Are you looking for an API to get Japanese yen spot prices? In this post, we’ll recommend one with free exchange rates.
In Japan, the yen is used. It is a very special currency for the conservation of reserves. In general, the expectation is that its value will not have a very large fluctuation. For this reason, it is one of the most important currencies in the world. It has enormous influence on the Central Banks of various Asian countries as well as others in Europe. Currently, it is the Bank of Japan that issues the yen both as bills and as metal coins.
Currently, it is at 136 Japanese yen per dollar. In this sense, the Japanese currency is at levels similar to those of just over two decades ago. What is observed is a depreciation of the currency shows a contrasting impact with its solid growth since the beginning of the 21st century. This huge change in trend is related both to the country’s monetary policy and to the dynamics of international currencies.
What Are The Changes?
The Bank of Japan recently reaffirmed its commitment to keep domestic bond yields below the 0.25% limit for at least 10 years. This created a major stir among investors in Japan. Especially what involves financial businesses. The depreciation of the Japanese currency consolidates a devaluation that has already been going on for 12 months.
This policy change by the Bank of Japan is in tune with recent changes by the US FED. As a result of the increases in interest rates, other Central Banks advanced with similar measures. But instead, the Bank of Japan seeks to buy the necessary sovereign bonds to keep the country’s yields at low levels, at least until inflation exceeds 2% in a balanced way.
Some of the consequences of this have to do with the rise in import prices. The war in Eastern Europe put pressure on inflation to rise sharply in this country. Therefore, the Japanese government is carrying out different policies that can stimulate the internal market. For now, it is expected to decrease, although a contrary surprise could influence various national economies.
Use An API
As you can see, the international currency exchange market is highly volatile. Especially these days when countless macroeconomic factors influence the world such as the war in Ukraine, inflation, and recession. That is why it will be very useful for you to use an API.
The latter is software that sends information from one device to another, such as the current status of a currency. In this case, if you need to follow the price of the Japanese Yen, you will be able to obtain very accurate real-time prices of the cost of the currency. By using Getexchangr you can embed current currency and historical rate information in addition to much-needed fluctuation data into your applications and websites.
About Exchangr
Exchangr is one of the most complete APIs in this sense. It’s a currency conversion API. You will be able to give information from different moments to deeply understand the behavior of the market for this currency. You can also compare it with the movements of other currencies around the world.
Programmers can use it in multiple programming languages, which is why many see it as very useful. It also has exhaustive documentation so that you can be informed and inform your entire audience.