JAPANESE YEN
EXCHANGE RATE INCREASED BENEFIT TO BRITISH TROOPS Official N.Z. Correspondent with J Force • < CHOFU, Mar. 11; The rate of exchange of Japanese currency to sterling has been increased throughout the 8.C.0.F. area by more than 300 per cent. This change, which is announced by 8.C.0.F. headquarters, means that the exchange rate will be 200 yen to £1 sterling, compared with the previous rate of 60 yen to the £l. This increase will answer the most common complaint of the troops in Japan, who found the old rate inadequate for the purchase of Japanese goods at inflation prices. New Zealand troops will now be able to buy from civilian shops at reasonable prices. The new exchange rate will also reduce black-marketing, as the economic incentive to obtain yen to buy civilian goods in other ways than from pay books will be greatly lessened.
The change-over- in currency has made it necessary for certain clubs and canteens to suspend operations for a short period while all 8.C.0.F. personnel returned their holdings of yen drawn from pay during the past 30 days for adjustment on the basis of the new rate. It is expected that the 8.C.0.F. may have a currency similar to the scrip dollar used by United States personnel before long.
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Bibliographic details
Otago Daily Times, Issue 26410, 14 March 1947, Page 7
Word Count
212JAPANESE YEN Otago Daily Times, Issue 26410, 14 March 1947, Page 7
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