The yen dropped sharply against the dollar on June 13. After her overseas study plans were disrupted by the COVID 19 pandemic, Yu Nagashima was finally able to enjoy campus life and in-person classes in California.
The yen soon nose-dived against the dollar, and Nagashima found that her savings in Japan were quickly being used up.
Nagashima, 31, said I had the worst luck. There are more students who are struggling more than me, so I mustn't keep whining. The yen has made it harder for Japanese students to study in the United States, particularly in expensive places because of its sharp depreciation.
The effects of the novel coronaviruses on Japanese students studying overseas could cause a drop in the study-abroad figure to pre-pandemic levels, and the weaker yen could hamper government efforts to increase the study-abroad figure to pre-pandemic levels.
Nagashima used to work in sales at a human resources company in Japan, but she wanted a change in life and enrolled in a two-year college in California in autumn 2020.
With COVID 19 travel restrictions in place, Nagashima remained in Japan and took online courses for the first year.
She moved to the United States in August 2021 and began attending classes on campus.
Around the time of her relocation, the exchange rate was about 110 yen to the dollar. By June 13th this year, the Japanese currency had fallen to 135 yen, its lowest level in almost 24 years.
Nagashima said she is emptying her Japanese savings account via a U.S. bank to cover her tuition and living expenses.
She said that in the United States, prices are 1.5 times higher than in Japan.
She said foreign students are not allowed to have part-time jobs because of the fact that a fast-food meal costs about $11 - $12.
Nagashima said she sometimes consumes oatmeal and ready-to eat miso soup provided by the college for free.
She received a bill for $4,850 on June 1. She received 58 for her autumn tuition. She is concerned about how she will cover the payment.
Nagashima initially thought about transferring to a four-year university, but she gave up on the idea because of the delays caused by the Pandemic and the high costs associated with the weaker yen.
Karin Fujii, 20, who is attending a four-year university in the state of New York, is worried about the yen slide.
She and her fellow Japanese students have been concerned about tuition for the next semester since May.
Half of her tuition is covered by scholarships, according to Fujii. She still has to pay 1.5 million yen a year in school fees, which her parents have covered.
She started thinking about skipping a year or trying to graduate sooner because of the depreciation of the yen.
She said that she is determined to graduate within a year because she wants to reduce the burden on my parents.
The number of Japanese students studying abroad in fiscal 2018 was a record high 115,146, according to the education ministry.
It dropped to a record low of 1,487 in fiscal 2020, due to the Pandemic.
The ministry said it plans to bring the number back to around 100,000 by the year 2027.
A committee of the Central Council for Education, an advisory organization to the ministry, held a meeting on June 22. Students studying overseas expressed concerns about the risks and effects of the weaker yen on students.
A ministry official said that they wanted to be creative in measures to increase the number of Japanese students studying abroad.