Japan Real Effective Exchange Rate in 2015
Japan Real Effective Exchange Rate opened 2015 at 90.59 and closed at 91.80, a +1.34% move for the year. The high of 92.40 was reached on September 1, and the low of 87.05 on June 1.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 90.59 | 90.59 | 90.59 | 90.59 | +0.00% |
| Feb | 90.25 | 90.25 | 90.25 | 90.25 | +0.00% |
| Mar | 90.07 | 90.07 | 90.07 | 90.07 | +0.00% |
| Apr | 90.44 | 90.44 | 90.44 | 90.44 | +0.00% |
| May | 89.14 | 89.14 | 89.14 | 89.14 | +0.00% |
| Jun | 87.05 | 87.05 | 87.05 | 87.05 | +0.00% |
| Jul | 87.96 | 87.96 | 87.96 | 87.96 | +0.00% |
| Aug | 89.50 | 89.50 | 89.50 | 89.50 | +0.00% |
| Sep | 92.40 | 92.40 | 92.40 | 92.40 | +0.00% |
| Oct | 91.86 | 91.86 | 91.86 | 91.86 | +0.00% |
| Nov | 90.64 | 90.64 | 90.64 | 90.64 | +0.00% |
| Dec | 91.80 | 91.80 | 91.80 | 91.80 | +0.00% |
Events During 2015
The PBoC devalued the yuan by 1.9% in a single day on August 11, 2015, the first meaningful devaluation since 1994. Global risk assets convulsed.
Brent crude fell from $115 in June 2014 to $27 in January 2016, a 77% collapse. Shale oversupply and OPEC's refusal to cut production broke the commodity supercycle that had dominated markets since 2003.
The Swiss National Bank abandoned its 1.20 EUR/CHF floor on January 15, 2015. The franc immediately surged 30%, blowing up retail FX brokers and exposing the fragility of exchange rate commitments.
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