Comprehensive Guide to JPY Exchange｜NTD to JPY at 4.85 in 2025, Is It a Good Time to Exchange Now?

December 10, 2025, the Taiwan dollar against the Japanese yen rose above 4.85, appreciating nearly 8.7% from 4.46 at the beginning of the year. This exchange rate level has attracted considerable attention: is it really cost-effective to exchange for yen now? What is the most economical way to do so?

Instead of blindly following the trend, it’s better to understand the market conditions and exchange methods first. This article summarizes the four most common ways to exchange for Japanese yen in Taiwan, combined with the latest bank rates and investment ideas, to help you find the most suitable currency exchange plan.

Yen Trend Analysis｜Why is it worth paying attention now?

Exchange Rate Background

The Taiwan dollar against the yen has been steadily appreciating since the beginning of the year, from 4.46 to 4.85, an increase of nearly 9%. This not only signals a recovery in travel demand but also reflects changes in global capital flows.

The Bank of Japan (BOJ) has shifted to a hawkish stance: Governor Ueda Kazuo recently made hawkish comments, raising rate hike expectations to 80%, with the market expecting a 0.25 percentage point increase at the December 19 meeting to 0.75% (a 30-year high). Japanese government bond yields have hit a 17-year high of 1.93%. USD/JPY has fallen from 160 at the start of the year to 154.58 now, with a short-term rebound possibly to 155, but medium to long-term forecasts suggest it will stay below 150.

Investment Perspective Significance

As one of the world’s three major safe-haven currencies (USD, Swiss Franc, Yen), the yen can provide hedging effects during Taiwan stock market volatility. Staggered currency exchanges can help avoid short-term exchange rate fluctuations and, under the BOJ’s rate hike expectations, earn fixed deposit returns (annual interest rate 1.5-1.8%). Observations show that Taiwan’s currency exchange demand increased by 25% in the second half of the year, mainly driven by travel recovery and hedging needs.

Four Practical Methods to Exchange for Yen in Taiwan — Comparison

Many people think there is only one option: banks. But in reality, just the difference in exchange rates can make costs vary by 15-20%. Here’s a detailed analysis:

Method 1｜Over-the-counter cash exchange｜Most traditional but most expensive

Process Bring cash NT$ to a bank branch or airport counter to exchange for yen cash.

Cost Analysis Using the “cash selling rate” (1-2% below spot rate), for example, Taiwan Bank’s rate on December 10, 2025, is about 0.2060 NT$/JPY (meaning NT$1 = 4.85 JPY). Some banks charge fixed handling fees, e.g., E.SUN Bank NT$100 per transaction.

For NT$50,000, estimated loss is NT$1,500-2,000.

Bank Rate Overview (Updated 2025/12/10)

Pros & Cons

• Pros: Safe, full denominations (1,000, 5,000, 10,000 JPY), staff assistance
• Cons: Poorer rate, limited operating hours (Weekdays 9:00-15:30), highest cost
• Suitable for: Travelers unfamiliar with online operations or needing small, urgent exchanges

Method 2｜Online currency exchange + foreign currency account｜Flexible but requires batching

Process Use online banking or app to convert NT$ into yen and deposit into a foreign currency account, using “spot sell rate” (about 1% discount). For cash withdrawal, go to ATM or counter, but additional cross-bank fees apply (NT$100+).

Cost Analysis E.SUN Bank app exchange and cash withdrawal, with fees from the rate difference. For NT$50,000, estimated loss NT$500-1,000.

Pros & Cons

• Pros: 24/7 operation, can buy in batches to average costs, better rates
• Cons: Need to open a foreign currency account first, cash withdrawal incurs cross-bank fee (NT$5-100)
• Suitable for: Experienced forex users, long-term yen holders, can combine with fixed deposits or ETFs

Method 3｜Online currency exchange + airport pickup｜Best for pre-trip planning

Process No need for a foreign currency account. Fill in exchange amount, pickup branch, and date on bank website. After remittance, bring ID and transaction notice to pick up at the counter. Taiwan Bank’s “Easy Purchase” and Mega Bank offer this service, with appointment options at airports.

Cost Analysis Taiwan Bank Easy Purchase online exchange is fee-free (NT$10 if paid via Taiwan Pay), with about 0.5% rate advantage. For NT$50,000, estimated loss NT$300-800, one of the lowest-cost options.

Pros & Cons

• Pros: Favorable rates, often no fee, can specify airport pickup, well-planned
• Cons: Need to book 1-3 days in advance, pickup during bank hours, branch cannot be changed
• Suitable for: Well-planned travelers wanting to pick up at the airport

Method 4｜Foreign currency ATM withdrawal｜Most convenient for instant needs

Process Use chip-enabled bank card at foreign currency ATMs to withdraw yen cash, available 24/7 and cross-bank. NT$5 cross-bank fee per withdrawal from a Taiwan dollar account.

Cost Analysis SinoPac Bank foreign currency ATM withdrawal from NT$ account, daily limit NT$150,000, no exchange fee. For NT$50,000, estimated loss NT$800-1,200.

Withdrawal Limits Overview (latest regulations as of October 2025)

Pros & Cons

• Pros: Instant withdrawal, 24/7 flexibility, low cross-bank fee
• Cons: Limited locations (~200 nationwide), denominations fixed (1,000/5,000/10,000 JPY), cash shortages at peak times
• Suitable for: Those without time to visit banks or needing urgent cash

Four Methods Comparison｜Cost & Suitability at a Glance

Recommended Combo for Beginners (Budget NT$50,000-200,000)

• Best to “combine online exchange + ATM”:
  • Use online exchange for large amounts (lowest cost)
  • Use ATM for small, emergency cash
  • Avoid full cash exchange at counter to save NT$1,000-1,500

Currency Exchange Calculations & FAQs

How much yen can I get with NT$10,000?

Calculation formula: Yen amount = NT$ amount × current rate

Using Taiwan Bank’s rate on December 10, 2025 (cash selling 4.85):

• NT$10,000 × 4.85 = 48,500 JPY

Using online spot rate (~4.87):

• NT$10,000 × 4.87 = 48,700 JPY
• Difference about 200 JPY (roughly NT$40)

Cash rate vs spot rate｜What’s the difference?

Cash Rate

• For physical cash buying/selling (bills, coins)
• Usually 1-2% worse than spot
• Pros: Immediate, portable
• Cons: Higher cost

Spot Rate

• For electronic transfers, foreign currency accounts
• Settlement in 2 business days (T+2)
• Pros: Better rate, close to international market
• Cons: Takes time

What to bring for over-the-counter exchange?

Taiwanese: ID card + passport Foreigners: Passport + residence permit Company: Business registration documents Online booking: Transaction notice Under 20: Parental consent + ID Large amount (>NT$100,000): Source of funds declaration

After exchanging yen｜Don’t let your money sit idle

Holding yen without interest or with depreciation risk is not ideal. Here are four ways to preserve or grow your funds:

1. Yen Fixed Deposit｜Stable and secure

• Open via E.SUN/Bank of Taiwan online
• Minimum: 10,000 yen
• Yield: 1.5-1.8% annual
• Suitable for: Conservative investors

2. Yen Insurance｜Mid-term allocation

• Cathay/Fubon savings insurance
• Guaranteed rate: 2-3%
• Term: 3-6 years
• Suitable for: Those with insurance needs

3. Yen ETFs｜Growth in waves

• Target: Yuanta 00675U, Fubon 00703
• Track: Yen index
• Operation: Buy fractional shares via broker app, dollar-cost averaging
• Suitable for: Investors willing to accept volatility

4. Forex Swing Trading｜High yield

• Pairs: USD/JPY, EUR/JPY
• Advantages: Long/short, 24-hour trading, small capital needed
• Risks: Requires skill and risk management
• Suitable for: Experienced traders

Note: Yen, while a safe-haven, can still fluctuate due to BOJ rate hikes, global arbitrage unwinding, or geopolitical conflicts. Regularly review positions to avoid over-concentration.

Is it worthwhile to exchange yen now? Final advice

Short-term judgment

Yen exchange rates are still volatile. Under the influence of US rate cuts and BOJ rate hike expectations, short-term yen may fluctuate 2-5%. It’s better to stagger purchases rather than exchange all at once to average costs.

Medium to long-term outlook

The yen’s appreciation trend is clear, with an 8.7% annual increase already significant. For Taiwanese investors, diversifying some assets into yen can hedge Taiwan stock market volatility and participate in BOJ’s rate hike cycle gains.

Practical tips

1. Travel to Japan next year: Use online currency exchange to pre-arrange airport pickup, saving money and convenience
2. Small hedging allocations: Use ATM or online exchange 3-4 times for averaging entry
3. Mid-term investment: After exchange, transfer into yen fixed deposit (1.5-1.8%) or ETFs
4. Swing trading: Experienced traders can try USD/JPY forex trading to catch rate movements

In summary, yen is no longer just for travel “pocket money” but also a hedging and investment asset class. Mastering “batch exchange + don’t leave money idle” principles can provide extra protection and potential gains amid global market turbulence.