Japanese yen JPY

The yen is the official currency of Japan. It consists of six types of coins and four types of banknotes. The currency code for the yen is JPY. It is the third most traded currency in the world after the US dollar and the euro. The yen is also widely used as a reserve currency, following the US dollar, euro, and British pound sterling.

History

In Japanese, "yen" means round. The yen was introduced in 1870 during the Meiji era, replacing a complicated monetary system. In 1871, a decimal currency system was established, defining the sen as 1/100 of a yen and the rin as 1/1000 of a yen.

In 1954, Japan discontinued the use of sen and rin, making the yen the sole currency. Until 1971, the yen was devalued, affecting international trade. However, since 1985, the demand for the yen in international markets increased, solidifying its status as one of the most traded currencies worldwide.

Interesting Facts about the Yen

Yen coins are designed to be easily distinguishable for visually impaired individuals due to their different sizes and edge patterns. Each yen coin is made entirely of aluminum, making them light enough to float on water.

The yen's value reached its lowest point after World War II but began to stabilize in 1973.