FWIW, my usual hotel in Tokyo, which happens to be a 5* place, now has at least double the rates I was looking at for a May 2020 trip that didn’t happen due to covid.

I’d sure consider paying now to lock in today’s exchange rate. Come to think of it, I should email them and pay now. 130:1 is damn good. By paying now, I could save quite a few dollars if the exchange moves as I expect it to between now and our trip in October.