Often, when asked what currency is in Japan, a feverish search for fragmentary knowledge in memory begins. After reading the article, you can easily answer all your questions about the history, value, banknotes and coins of this currency.
The official currency of Japan
In the world a large number of different monetary units. What is the name of the currency in Japan? Of course, this is a simple question. The state currency of Japan is the yen. Accepted international designation: JPY. The ISO code is 4217.
Along with the dollar, euro and pound sterling is the reserve currency of the world. In addition, the yen is highly liquid (fairly easy to exchange), freely convertible and just very popular in world markets (especially in the Asian region). It is one of the three most popular currencies at the Forex market (due to its low volatility it is rarely used in short-term trading). The Japanese monetary unit received such high ranks due to the high technological effectiveness of the country's economy (equipment and computer components, as well as developed automotive industry).
A number of countries use the yen to maintain the national currency. The share in the reserves of world central banks reaches four percent!
The highest exchange rates in Japan are offered at airports. In banks and hotels, this process is quite problematic due to the many formal procedures and the maximum daily limit.
The name of the currency comes from the Japanese word "en", which means round (coins have a round or oval shape). According to another version, this name was transformed from "yuan" - the Chinese currency that is freely traded in some regions. The modern standardized name in English, which has the currency of Japan, appeared due to the Portuguese transliteration.
All yen issued after 1885 are legal tender.
Development before World War II
The current name "yen" was adopted in 1869. Initially, the so-called gold weighing one and a half grams and silver weighing 24.3 grams of coins. The Meiji who came to power after the revolution introduced a decimal system. So, one hundredth of the yen began to be called "hay." In turn, the tenth of the hay was rin. Both components were retired in 1953.
The new monetary unit replaced the complex system of the Edo era, which was distinguished by the fact that at one time copper, silver, gold coins and paper banknotes were in circulation.
In 1918, the metal standard was abandoned, and only banknotes remained in circulation. The last coin from precious metals was no longer used in trading operations in 1932. In 1933, the yen was tied to the pound. However, in 1939, the landmark currency was changed to the dollar.
Development after World War II
The Second World War virtually destroyed the country's economy. In 1945, the exchange rate was 360 yen per dollar, while ten years ago it did not exceed 4. But soon the titanic work of the Japanese people did not go unnoticed. Already in 1953, the currency was again paid attention to in the world community, and it began to be recognized throughout the world. Since then, the question of what currency in Japan did not exist anymore - everyone knew it. Subsequently, it became freely convertible. In 1973 all administrative restrictions were lifted, and the market again began to establish the market.
Imminent crisis
Rapid growth subsequently played a cruel joke.The export-oriented economy was not able to respond in time to the greatly strengthened monetary unit, which raised the price tag for manufactured goods high. In 1991, there was a depreciation of the currency, repeated in 1997 during the Asian financial crisis.
Only by 2002, the collapse was overcome, and since then has been observed active economic growth of the country. The Japanese market is one of the most attractive in the world that investors really trust. This is not surprising, because advanced technology is becoming an increasingly popular and sought-after product.
Banknotes
Immediately after the end of World War II in 1946, banknotes of one thousand, one hundred, ten, five and one yen were printed. Until 1958, banknotes in denominations of five, fifty, five hundred and ten thousand were put into circulation (it remains the largest denomination to date) units. In 2000, in honor of the historical change of dates, the Japanese currency was replenished with two thousandth bills.
Banknotes have a modern multi-stage security system: watermarks, relief elements, color change at different viewing angles, the constellation Eurion.
Coins
The national currency of Japan is represented by coins in denominations of one yen, five, ten, fifty, one hundred and five hundred monetary units. Consist of an alloy of copper and nickel. Earlier issues are from bronze. Due to the high cost, five hundred yen coins are especially popular with counterfeiters.
Periodically, the National Bank pleases numismatists - the Japanese currency is replenished with commemorative coins of different metals. The most popular of which is silver.
There is an interesting peculiarity: coins do not indicate the year of issue, but the year of the emperor's reign at the time of minting.
What is depicted on Japanese money
The national currency of Japan has an interesting, catchy design. On the front of the banknote are the intellectual elites: famous Japanese writers and scholars. On the back - of course, the glorified Mount of Fuji, a statue of a phoenix bird, representatives of the animal fauna of the Japanese islands, literary paintings from the work of Agatha Korin, paintings by famous Japanese artists, the building of the National Bank of Japan, as well as the gate, famous for its original architecture, of the city of Naha.
Now you can easily answer the question of what currency is in Japan.
