Over the past two years, the yen has sat at historically low levels. The yen weakened by about 9 percent against the dollar in 2023, caused by the difference in policy between Japan and the United States . This continued into 2024 when the dollar hit ¥161 against the yen in July 2024, the highest in decades. For schools like St. Mary’s, this continuous weakness has a real cost.
Imported materials like textbooks, notebooks, computers, and art supplies have grown more expensive. The reason is simple: yen depreciation has led to rises in the price of imported items, as higher costs from abroad get passed through to consumers.
Extra-curricular activities have taken a hit as well. Field trips and international competitions all involve paying in foreign currencies, meaning these now cost significantly more than they used to. Some students may not have the financial ability to participate, or may have to ask their families to stretch budgets they’d rather not stretch.
Even everyday expenses feel the squeeze. It is clear that real services exports, including tourism, rose roughly 50 percent since 2022, supported in part by the weak yen, which reflects how far purchasing power has shifted . Students find themselves being more careful with lunch money, and families are sending more of it.
Still, the St. Mary’s community has responded with characteristic resilience. Students themselves are learning something valuable in the process, how global economic shifts ripple into everyday life, and how to adapt when they do. Giving all students a real economic lesson outside of the economics classroom.
The weak yen makes things harder. But it also builds resourcefulness, and reminds the St. Mary’s community of what holds it together when costs rise.
Works Cited
IMF eLibrary – Japan: Staff Report for the 2024 Article IV Consultation
International Monetary Fund – Japan’s Economy: Steady Recovery and the Path Forward
