Analyst views on EUR/USD's climb to 1.10 (JP Morgan) vs. a bullish 1.15 (ING) influence the rate. Danske sees a dip. BoJ policy keeps JPY watchful as market eyes potential USD influence. Euro gains may face headwinds from Eurozone confidence & oil price volatility. #ForexUpdate #EURJPY
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Analysts at JP Morgan, ING, and Danske Bank offer diverging views on the future of the Euro against the US Dollar, a crucial tandem when considering the EUR to JPY exchange rate. For instance, JP Morgan foresees the EUR/USD reaching 1.10, while ING is more bullish, with predictions of a rise towards 1.15. Danske Bank, on the other hand, projects a dip below parity over a 12-month period. ING's anticipation of a bullish trend for EUR/USD into 2024, potentially reaching 1.15 by the year's end, is predicated on the likelihood of a US economic slowdown, giving room for the Federal Reserve to dial back on monetary policy. The European Central Bank may reduce rates in response, yet uncertainty hovers over such decisions, potentially impacting the Euro's strength. Market assessments suggest the EUR/USD is fairly valued currently, with future gains more likely hinged on US Dollar fluctuations as opposed to Eurozone fundamentals.
There are several ways to save on exchange rates when converting Euro to Japanese yen:
Shop around for the best EUR/JPY exchange rate: Exchange rates can vary significantly between different currency exchange providers, so it's important to compare rates from different sources before making a conversion.
Timing is important: Keep an eye on the EUR/JPY rate on currency markets, as exchange rates can fluctuate frequently. Try to make your transactions when the exchange rate is in your favor. You can do this easily with our BER Smart Rate Tracker.
Use a credit/debit or travel card that doesn't charge foreign transaction fees: Some credit cards charge additional fees for transactions made in a foreign currency, so it's important to check with your card issuer to see if they charge these fees and what their exchange rate is.
Use a multi-currency account: Having a multi-currency account allows you to hold and transfer money in both EUR and JPY at close to the interbank rate. It also allows you to make payments or withdrawals in the local currency while avoiding high conversion fees.
Buy currency in advance: If you know that you will need foreign currency in the future, consider buying it in advance when the exchange rate is favorable.
The key is reducing excessive costs and fees
Generally speaking, if you are buying Japanese yen with Euro, then it's better for the EUR/JPY exchange rate to be higher.
However working against you are the fees all foreign exchange providers charge for providing their service. These fees is usually contained within the exchange rate margin (or difference to the mid-rate).
The transaction margin you end up being charged can be considerably reduced by around a few percent (of total amount being exchanged) for
travel money and possibly over 5% to 6% when sending money.
The exact potential savings depends on the currencies being exchanged and the amount you are transferring and if you are willing to shop around.
It's worth noting that while these tips can help you save on exchange rates, it's important to be aware that no single method is guaranteed to provide the best exchange rate in every situation, and it may require some research and comparison-shopping to find the best option for your specific needs.
Will the Euro rise against the Japanese yen?
It is almost impossible to predict what an exchange rate will do in the future, the best approach is to monitor the currency markets and transact when an exchange rate moves in your favour.
To help with this you can add EUR/JPY to your personalised BER Smart Rate Tracker to track and benefit from currency movements.
Rather than requiring you to set a target rate, our FX Alerts work differently. Once you add a currency pair for tracking in your watchlist we can select to be notified daily for any UP▲DOWN▼HIGH▲LOW▼ alerts over a range of periods over the recent 90 days.
Read our Currency guide to Japan - a practical currency and money guide to travel, living and doing business in Japan with the Japanese yen.
The cost of living in Japan can vary depending on location, lifestyle, and individual needs. However, generally speaking, Japan is known to be one of the more expensive countries in the world, especially in terms of accommodation and transportation.
Accommodation costs, particularly in the big cities such as Tokyo and Osaka, can be quite high. Rent for apartments can be very expensive, and purchasing a home can be out of reach for many.
Forecasts disclaimer: Please be advised that the forecasts and analysis of market data presented on BestExchangeRates.com are solely a review and compilation of forecasts from various market experts and economists. These forecasts are not meant to reflect the opinions or views of BestExchangeRates.com or its affiliates, nor should they be construed as a recommendation or advice to engage in any financial transactions. Read more