The Brexit effect: pound plunges, yen soars

Text / Compiled and reported by the editorial department of MOOK Scenic Spots Travel Life Network

The UK held a Brexit referendum on the 24th, with the "Leave" camp winning by nearly 4 percentage points, causing the pound to plunge by 7% on the 24th. The yen also briefly rose above 100 against the US dollar, reaching 98 yen per dollar, while the yen-to-New Taiwan Dollar exchange rate surged. According to the Bank of Taiwan’s cash selling rate for the yen, it once hit NT$0.3278 during the session, the highest level in nearly three and a half years.

Affected by the UK Brexit referendum, the Bank of Taiwan’s cash selling rate for the yen once reached NT$0.3278 on the 24th, meaning NT$10,000 could only be exchanged for 30,506 yen. In comparison, on May 30th, when the rate was NT$0.2957, NT$10,000 could be exchanged for 33,818 yen – a difference of over 3,000 yen. The Bank of Taiwan’s closing yen cash selling rate on the 24th was NT$0.31770.