The yen 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. It is also widely used as a third reserve currency after the US dollar and the euro.
Origins and History
The word “yen” means “circle” or “round object”. This currency was officially adopted by the Meiji government with the “New Currency Act” of 1871 in the hope of stabilising the monetary situation of the country at the time.
The yen replaced the monetary system of the Tokugawa era, a complex system based on the mon, a copper-based coin. After the devaluation of silver in 1873, the yen lost value compared to the US and Canadian dollars, which had adopted the gold standard. Subsequently, in the year 1897 the yen was scarcely worth 50 US cents. That year, Japan adopted the gold standard and that became the value of the yen. The sen and the rin, also in circulation until then, were removed in 1953.
Japan's trade strength lies in manufactured goods rather than commodities, but the idea is the same. A large trade surplus due to export sales of cars, cameras and electronic devices has traditionally meant a high demand for yen by foreigners to pay for these products.
What is the highest yen bill? The ¥10,000 note is the largest banknote denomination of the Japanese yen, as well as the largest denomination of the Japanese yen overall.
What is the smallest yen bill? The ¥1,000 note is currently the lowest value yen banknote and has been used since 1945, excluding a brief period between 1946 and 1950 during the Allied occupation of Japan. The fifth series (series E) notes are currently in circulation, and are the smallest of the three common bank notes.
Banknotes that are valid but no longer issued and inconvenient for use (such as 10,000-yen notes with a portrait of Shotoku Taishi) can be exchanged for those that are currently issued, at the Bank's Head Office in Tokyo and branches across Japan.
All banknotes, once issued, remain valid as legal tender, unless special measures are taken under the law. Consequently, of the 53 kinds of banknotes issued to date, 31 are no longer valid, and therefore can no longer be used as banknotes.
What did the Japanese use before yen? The mon (文) was the currency of Japan from the Muromachi period in 1336 until the early Meiji period in 1870. It co-circulated with the new sen until 1891.
How to detect fake Yen notes
Start with the image of the cherry blossom! This hologram should change colour and look slightly different when held up to the light. Viewed from a certain angle, the value of the note will appear on the bottom left of the front side, while the word “NIPPON” (“Japan” in Japanese) will show on the top right of the back side. If the note is real and held under UV light, the Governor’s seal on the front side should glow orange.
Few Important Points of the Japanese Yen (JPY)
Symbols: ¥
ISO code: JPY
Central Bank: Bank of Japan
Currency Subunit: Sen = 1/100
Denominations: Banknotes: JP¥1000,JP¥2000,JP¥5000,JP¥10000
Coins: JP¥1,JP¥5,JP¥10,JP¥50,JP¥100,JP¥500
Countries using this currency: Japan
Currencies pegged to JPY: None
JPY is pegged to: None
Value of the Japanese Yen (As on 22/04/2022)
1 Japanese Yen = INR 0.60 (Indian Rupees)
1 Japanese Yen = PKR 1.47 (Pakistani Rupees)
1 Japanese Yen = BDT 0.68 (Bangladeshi Taka)
1 Japanese Yen = USD 0.0078 (United States Dollar)
1 Japanese Yen = EURO 0.0072 (Euro)
You can watch the following video in YouTube in my channel "CURRENCY UNIVERSE" to know more about Japanese Yen. Please note that the videos are in Hindi.
JAPAN YEN TO INDIAN RUPEE
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Last updated on 22/04/2022
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