For the second consecutive month, the yen, Japan’s official monetary unit, presented significant numbers of transactions in the Brazilian foreign exchange market. According to the monthly survey carried out by Travelex Confidence, the yen increased by 7% compared to January 2024, a period that had already been marked by an upward curve.
Furthermore, the average volume transacted in the country increased exponentially by 561% compared to 2022. Now, the currency occupies fifth place among the most traded in the second month of 2024 and was the only one in the Top 5 to show growth in relation to previous periods.
According to Jorge Arbex, director of the Travelex Confidence Group, this movement is still a reflection of visa liberalization between the Brazilian and Japanese governments. “This decision stimulates tourism to Japan and, thus, we have this significant increase in yen transactions”, he explains in a note.
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It is worth noting that there is no direct correlation between the end of the high tourism season, between the months of December and January, and the increase in the volume transacted in Japanese currency. Issues such as visa release and high availability for currency sales in Brazil are factors with the greatest impact.
According to Travelex, the US dollar remains the most traded currency in Brazil for nine months. However, in February this year, the North American currency showed a lower volume of operations when compared to January 2024, decreasing operations by 25%. Compared to February last year, the dollar reduced 21% of its volume.
Completing the ranking of the five most traded currencies in February 2024, the euro stands out in second positionbut with a new drop both in the month-to-month comparison, down 11%, and in the annual cut – down 25% compared to February 2023. The British pound came in third placewith 23% less transaction volume compared to January 2024, while the Canadian dollar occupied fourth positionwith a 29% drop in volume operated compared to last month.
Check out the most traded currencies in the country in February compared to January 2024, February 2023 and the comparison in relation to the 2022 average:
| Coin | Volume variation (R$) Feb’24 in relation to Jan’24 | Variation in the volume operated (R$) of the month analyzed in relation to the same month in the previous year | Variation in volume operated (R$) of the month analyzed in relation to Average volume operated per month in the year 2022 |
|---|---|---|---|
| Dollar (USD) | -25% | -21% | -45% |
| Euro (EUR) | -11% | -25% | -50% |
| Pound Sterling (GBP) | -23% | -28% | -51% |
| Canadian Dollar (CAD) | -29% | -27% | -70% |
| Yen | 7% | 27% | 561% |
