Tubby Beaver 209 Posted January 22, 2009 Share Posted January 22, 2009 Originally Posted By: Mr Wiggles As an example of topsy-turvyness, the JET scheme salary of 300,000 a month is now nearly 30k in UK money. That's a lot more than the starting salary for a qualified UK teacher with a PGCE. was just doing that Math today....it sure makes paying my UK credit card back much easier Link to post Share on other sites
NoFakie 45 Posted January 23, 2009 Share Posted January 23, 2009 One pound now buys you one of these. Only if you get a good exchange rate though! Click to reveal.. The British papers are starting to use expressions like "parity with the dollar". And I thought I was pessimistic. Link to post Share on other sites
brit-gob 9 Posted January 23, 2009 Author Share Posted January 23, 2009 Got 126 at the post office today. Last July it was around 220. Link to post Share on other sites
r45 4 Posted January 23, 2009 Share Posted January 23, 2009 Interesting Indepemdent today: When asked his advice for a young person growing up in Britain, Jim Rogers, former partner of George Soros and one of the world's most successful investors, is forthright. "Move to China; learn Chinese." In an interview with The Independent, Mr Rogers warns that Britain will go bankrupt if the Government continues to follow its present policy of attempting to save the banks through subsidy and nationalisation. He has sold all his sterling assets and has "no position" in sterling, but Mr Rogers reveals that he had been planning to short-sell sterling in the present financial crisis, before recent disparaging remarks about the pound's prospects from his own lips had put paid to those plans. "I should have kept my mouth shut." Mr Rogers had in mind a repeat of his previous coup, when he and Mr Soros's Quantum Fund famously "broke" the Bank of England in 1992, when sterling was forced out of the European exchange rate mechanism, costing UK taxpayers $1bn and making Mr Soros and Mr Rogers correspondingly wealthier. Sterling is at a 10-year low against the dollar, and Mr Rogers is confident that it will fall to below its previous nadirs, though he has "no idea" where that floor may eventually be. His message is blunt: we used to have North Sea oil and the City of London, but now "you don't have anything to sell... it's a terrible shame". Mr Rogers is still more forthright in his advice to the Prime Minister, who he urges to resign, but not before abolishing the Bank of England. "They are the ones printing all this money," he said. "Central bankers are not gods or geniuses; why does anyone think they are?" The US Federal Reserve, Mr Rogers thinks, is also on the road to bankruptcy, and he points out that the US has already had three central banks in its history. Instead, the Singapore-based billionaire urges the UK authorities to take the radical step of allowing the commercial banks to fail. He cites the example of South Korea, Russia and other nations where such financial violence was followed by a renewed burst of growth and prosperity, in a relatively short space of time. In the overwhelmingly likely event of Mervyn King and Gordon Brown ignoring Mr Rogers' advice, the "crushing" burden of debt and of taxation to service that debt will bankrupt the UK, "technically or de facto", with a "terrible" inflation to follow. A colourful figure, Mr Rogers was born in Alabama and educated at Yale and Oxford. He has made it into Guinness World Records for some of his epic motorcycle journeys. He began collaborating with George Soros in the Seventies and more recently has specialised in commodities. In 2007, at the age of 63, he drew some attention for his decision to move from New York to Singapore, declaring that "moving to Asia now is like moving to New York City in 1907". Link to post Share on other sites
bobby12 0 Posted January 23, 2009 Share Posted January 23, 2009 The term 'prophet of doom' springs to mind. Worrying times though. Link to post Share on other sites
scouser 4 Posted January 23, 2009 Share Posted January 23, 2009 I know some people who just went crazy with loans and have huge debt - living in luxury, so they thought. One of them has lost their job. I wonder how they are doing now. Link to post Share on other sites
Tubby Beaver 209 Posted January 26, 2009 Share Posted January 26, 2009 That rate is really low...it makes me wonder then if I am wise to send savings back each month. Obviously right now I get a lot of pound for my yen BUT if the pound continues to plummet will my hard earned cash be worth nada?? Link to post Share on other sites
Hornster 0 Posted January 26, 2009 Share Posted January 26, 2009 Post Office is currently selling at 117 to the Pound and I am flying out to Japan omn Saturday!! Link to post Share on other sites
bobby12 0 Posted January 27, 2009 Share Posted January 27, 2009 117 is a rip, think about changing upon landing at narita. I had a business trip to korea a few weeks ago, and I changed some money in Kansai KIX. Then in Seoul at the baggage carousel there was a cash changer doing yen/won at 10% better rate than I got in KIX. Step outside into the regular airport area and the rates went down to only 5% better than KIX. Don't know if that rule applies to all airports though. Link to post Share on other sites
scouser 4 Posted January 27, 2009 Share Posted January 27, 2009 117, OUCH. Can't imagine Narita being particularly good though. I remember looking once and thinking hmmm rip. Link to post Share on other sites
echineko 1 Posted January 27, 2009 Share Posted January 27, 2009 So now UK pound is nearly 50% down from last year? That is shocking! Link to post Share on other sites
bobby12 0 Posted January 27, 2009 Share Posted January 27, 2009 Some think it may go to 100yen/GBP, e.g. if interest rate goes to 0%. If it recovers in 18 months time, perfect. If not, very scary. Link to post Share on other sites
big-will 7 Posted January 27, 2009 Share Posted January 27, 2009 That is scary. It's in freefall. Link to post Share on other sites
bobby12 0 Posted January 27, 2009 Share Posted January 27, 2009 I still think it is near the bottom now. If it goes under 100yen then its gonna be crazy there, think how much imported goods would cost. Which reminds me, price here in Japan STILL not taking into account the strong yen. Everywhere you look, supermarket, flights, they all carrying on as if yen is still at 250 to the GBP. Example (IKEA website): STENSTORP 54500yen STENSTORP 194.77 GBP Fair does there are local costs etc, but still I expect to see something closer to 125yen/GBP rather than the 220yen/GBP or so they using here. Link to post Share on other sites
shin-gaikokujin 0 Posted January 27, 2009 Share Posted January 27, 2009 I'm really glad that I didn't change my yen back to UK pounds from last year. Link to post Share on other sites
Tubby Beaver 209 Posted January 27, 2009 Share Posted January 27, 2009 I've been wondering that as well Bobby, I thought we would've seen some improvement in price due to the yen's strong position compared to the other major currencies. Link to post Share on other sites
bobby12 0 Posted January 27, 2009 Share Posted January 27, 2009 I dont expect it to jump immediately, they have to clear their stock and they have local costs (land, staff etc) but I expect to see some reduction coming in. I think J-punters are just too naive. Link to post Share on other sites
klingon 10 Posted January 28, 2009 Share Posted January 28, 2009 225 > 117 in less than 7 months. Hows the Aussie $ doing these days. Link to post Share on other sites
gareth_oau 2 Posted January 28, 2009 Share Posted January 28, 2009 Klingon, we no longer have the aussie $, we are using the mexican peso 6 months ago it was AUD1= 105Y, now its 59Y Link to post Share on other sites
NoFakie 45 Posted January 28, 2009 Share Posted January 28, 2009 Ikea stuff should actually be cheaper in Japan than the UK because the consumption tax is much lower than VAT. I think they set their prices catalogue to catalogue, which means a lag of several months, but there is probably a big Japan premium in there as well. Not that can't buy cheap furniture in Japan elsewhere at Nitori, Noce, etc. Ikea's fitted kitchens are still much cheaper and more flexible than Japanese ones. About 1/4 of the price. The appliances and taps are the same price though, so don't bother with them. Link to post Share on other sites
bobby12 0 Posted January 28, 2009 Share Posted January 28, 2009 nice tip mr wigs, i will be sure to get the new catalouge when it comes out. but i think it is july 2009 iirc. Link to post Share on other sites
JA2340 16 Posted January 28, 2009 Share Posted January 28, 2009 simple answer = crap! OK against the USD but that's more a function of the USD weakness than any strength in AUD. JPY is overvalued, according to some businessmen over there. Link to post Share on other sites
gareth_oau 2 Posted January 28, 2009 Share Posted January 28, 2009 LOL JA, can you ask them to devalue it in the next week or so? Link to post Share on other sites
Tubby Beaver 209 Posted January 28, 2009 Share Posted January 28, 2009 the west has already asked, but the BoJ has told them where to go Link to post Share on other sites
pie-eater 207 Posted February 5, 2009 Share Posted February 5, 2009 I see the pounds is staging a 'comeback' at 129.105 at the moment. Link to post Share on other sites
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