MSc Economic Policy for International Development student and ID Ambassador, Kohichi Sado shares his experience of navigating London as a Japanese student amidst the Yen’s historic depreciation.
Navigating London as a Japanese MSc Student at LSE
Hello! I’m a master’s student studying economic policy for international development at LSE. I want to share my experience as a Japanese student in London, especially how I managed my finances amidst the historic depreciation of the Japanese yen. This post is particularly aimed at Japanese prospective students, but I hope anyone can find it helpful.
The Challenge of Yen Depreciation
In recent years, the Japanese yen has significantly depreciated against major currencies. Since 2019, the yen has lost over 45% of its value against the sterling pound, and about 20% since I received my admission offer in March 2023*. This situation increased my financial burden as a self-funded student, making me consider deferring my studies. To manage, I decided to shorten my stay in London and return to Japan right after the Summer Term ends on June 14, 2024, to continue my dissertation remotely.
*Approximate currency rate data as of late November, 2023, based on Google Finance.
Seeking Financial Support
London is an expensive city (a sandwich can cost about 3-4 pounds, whereas roughly 0.7-1.7 pounds equivalent in Japan!), so I sought financial support. After consulting with faculty and staff, I applied for LSE’s . Submitting the application on Christmas Eve 2023, I was desperate. Conveying Japan’s economic situation was challenging because Japan is often seen as an advanced and wealthy country. My initial application was rejected in January 2024, citing that the sterling pound had stayed the same since my registration.
However, I didn’t give up. I gathered evidence, such as English-written articles on the yen’s depreciation and submitted an appeal. In March, I received a partial grant, significantly easing my financial burdens.
Tips for Reducing Expenses in London
Here are some ways I managed to cut costs:
- Hare Krishna Food: Free vegetarian meals are available on weekdays.
- Leftover Event Catering: Attend LSE events and save the leftovers.
- Generous Professors: Establish good relationships with professors who might occasionally treat students.
- Early Bird Specials: Meals for £2.50 at the Fourth Floor Restaurant in the Old Building.
- Discounted Groceries: Look for reduced items at Co-op and Tesco Express around 5-6 pm.
- Meal Deals: £3.50 meal deals at Co-op.
- Budget Stores: Shop at Tesco Extra (Surrey Quays Centre), Lidl (Massinger Street), and Poundland (Surrey Quays).
- Too Good to Go App: Get discounted meals from restaurants and bakeries.
- Oranges as Snacks: Adjust your diet with light snacks like oranges, which you can often get for free at Hare Krishna events.
Applying Theory in Real Life
My course DV492 (Governmental Policy Analysis in International Development), taught us that in-kind assistance programs like soup kitchens, which screen out those in need without costly income checks, help the government to allocate their precious resources. In other words, these programs can assist the government in providing financial or nutrition support only to those who really need it. As a development economics student, together with the apparently financially challenged people, I experienced this first hand while queuing at a park soup kitchen in London. In other words, I literally needed the food assistance so as to queue in the freezing winter evenings, and the food was properly allocated to “those who really need” it! This experience taught me that some development theories can be learned in a classroom and the real world (even in the UK!).
Final Thoughts
The key takeaway is not to give up on your studies due to financial constraints. Opportunities for financial support are available, even late in the academic year! Apply for as many funding opportunities as you can. I was fortunate to receive partial funds during my course, which helped me manage my stay in London.
Tip: After returning to Japan at the end of June 2024, I will continue writing my dissertation remotely while writing this blog. Before returning to Japan, plan your studies carefully, coordinate well with ID staff (academic and admin), and complete any in-person tasks in London. Be aware that staying outside the UK for an extended period can affect your visa status, which is crucial if you plan to pursue career opportunities in London post-graduation.
The views expressed in this post are those of the author and do not reflect those of the International Development LSE blog or the London School of Economics and Political Science.
Featured image credit: The Hare Krishna Food All mobile. Kohichi Sado.
