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| 日本円 (Japanese) | |||||
|---|---|---|---|---|---|
| |||||
| ISO 4217 | |||||
| Code | JPY (numeric: 392) | ||||
| Unit | |||||
| Unit | Yen | ||||
| Plural | The language(s) of this currency do(es) not have a morphological plural distinction. | ||||
| Symbol | ¥ | ||||
| Denominations | |||||
| Subunit | |||||
| 1 | None (since 1953) | ||||
| 1⁄100 | Sen (銭) (before 1953) | ||||
| Banknotes | |||||
| Freq. used | ¥1,000, ¥5,000, ¥10,000 | ||||
| Rarely used | ¥2,000 | ||||
| Coins | |||||
| Freq. used | ¥1, ¥5, ¥10, ¥50, ¥100, ¥500 | ||||
| Demographics | |||||
| User(s) | Japan | ||||
| Issuance | |||||
| Central bank | Bank of Japan | ||||
| Website | boj.or.jp | ||||
| Printer | National Printing Bureau | ||||
| Website | npb.go.jp | ||||
| Mint | Japan Mint | ||||
| Website | mint.go.jp | ||||
| Valuation | |||||
| Inflation | 3.7% (February 2025) | ||||
| Source | Statistics Bureau of Japan[1] | ||||
The yen (Japanese: 円, symbol: ¥; code: JPY) is the official currency of Japan. It is the third-most traded currency in the foreign exchange market, after the United States dollar and the euro.[2] It is also widely used as a third reserve currency after the US dollar and the euro.
The New Currency Act of 1871 introduced Japan's modern currency system, with the yen defined as 1.5 g (0.048 troy ounces) of gold, or 24.26 g (0.780 troy ounces) of silver, and divided decimally into 100 sen or 1,000 rin. The yen replaced the previous Tokugawa coinage as well as the various hansatsu paper currencies issued by feudal han (fiefs). The Bank of Japan was founded in 1882 and given a monopoly on controlling the money supply.[3]
Following World War II, the yen lost much of its pre-war value as Japan faced a debt crisis and hyperinflation. Under the Bretton Woods system, the yen was pegged to the US dollar alongside other major currencies. After this system was abandoned in 1971 with the Nixon Shock, the short-lived Smithsonian Agreement temporarily reinstated a fixed exchange rate. However, since the end of that system in February 1973, the yen has been a floating currency.[4]
Currency intervention by the Ministry of Finance and the Bank of Japan has occurred on limited occasions in recent years, with the intention of moderating the speed of exchange rate movements. Interventions took place intermittently from 1998 to 2003 and from 2010 to 2011 to curb excessive and speculative appreciation of the yen, and again in 2022 and 2024 to slow down speculative selling of the currency.[5] The first two instances included coordinated interventions with respective countries,[6][7] and the IMF has repeatedly stated that Japan is 'committed to a flexible exchange rate'.[8][9][10]
- ^ "Statistics Bureau Home Page/Consumer Price Index". Stat.go.jp. Archived from the original on August 15, 2022. Retrieved February 21, 2025.
- ^ "Foreign exchange turnover in April 2013: preliminary global results" (PDF). Bank for International Settlements. Archived (PDF) from the original on November 6, 2021. Retrieved February 7, 2015.
- ^ Mitsura Misawa (2007). Cases on International Business and Finance in Japanese Corporations. Hong Kong University Press. p. 152.
- ^ Quirk, Peter J. (January 1, 1977). "Exchange Rate Policy in Japan: Leaning Against the Wind". IMF Staff Papers. 1977 (3). doi:10.5089/9781451969450.024.A004 (inactive March 14, 2025).
{{cite journal}}: CS1 maint: DOI inactive as of March 2025 (link) - ^ "統計表一覧（外国為替平衡操作の実施状況）". 財務省 (in Japanese). Retrieved March 10, 2025.
- ^ "Japan disaster: G7 intervene to control yen rise". BBC News. March 18, 2011. Retrieved March 10, 2025.
- ^ "Timeline: History of central bank intervention". Reuters. March 25, 2010.
- ^ Kihara, Leica (January 31, 2024). "IMF sees Japan committed to flexible exchange rate". Reuters.
- ^ "Japan: Staff Concluding Statement of the 2025 Article IV Mission". IMF. Retrieved March 10, 2025.
- ^ "IMF Executive Board Concludes 2024 Article IV Consultation with Japan". IMF. Retrieved March 10, 2025.
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