Understanding the Exchange Rate: 1 Yen to 1 Sole
When it comes to currency exchange, understanding the value of one currency in relation to another is crucial. In this article, we delve into the exchange rate between 1 yen and 1 sole, providing you with a comprehensive overview of this particular rate.
What is a Sole?
The sole is the official currency of Somalia, a country located in the Horn of Africa. It is abbreviated as SOS and is subdivided into 100 cents. The sole was introduced in 1961, replacing the Somali shilling, which was in use since the country’s independence from Italy in 1960.
Understanding the Yen
The yen is the official currency of Japan, a country known for its technological advancements and rich cultural heritage. The yen is abbreviated as JPY and is subdivided into 100 sen. It has been in use since the Meiji Restoration in 1868, when Japan adopted a decimal currency system.
Exchange Rate: 1 Yen to 1 Sole
As of the latest available data, the exchange rate between 1 yen and 1 sole is approximately 0.0123. This means that if you have 1 yen, you can exchange it for 0.0123 soles. However, it is important to note that exchange rates fluctuate constantly due to various economic factors.
Factors Influencing Exchange Rates
Exchange rates are influenced by a variety of factors, including economic stability, inflation rates, interest rates, and political events. In the case of the yen and sole, the following factors can impact the exchange rate:
| Factor | Description |
|---|---|
| Economic Stability | A stable economy can lead to a stronger currency, while an unstable economy can weaken it. |
| Inflation Rates | Higher inflation rates can erode the value of a currency, making it weaker compared to others. |
| Interest Rates | Higher interest rates can attract foreign investors, increasing demand for a currency and potentially strengthening it. |
| Political Events | Political instability or significant events can impact investor confidence, leading to fluctuations in exchange rates. |
Historical Exchange Rate Data
Looking at historical exchange rate data between the yen and sole can provide insights into the trends and patterns over time. Below is a table showcasing the exchange rate between 1 yen and 1 sole from 2010 to 2020:
| Year | Exchange Rate (1 Yen to 1 Sole) |
|---|---|
| 2010 | 0.0135 |
| 2011 | 0.0128 |
| 2012 | 0.0119 |
| 2013 | 0.0124 |
| 2014 | 0.0127 |
| 2015 | 0.0121 |
| 2016 | 0.0115 |
| 2017 | 0.0123 |
| 2018 | 0.0126 |
| 2019 | 0.0122 |
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