Reading the indicators: the standard foreign exchange rate and Reporting Ordinance ratesHow many yen is one dollar? A figure fixed for a whole month
On October 20 the Bank of Japan posted the standard and arbitrated foreign exchange rates, and the Reporting Ordinance rates, that apply during November 2026. For November the standard rate is JPY 156 to one US dollar, and the arbitrated rates are JPY 179 to one euro and JPY 23 to one Chinese yuan. This article sets out how these published rates, fixed for a whole month, differ from the market rates that move every day.
- Standard rate (1 US dollar)
- JPY 156
- Reporting Ordinance rate (1 euro)
- 1.15 US dollars
- Calculation
- 156 x 1.15
- Arbitrated rate (1 euro)
- JPY 179
Key points
- The November figures: the standard foreign exchange rate is JPY 156 per US dollar. The arbitrated rates are JPY 179 per euro and JPY 23 per Chinese yuan (posted by the Bank of Japan on October 20)
- The Reporting Ordinance rates are used to convert currencies other than the US dollar into US dollars. For November, one euro is 1.15 US dollars and one Chinese yuan is 0.148 US dollars. The basis is Article 35, item 2 of the Ordinance on Reports of Foreign Exchange Transactions, and the rates are set by the Minister of Finance
- For currencies other than the US dollar, the market level of that currency against the US dollar is used (the average during September). Multiplying JPY 156 per dollar by 1.15 gives about JPY 179, which matches the published arbitrated rate
- The key feature is that the same figure is used for a whole month. Market rates move daily, but the published rates are set month by month, so the conversion rate stays the same throughout the period when preparing reports
What to do in practice
- When preparing a report under the Foreign Exchange and Foreign Trade Act, use the standard rate and Reporting Ordinance rate that apply to the month concerned (the November figures were posted on October 20)
- Decide, document by document, whether the conversion rate used in internal materials is a market rate or a published rate
The dollar figure you hear on the news changes every day. But for documents filed with the government there is a rule that the same figure is used to convert into yen for a whole month. On October 20 the Bank of Japan announced the figures to be used in November: JPY 156 to the dollar, JPY 179 to the euro and JPY 23 to the Chinese yuan.
Points
- The figures for November are JPY 156 to one dollar, JPY 179 to one euro and JPY 23 to one Chinese yuan
- Currencies other than the dollar are first converted into dollars and then into yen. One euro is 1.15 dollars, so 156 multiplied by 1.15 gives about JPY 179
- Market figures move every day, but these figures do not change for a month, so the numbers in the documents do not wobble
What the words mean
- Exchange rate
- The ratio at which foreign money is exchanged for yen
- Standard foreign exchange rate
- The dollar-to-yen ratio used for preparing documents, which does not change for a month
- Bank of Japan and Ministry of Finance: Bank of Japan, Standard and arbitrated foreign exchange rates (for November)
- Bank of Japan and Ministry of Finance: Bank of Japan, Reporting Ordinance rates (for November)
Economic news presents published statistics and outlooks. It is not investment solicitation or trading advice. Figures are as of publication and may be revised.
This article summarizes and explains materials published by government agencies and is not advice on any individual case. Rules can change, so for actual procedures and decisions always check the latest original materials and consult professionals such as tax accountants or labor and social security attorneys. English, Simplified Chinese and Traditional Chinese versions are translations prepared from the Japanese articles for convenience. If anything differs, the Japanese text and the original source take precedence.