Japanese yen exchange rate
Here you can watch how the Japanese Yen fluctuates in the market and when the Japanese Yen exchange rate is the best.
The Japanese yen refers to the national currency of Japan and is abbreviated as JPY. The yen is the third most traded currency in the forex market after the US dollar and euro. It is also commonly used as a reserve currency like the USD, euro, and pound sterling.
Launched in 1871, 1, 5, 10, 50, 100, and 500 yen coins are currently in use. With respect to banknotes, the latest series was issued in 2004, with 1,000, 2,000, 5,000, and 10,000 JPY notes that are presently in circulation.
Origin and History of the Japanese Yen
The idea of the yen was part of the modernization policy of Japan’s economy formed by the Meiji government during the late 19th century, which asserted the adoption of a common currency throughout the world. It was designed based on the European Decimal Monetary System.
Before the Meiji Restoration, all the feudal fiefs of Japan issued their own currency, Hansatsu, in a collection of inconsistent denominations. They were removed by the New Currency Act of 1871, and the yen was introduced as the new acceptable decimal currency. Former Han was formed into districts, and the mints were transformed into private chartered banks. Initially, the banks retained the right to print currency until the creation of the Bank of Japan (BOJ) in 1882 with a monopoly on the control of the money supply.
Since World War II, the currency has lost much of its pre-war value. In order to balance the Japanese economy, the yen exchange rate was set at 360 yen per 1 USD as part of the Bretton Woods Agreement. When the scheme was scrapped in 1971, the value of JPY fell, and the currency was approved to float. The yen reached a high of 271 yen per US dollar in 1973, followed by a period of deflation and appreciation owing to the oil crisis of 1973, reaching a value of 227 yen per US dollar by 1980.
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