Japanese yen
Nhật Bản yên(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 | |||||
1⁄100 | sen (銭) theoretical since the 1950s | ||||
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 | 2.8% (June 2024) | ||||
Source | Statistics Bureau of Japan[1] |
![](https://upload.wikimedia.org/wikipedia/commons/thumb/7/7a/USD-JPY.webp/279px-USD-JPY.webp.png)
Theyen(Japanese:Yên,symbol:¥;code:JPY)is the officialcurrencyofJapan.It is the third-most traded currency in theforeign exchange market,after theUnited States dollarand theeuro.[2]It is also widely used as a thirdreserve currencyafter 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 100senor 1,000rin.The yen replaced the previousTokugawa coinageas well as the varioushansatsupaper currencies issued by feudalhan(fiefs). TheBank of Japanwas founded in 1882 and given a monopoly on controlling the money supply.[3]
FollowingWorld War II,the yen lost much of its pre-war value. To stabilize theJapanese economy,theexchange rateof the yen was fixed at ¥360 per US$ as part of theBretton Woods system.When that system was abandoned in 1971, the yen became undervalued and was allowed to float. The yen had appreciated to a peak of ¥271 per US$ in 1973, then underwent periods of depreciation and appreciation due to the1973 oil crisis,arriving at a value of ¥227 per US$ by 1980.
Since 1973, thegovernment of Japanhas maintained a policy of currency intervention, so the yen is under amanaged float regime.The Japanese government focused on a competitive export market, and tried to ensure a low exchange rate for the yen through atrade surplus.ThePlaza Accordof 1985 temporarily changed this situation; the exchange rate fell from its average of ¥239 per dollar in 1985 to ¥128 in 1988 and led to a peak rate of ¥80 against the US$ in 1995, effectively increasing the value of Japan's GDP in dollar terms to almost that of the United States.[4]
Since that time, however, the world price of the yen has greatly decreased, falling to an average of almost ¥158 per dollar and ¥171 per euro in July 2024.[5]The Bank of Japan maintains a policy of zero to near-zero interest rates and the Japanese government has previously had a strict anti-inflation policy.[6]From late 2021 to first half 2024, the yen depreciated against the dollar by about 50%,[7][5]giving rise to serious concern in Japan about long-term prospects for the currency.[8][9][10]The sharp fall in the value of the currency has led some companies, includingModec,to stop presenting their financial statements in Japanese yen.[11]However, this weakness has had some benefits for Japan's tourism industry, as the low exchange rate makes itspurchasing powerattractive for travellers, particularly those from foreign nations.[12][13]
Pronunciation and etymology
[edit]The name, "Yen", derives from the Japanese wordViên(en,[eɴ];"round" ),which borrows its phonetic reading fromChinese yuan,similar toNorth Korean wonandSouth Korean won.Originally, the Chinese had traded silver in mass calledsycees,and whenSpanish and Mexican silver coinsarrived from thePhilippines,the Chinese called them "silver rounds" (Chinese:Đồng bạc;pinyin:yínyuán) for their circular shapes.[14]The coins and the name also appeared in Japan. While the Chinese eventually replacedViên;ViênwithNguyên,[a]the Japanese continued to use the same word, which was given theshinjitaiformYênin reforms at the end of World War II.
The spelling and pronunciation "yen" is standard in English, because when Japan was first encountered by Europeans around the 16th century, Japanese/e/(え) and/we/(ゑ) both had been pronounced[je]and Portuguese missionaries had spelled them "ye".[b]By the middle of the 18th century,/e/and/we/came to be pronounced[e]as in modern Japanese, although some regions retain the[je]pronunciation.Walter Henry Medhurst,who had neither been to Japan nor met any Japanese people, having consulted mainly a Japanese-Dutch dictionary, spelled some "e" s as "ye" in hisAn English and Japanese, and Japanese and English Vocabulary(1830).[16]In the early Meiji era,James Curtis Hepburn,following Medhurst, spelled all "e" s as "ye" in hisA Japanese and English dictionary(1867); in Japanese,eandiare slightly palatalized, somewhat as in Russian.[17]That was the first full-scale Japanese-English/English-Japanese dictionary, which had a strong influence on Westerners in Japan and probably prompted the spelling "yen". Hepburn revised most "ye" s to "e" in the 3rd edition (1886)[18]to mirror the contemporary pronunciation, except "yen".[19]
History
[edit]![]() | It has been suggested that this article should besplitinto a new article titledHistory of the yen.(discuss)(July 2023) |
Early history (1868–1876)
[edit]![](https://upload.wikimedia.org/wikipedia/commons/thumb/6/6d/5yen-M3.jpg/220px-5yen-M3.jpg)
![](https://upload.wikimedia.org/wikipedia/commons/thumb/9/90/50sen-M3.jpg/220px-50sen-M3.jpg)
Although theEdo Shogunatecollapsed with theMeiji Restorationand a new government was born, the monetary system still took over that of the former entity. During this unstable period, the confusion caused by this form of exchange caused economic turmoil.[20]The gold (counting money) system of eastern Japan and the silver (weighing money) system of the western Japan were not unified, and the difference in the gold-silver ratio caused a large amount of gold to flow overseas at the end of the Tokugawa shogunate.Emperor Meijiresponded to this by appointingŌkuma Shigenobuas head of Japan's monetary reform program. He worked withInoue Kaoru,Itō Hirobumi,andShibusawa Eiichito run the Ministry of Finance, seeking to introduce a modern monetary system into Japan. Ōkuma eventually proposed that coins, which were previously square, be made into circles, and that the names of the traditional currencies,ryō( lạng ), bu ( phân ) and shu ( chu ), be unified into yen ( yên ), which was accepted by the government.[21]Other rejected proposals included physicalweight unitsof "Fun" and "Momme" which never made it past thepattern stage.[22][23][24]
The first gold yen coins consisted of 2, 5, and 20 yen coins which were struck throughout 1870. Five yen coins were first struck in gold for the Japanese government in 1870 at theSan Francisco Mint.[25]During this time a new mint was being established atOsaka,which did not receive the gold bullion needed for coinage until the following year.[26]Gold bullion was delivered from private Japanese citizens, foreigners, and the Japanese government.[27]Initially the government opted for silver, which would become the standard unit of value leaving gold coinage as a subsidiary.[28]While gold coinage couldn't be produced domestically in 1870, the mint at Osaka could produce silver coins which included denominations of 5, 10, 20, and 50 sen.[29][30]None of these coins dated "1870" circulated until theMeiji governmentofficially adopted the "yen" as Japan's modern unit of currency on June 27, 1871.[31]This Act formally stipulated the adoption of the decimal accounting system ofyen(1,Viên),sen(1⁄100,Tiền), andrin(1⁄1000,Li). The new currency was gradually introduced beginning from July of that year.
Japanese yen denominated paper currency was also conceived with the coins in 1870 asMeiji Tsuhonotes by Italian engraverEdoardo Chiossone.[32]These were released asfiat currencyin denominations of 1, 2, 5, 10, 50, and 100 yen along with subsidiary notes of 10, 20, and 50 sen in 1872. Almost concurrently, the government established a series of national banks modeled after the system in theUnited Stateswhich issued national bank notes.
Satsuma Rebellion and aftermath (1877–1887)
[edit]Massive inflation from theSatsuma Rebellionin 1877 caused a glut of non-redeemable fiat currency notes. The issuance of national fiat banknotes was ultimately suspended in 1880 by then prime ministerMatsukata Masayoshi.[33][34]New policies were put into place which included the establishment of acentralized bankingsystem.[35][34] TheBank of Japanhence commenced operations on October 10, 1882, with the authority to print banknotes that could be exchanged for the old Government and National Bank Notes.[36][37]By May 1883, another act provided the redemption and retirement of national bank notes.[38][39]TheNational Bank Actwas amended again in March 1896, providing for the dissolution of the national banks on the expiration of their charters.[38]This amendment also prohibited national bank notes from circulating after December 31, 1899.[40]In that year, Japan adopted agold exchange standard,defining the yen as 0.75 g fine gold or US$0.4985.[41]
This exchange rate remained in place until Japan left the gold standard in December 1931, after which the yen fell to $0.30 by July 1932 and to $0.20 by 1933.[42]
It remained steady at around $0.30 until the start of the Pacific War on December 7, 1941, at which time it fell to $0.23.[43]
The sen and the rin were eventually taken out of circulation at the end of 1953.[44]
Fixed rate of the yen to the U.S. dollar
[edit]No true exchange rate existed for the yen between December 7, 1941, and April 25, 1949; wartime inflation reduced the yen to a fraction of its prewar value.
After a period of instability, on April 25, 1949, the U.S. occupation governmentfixedthe value of the yen at ¥360 per USD through a United States plan, which was part of theBretton Woods system,to stabilize prices in theJapanese economy.[45]
That exchange rate was maintained until 1971, when the United States abandoned the gold standard, ending a key element of the Bretton Woods system, and setting in motion changes that eventually led tofloating exchange ratesin 1973.[citation needed]
Yen and major currencies float
[edit]By 1971, the yen had become undervalued. Japanese exports were costing too little in international markets, and imports from abroad were costing the Japanese too much. This undervaluation was reflected in thecurrent account balance,which had risen from thedeficitsof the early 1960s, to a then-largesurplusof US$5.8 billion in 1971. The belief that the yen, and several other major currencies, were undervalued motivated the United States' actions in 1971.
Following the United States' measures to devalue the dollar in the summer of 1971, the Japanese government agreed to a new, fixed exchange rate as part of theSmithsonian Agreement,signed at the end of the year. This agreement set the exchange rate at ¥308 per US$. However, the new fixed rates of the Smithsonian Agreement were difficult to maintain in the face of supply and demand pressures in the foreign-exchange market. In early 1973, the rates were abandoned, and the major nations of the world allowed their currencies tofloat.
Yen adoption in Okinawa
[edit]After World War II theUnited States-administered Okinawaissued a higher-valued currency called theB yenfrom 1946 to 1958, which was then replaced by theU.S. dollarat the rate of $1 = 120 B yen. Upon thereversion of Okinawato Japan in 1972 the Japanese yen then replaced the dollar. In light of the dollar's reduction in value from ¥360 to ¥308 just before the reversion, an unannounced "currency confirmation" took place on October 9, 1971, wherein residents disclosed their dollar holdings in cash and bank accounts; dollars held that day amounting to US$60 million were entitled for conversion in 1972 at a higher rate of ¥360.[46]
Japanese government intervention in the currency market
[edit]In the 1970s, Japanese government and business people were very concerned that a rise in the value of the yen would hurt export growth by making Japanese products less competitive and would damage the industrial base. The government, therefore, continued to intervene heavily in foreign-exchange marketing (buying or selling dollars), even after the 1973 decision to allow the yen to float.[47]
Despite intervention, market pressures caused the yen to continue climbing in value, peaking temporarily at an average of ¥271 per US$ in 1973, before the impact of the1973 oil crisiswas felt (this was retroactively calledendaka,although the term was only coined in 1985). The increased costs of importedoilcaused the yen to depreciate to a range of ¥290 per US$ to ¥300 per US$ between 1974 and 1976. The re-emergence of trade surpluses drove the yen back up to ¥211 in 1978. This currency strengthening was again reversed by thesecond oil shock in 1979,with the yen dropping to ¥227 per US$ by 1980.[47]
Yen in the early 1980s
[edit]During the first half of the 1980s, the yen failed to rise in value, though current account surpluses returned and grew quickly. From ¥221 per US$ in 1981, the average value of the yen actually dropped to ¥239 per US$ in 1985. The rise in the current account surplus generated stronger demand for yen in foreign-exchange markets, but this trade-related demand for yen was offset by other factors. A wide differential in interest rates, with United States interest rates much higher than those in Japan, and the continuing moves toderegulatethe international flow ofcapital,led to a large net outflow of capital from Japan. This capital flow increased the supply of yen in foreign-exchange markets, as Japanese investors changed their yen for other currencies (mainly dollars) to invest overseas. This kept the yen weak relative to the dollar and fostered the rapid rise in the Japanese trade surplus that took place in the 1980s.
Effect of the Plaza Accord
[edit]In 1985, a dramatic change began. Finance officials from major nations signed an agreement (thePlaza Accord) affirming that the dollar was overvalued (and, therefore, the yen undervalued). This agreement, and shifting supply and demand pressures in the markets, led to a rapid rise in the value of the yen. From its average of ¥239 per US$ in 1985, the yen rose to a peak of ¥128 in 1988, virtually doubling its value relative to the dollar. After declining somewhat in 1989 and 1990, it reached a new high of ¥123 to US$ in December 1992. In April 1995, the yen hit a peak of under 80 yen/US$, temporarily making Japan's economy nearly the size of that of the US.[48]
Post-bubble years
[edit]The yen declined during theJapanese asset price bubbleand continued to do so afterwards, reaching a low of ¥134 to US$ in February 2002. The Bank of Japan's policy of zero interest rates has discouraged yen investments, with thecarry tradeof investors borrowing yen and investing in better-paying currencies (thus further pushing down the yen) estimated to be as large as $1trillion.[49]In February 2007,The Economistestimated that the yen was 15% undervalued against the dollar, and as much as 40% undervalued against the euro.[50]
After the global economic crisis of 2008
[edit]![](https://upload.wikimedia.org/wikipedia/commons/thumb/a/a2/Currency_gnp_weighted_comparison_1999_2011.svg/300px-Currency_gnp_weighted_comparison_1999_2011.svg.png)
However, this trend of depreciation reversed after theglobal economic crisis of 2008.Other major currencies, except theSwiss franc,have been declining relative to the yen.
On April 4, 2013, the Bank of Japan announced that they would expand their asset purchase program by $1.4 trillion in two years. The Bank of Japan hopes to bring Japan from deflation to inflation, aiming for 2% inflation. The number of purchases is so large that it is expected to double the money supply, but this move has sparked concerns that the authorities in Japan are deliberately devaluing the yen to boost exports.[51]However, the commercial sector in Japan worried that the devaluation would trigger an increase in import prices, especially for energy and raw materials.
A period of rapid global inflation from 2022 onwards
[edit]Since 2022, the yen has depreciated significantly against its peers, due to a variety of factors. Firstly, Japan's prolonged low-interest-rate policy (to tackle domesticdeflation) has created ayielddifferential with other countries—notably the US—that have high interest rates (to tackle domesticinflation), prompting investors to seek higher returns in foreign currencies. This interest rate differential directly affects the price of the Yen and serves as one of the drivers behind its depreciation. Widely held expectations of yen depreciation can become self-fulfilling prophecies, affecting the currency's exchange rate.[52]To counter this, the BOJ conducted currency interventions of more than JPY 9 trillion selling the dollar and buying the yen in the September-October 2022 and April-May 2024 periods respectively.[53][54][55]
Redenomination proposals
[edit]Numerous proposals have been made since the 1990s toredenominatethe yen by introducing a new unit or new yen, equal to 100 yen, and nearly worth one U.S. dollar. This has not happened to date, since the yen remains trusted globally despite its low unit value, and due to the huge costs of reissuing new currency and updating currency-reading hardware. The negative impact of postponing upgrades to various computer software until redenomination occurs, in particular, was also cited.[56]
Coins
[edit]![]() | This section mayrequirecleanupto meet Wikipedia'squality standards.The specific problem is:This section needs to be expanded and sourced as a summary of the articles present.(June 2023) |
TheJapan Minthas issued legal tender coins from 1871 to the present.
Currently circulating coinage
[edit]Coins presently minted[57] | |||||||||
---|---|---|---|---|---|---|---|---|---|
Value | Image | Technical parameters | Description | Date of first minting | |||||
Diameter | Thickness | Mass | Composition | Edge | Obverse | Reverse | |||
¥1 | 20 mm | 1.5 mm | 1 g | 100% aluminium | Smooth | Young tree, state title, value | Value, year of minting | 1955 | |
¥5 | 22 mm | 1.5 mm | 3.75 g | 60–70% copper 30–40%zinc |
Smooth | Ear of Rice, gear, water, value | State title, year of minting | 1949 (rarely)[58] | |
1959 | |||||||||
¥10 | 23.5 mm | 1.5 mm | 4.5 g | 95% copper 3–4%zinc 1–2%tin |
Reeded | Phoenix Hall,Byōdō-in,state title, value | Evergreen tree, value, year of minting | 1951 (rarely)[58] | |
Smooth | 1959 | ||||||||
¥50 | 21 mm | 1.7 mm | 4 g | Cupronickel 75% copper 25%nickel |
Reeded | Chrysanthemum,state title, value | Value, year of minting | 1967[c] | |
¥100 | 22.6 mm | 1.7 mm | 4.8 g | Cupronickel 75% copper 25%nickel |
Reeded | Cherry blossoms,state title, value | Value, year of minting | 1967[d] | |
¥500 | ![]() |
26.5 mm | 1.81 mm | 7.1 g | Bi-metallic(75% copper 12.5%zinc 12.5%nickel) |
Reededhelically | Paulownia,state title, value | Bamboo,Mandarin orange,Value, year of minting | 2021 |
These images are to scale at 2.5 pixels per millimetre. For table standards, see thecoin specification table. |
The obverse side of all coins shows the coin's value inkanjicharacters as well as thecountry name(through 1945,Dai Nippon(Đại Nhật Bản,"Great Japan" );after 1945,Nippon-koku(Nước Nhật,"State of Japan" )(except for the current 5-yen coin with the country name on the reverse). The reverse side of all coins shows the year of mintage, which is not shown inGregorian calendaryears, but instead in theregnal yearof thecurrent emperor's reign,with the first year of an era calledgannen(Nguyên niên).Imperial portraits have never appeared on Japanese coins, as the image of the emperor remains sacred.[61]
- Examples
- Coins minted in 1900 bear the yearMinh trị (Meiji)33, the 33rd year ofEmperor Meiji's reign
- Coins minted in 1920 bear the yearĐại chính (Taishō)9, the 9th year ofEmperor Taishō's reign
- Coins minted in 1980 bear the yearChiêu cùng (Shōwa)55, the 55th year ofEmperor Shōwa's reign
- Coins minted in 2000 bear the yearBình thành (Heisei)12, the 12th year of EmperorAkihito's reign
- Coins minted in 2020 bear the yearLệnh cùng (Reiwa)2, the 2nd year of EmperorNaruhito's reign
![](https://upload.wikimedia.org/wikipedia/commons/thumb/e/ed/1yen-M34.jpg/220px-1yen-M34.jpg)
![](https://upload.wikimedia.org/wikipedia/commons/thumb/7/71/20yen-M3.jpg/220px-20yen-M3.jpg)
In 1897, the silver 1 yen coin was demonetized and the sizes of the gold coins were reduced by 50%, with 5, 10 and 20 yen coins issued.
After the war, brass 50 sen, 1 and 5 yen were introduced between 1946 and 1948. The current-type holed brass 5 yen was introduced in 1949, the bronze 10 yen in 1951, and the aluminum 1 yen in 1955.
In 1955 the first unholed, nickel 50 yen was introduced. In 1957, silver 100 yen pieces were introduced, followed by the holed 50 yen coin in 1959. These were replaced in 1967 by the current cupro-nickel 100 yen along with a smaller 50 yen.[62]
In 1982, the first cupronickel 500 yen coin was introduced. Alongside the 5Swiss franc coin,the 500 yen coin is one of the highest-valued coin to be used regularly in the world, with a value of US$4.42 as of December 2016[update].[63][64]Because of its highface value,the 500 yen coin has been a favorite target for counterfeiters, resulting in the issuance in 2000 of the second nickel-brass 500 yen coin with added security features. Continued counterfeiting of the latter resulted in the issuance in 2021 of the thirdbi-metallic500 yen coin with more improvements in security features.
Due to the great differences in style, size, weight and the pattern present on the edge of the coin they are easy for people with visual impairments to tell apart from one another.
Unholed | Holed | |
---|---|---|
Smooth edge | ¥1 (light) ¥10 (medium) |
¥5 |
Reedededge | ¥100 (medium) ¥500 (heavy) |
¥50 |
Commemorative coins have been minted on various occasions in base metal, silver and gold.[65]The first of these were silver ¥100 and ¥1,000Summer Olympic coinsissued for the1964 games.The largest issuance by denomination and total face value were 10 million gold coins of¥100,000 denominationfor the 60th anniversary of reign of theShōwa Emperorin 1986, totalling ¥1 trillion and utilizing 200,000 kg fine gold. ¥500 commemorative coins have been regularly issued since 1985. In 2008 commemorative ¥500 and ¥1,000 coins were issued featuring Japan's 47 prefectures. Even though all commemorative coins can be spent like ordinary (non-commemorative) coins, they do not normally circulate, and ¥100,000 coins are treated with caution due to the discovery of counterfeits.[66]
The 1 yen coin is made out of 100% aluminum and can float on water if placed correctly.
Formerly circulated coinage
[edit]Sen
[edit]![](https://upload.wikimedia.org/wikipedia/commons/thumb/9/90/50sen-M3.jpg/220px-50sen-M3.jpg)
Subsidiary coins of "sen" (one hundredth of a yen) were initially introduced in 1870 with a silver alloy in denominations of 5, 10, 20 and 50 sen. Copper sen coins in denominations of half, 1, and 2 came three years later, as Japan acquired the technology needed to mint them. The removal of silver from sen coinage began in 1889, whenCupronickel5 sen coins were introduced. By 1920, this included cupro-nickel 10 sen and reduced-size silver 50 sen coins. Production of the latter ceased in 1938, after which a variety of base metals were used to produce 1, 5 and 10 sen coins during theSecond World War.While clay 5 and 10 sen coins were produced in 1945, they were not issued for circulation. As with the Rin, coins in denominations of less than 1 yen became invalid at the end of 1953 and were demonetized due to inflation.
Rin
[edit]![](https://upload.wikimedia.org/wikipedia/commons/thumb/1/19/1rin-M6.jpg/220px-1rin-M6.jpg)
Bronze coins worth one-one thousandth of a yen called "rin" were first introduced in 1873. One rin coins were very small, measuring 15.75 mm in diameter and 0.3 mm in thickness, and co-circulated withmoncoins of the old currency system. Their small size was eventually their undoing, and the rin was abandoned in 1884 due to unpopularity.[67][e]Five rin coins worth one-two hundredth of a yen also used a bronze alloy. These were successor coins to the equally valuedhalf sencoin which had been previously minted until 1888. The decision to bring back an equally valued coin was in response to rising inflation caused byWorld War Iwhich led to an overall shortage of subsidiary coins. The mintage period for five rin coins was brief as they were discontinued after only four years of production due to their sharp decline in monetary value. The overall demand for subsidiary coinage ended as Japan slipped into a post-war recession. Coins worth 1 and 5 rin were eventually officially taken out of circulation at the end of 1953 and demonetized.
Banknotes
[edit]Value | Image | Dimensions | Main
Color |
Description | Date of issue | Issue suspended | ||
---|---|---|---|---|---|---|---|---|
Obverse | Reverse | Obverse | Reverse | |||||
Series F | ||||||||
¥1000 | ![]() |
![]() |
150 × 76 mm | Blue | Kitasato Shibasaburō | The Great Wave off Kanagawa(fromThirty-six Views of Mount Fujiseries byHokusai) | 3 July 2024 | |
¥5000 | ![]() |
![]() |
156 × 76 mm | Purple | Umeko Tsuda | Wisteriaflowers | ||
¥10,000 | ![]() |
![]() |
160 × 76 mm | Brown | Shibusawa Eiichi | Tokyo Station(Marunouchi side) | ||
Series E | ||||||||
¥1000 | ![]() |
![]() |
150 × 76 mm | Blue | Hideyo Noguchi | Mount Fuji,Lake Motosuandcherry blossoms | 1 November 2004 | 2025 - 2027 |
¥5000 | ![]() |
![]() |
156 × 76 mm | Purple | Ichiyō Higuchi | Kakitsubata-zu(Painting ofirises,a work byOgata Kōrin) | ||
¥10,000 | ![]() |
![]() |
160 × 76 mm | Brown | Fukuzawa Yukichi | Statue ofhōō (phoenix)fromByōdō-inTemple | ||
Series D | ||||||||
¥2000 | ![]() |
![]() |
154 × 76 mm | Green | Shureimon | The Tale of Genjiand portrait ofMurasaki Shikibu | 19 July 2000 |
The issuance of yen banknotes began in 1872, two years after the currency was introduced. Denominations have ranged from 1 yen to 10,000 yen; since 1984, the lowest-valued banknote is the 1,000 yen note. Before and duringWorld War II,various bodies issued banknotes in yen, such as theMinistry of Financeand the Imperial Japanese National Bank. TheAllied forcesalso issued some notes shortly after the war. Since then, theBank of Japanhas been the exclusive note issuing authority. The bank has issued five series after World War II.
Japan is generally considered a cash-based society, with 38% of payments in Japan made bycashin 2014.[68]Possible explanations are that cash payments protect one's privacy, merchants do not have to wait for payment, and it does not carry any negative connotation like credit.
At present, portraits of people from theMeiji periodand later are printed on Japanese banknotes. The reason for this is that from the viewpoint of preventing forgery, it is desirable to use a precise photograph as an original rather than a painting for a portrait.[69][70]
Series E banknotes were introduced in 2004 in ¥1000, ¥5000, and ¥10,000 denominations.
Series F banknotes were introduced on 3 July 2024. They were announced on 9 April 2019 by Finance MinisterTarō Asō.[71]The ¥1000 bill featuresKitasato ShibasaburōandThe Great Wave off Kanagawa,the ¥5000 bill featuresTsuda UmekoandWisteriaflowers, and the ¥10,000 bill featuresShibusawa EiichiandTokyo Station.The Ministry decided to not redesign the ¥2000 note due to low circulation.
TheEURion constellationpattern is present in the Series D, E and F banknotes.
Determinants of value
[edit]Beginning in December 1931, Japan gradually shifted from the gold standard system to the managed currency system.[72]
Therelative valueof the yen is determined inforeign exchange marketsby theeconomic forcesofsupply and demand.Thesupplyof the yen in themarketis governed by the desire of yen holders to exchange their yen for other currencies to purchasegoods,services,orassets.Thedemandfor the yen is governed by the desire of foreigners to buy goods and services in Japan and by their interest in investing in Japan (buying yen-denominated real and financial assets).
Since the 1990s, the Bank of Japan, the country's central bank, has kept interest rates low to spur economic growth. Short-term lending rates have responded to this monetary relaxation and fell from 3.7% to 1.3% between 1993 and 2008.[73]Low interest rates and low inflation, combined with a ready liquidity, prompted investors to borrow yen in Japan and invest it in other countries (such as the US) with significantly higherbank rates,a practice known as thecarry trade.This has helped to keep the exchange rate of the yen low compared to other currencies, particularly the US dollar.[52]
Rank | Currency | ISO 4217 code |
Symbolor abbreviation |
Proportion of daily volume | Change (2019–2022) | |
---|---|---|---|---|---|---|
April 2019 | April 2022 | |||||
1 | U.S. dollar | USD | US$ | 88.3% | 88.5% | ![]() |
2 | Euro | EUR | € | 32.3% | 30.5% | ![]() |
3 | Japanese yen | JPY | ¥ /Yên | 16.8% | 16.7% | ![]() |
4 | Sterling | GBP | £ | 12.8% | 12.9% | ![]() |
5 | Renminbi | CNY | ¥ /Nguyên | 4.3% | 7.0% | ![]() |
6 | Australian dollar | AUD | A$ | 6.8% | 6.4% | ![]() |
7 | Canadian dollar | CAD | C$ | 5.0% | 6.2% | ![]() |
8 | Swiss franc | CHF | CHF | 4.9% | 5.2% | ![]() |
9 | Hong Kong dollar | HKD | HK$ | 3.5% | 2.6% | ![]() |
10 | Singapore dollar | SGD | S$ | 1.8% | 2.4% | ![]() |
11 | Swedish krona | SEK | kr | 2.0% | 2.2% | ![]() |
12 | South Korean won | KRW | ₩ /원 | 2.0% | 1.9% | ![]() |
13 | Norwegian krone | NOK | kr | 1.8% | 1.7% | ![]() |
14 | New Zealand dollar | NZD | NZ$ | 2.1% | 1.7% | ![]() |
15 | Indian rupee | INR | ₹ | 1.7% | 1.6% | ![]() |
16 | Mexican peso | MXN | MX$ | 1.7% | 1.5% | ![]() |
17 | New Taiwan dollar | TWD | NT$ | 0.9% | 1.1% | ![]() |
18 | South African rand | ZAR | R | 1.1% | 1.0% | ![]() |
19 | Brazilian real | BRL | R$ | 1.1% | 0.9% | ![]() |
20 | Danish krone | DKK | kr | 0.6% | 0.7% | ![]() |
21 | Polish złoty | PLN | zł | 0.6% | 0.7% | ![]() |
22 | Thai baht | THB | ฿ | 0.5% | 0.4% | ![]() |
23 | Israeli new shekel | ILS | ₪ | 0.3% | 0.4% | ![]() |
24 | Indonesian rupiah | IDR | Rp | 0.4% | 0.4% | ![]() |
25 | Czech koruna | CZK | Kč | 0.4% | 0.4% | ![]() |
26 | UAE dirham | AED | د.إ | 0.2% | 0.4% | ![]() |
27 | Turkish lira | TRY | ₺ | 1.1% | 0.4% | ![]() |
28 | Hungarian forint | HUF | Ft | 0.4% | 0.3% | ![]() |
29 | Chilean peso | CLP | CLP$ | 0.3% | 0.3% | ![]() |
30 | Saudi riyal | SAR | ﷼ | 0.2% | 0.2% | ![]() |
31 | Philippine peso | PHP | ₱ | 0.3% | 0.2% | ![]() |
32 | Malaysian ringgit | MYR | RM | 0.2% | 0.2% | ![]() |
33 | Colombian peso | COP | COL$ | 0.2% | 0.2% | ![]() |
34 | Russian ruble | RUB | ₽ | 1.1% | 0.2% | ![]() |
35 | Romanian leu | RON | L | 0.1% | 0.1% | ![]() |
36 | Peruvian sol | PEN | S/ | 0.1% | 0.1% | ![]() |
37 | Bahraini dinar | BHD | .د.ب | 0.0% | 0.0% | ![]() |
38 | Bulgarian lev | BGN | BGN | 0.0% | 0.0% | ![]() |
39 | Argentine peso | ARS | ARG$ | 0.1% | 0.0% | ![]() |
… | Other | 1.8% | 2.3% | ![]() | ||
Total[f] | 200.0% | 200.0% |
International reserve currency
[edit]Thespecial drawing rights(SDR) valuation is an IMF basket of the world's major reserve currencies, including the Japanese yen. Its share of 8.33% as of 2016 has declined from 18% as of 2000.[75]
The percental composition of currencies of official foreignexchange reservesfrom 1995 to 2022.[76][77][78]
![]() | Graphs are unavailable due to technical issues. There is more info onPhabricatorand onMediaWiki.org. |
Historical exchange rate
[edit]Before the war commenced, the yen traded on an average of 3.6 yen to the dollar. After the war the yen went as low as 600 yen per USD in 1947, as a result of currency overprinting in order to fund the war, and afterwards to fund the reconstruction.
When MacArthur and the US forces entered Japan in 1945, they decreed an official conversion rate of 15 yen to the USD. Within 1945–1946: the rate tanked to 50 yen to the USD because of the ongoing inflation. During the first half of 1946, the rate fluctuated to 66 yen to the USD and eventually plummeting to 600 yen to the dollar by 1947 because of the failure of the economic remedies. Eventually, the peg was officially moved to 270 yen to the dollar in 1948 before being adjusted again from 1949 to 1971 to 360 yen to the dollar.
Beginning in 2022 the yen/dollar rate has become increasingly weaker with each passing month. By July 2024, the price fell to upper ¥161 per $1, marking the lowest exchange rate for the yen in 37.5 years on a nominal effective exchange rate[79]and the lowest real effective exchange rate since the start of statistics by theBank of Japanin 1970.[80][81][82][83]One of the main reasons behind this fall was the US moving towards higher interest rates, while Japan remained "ultra-low". Other factors include the strength of the US economy and its labor market, while Japan continues to lag behind its peers to bring its economy back to its pre-pandemic size. Japan's trade balance staying in the red is also likely feeding into the weaker yen.[8][84][85]Interviewed byAsahi Shimbun Digitalin September 2022, Izuru Kato, chief economist at Totan Research, expressed concern about the sharp fall in its value since 2022.[9]and Moneypost reported that the exchange rate instability had made it impossible to exchange the currency for Japanese yen at some exchange offices.[86]With the rate returning to ¥150 in November 2023, concern deepened as Nikkei sources expected the yen to depreciate further in the future.[87]The Economist(London) expressed concern over the performance of the Bank of Japan, suggested that a systemic risk is posed to the world financial system.[10]Other reports of a weakening of the Japanese yen include theNoto Peninsula earthquake in January 2024,where previous earthquakes had seen a temporary appreciation of the yen against the US dollar, but this earthquake reversed the trend and weakened the yen against the US dollar.[88] Goldman Sachsexpects the Japanese yen to remain very weak in the coming months.[89]
Average spot rates v USD
[edit]The table below shows the monthly average of theU.S. dollar–yenspot rate(JPY per USD) at 17:00 JST:[90][91]
Year | Month | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | |
1949–1971 | 360 | |||||||||||
1972 | 308 | |||||||||||
1973 | 301.15 | 270.00 | 265.83 | 265.50 | 264.95 | 265.30 | 263.45 | 265.30 | 265.70 | 266.68 | 279.00 | 280.00 |
1974 | 299.00 | 287.60 | 276.00 | 279.75 | 281.90 | 284.10 | 297.80 | 302.70 | 298.50 | 299.85 | 300.10 | 300.95 |
1975 | 297.85 | 286.60 | 293.80 | 293.30 | 291.35 | 296.35 | 297.35 | 297.90 | 302.70 | 301.80 | 303.00 | 305.15 |
1976 | 303.70 | 302.25 | 299.70 | 299.40 | 299.95 | 297.40 | 293.40 | 288.76 | 287.30 | 293.70 | 296.45 | 293.00 |
1977 | 288.25 | 283.25 | 277.30 | 277.50 | 277.30 | 266.50 | 266.30 | 267.43 | 264.50 | 250.65 | 244.20 | 240.00 |
1978 | 241.74 | 238.83 | 223.40 | 223.90 | 223.15 | 204.50 | 190.80 | 190.00 | 189.15 | 176.05 | 197.80 | 195.10 |
1979 | 201.40 | 202.35 | 209.30 | 219.15 | 219.70 | 217.00 | 216.90 | 220.05 | 223.45 | 237.80 | 249.50 | 239.90 |
1980 | 237.73 | 244.07 | 248.61 | 251.45 | 228.06 | 218.11 | 220.91 | 224.34 | 214.95 | 209.21 | 212.99 | 209.79 |
1981 | 202.19 | 205.76 | 208.84 | 215.07 | 220.78 | 224.21 | 232.11 | 233.62 | 229.83 | 231.40 | 223.76 | 219.02 |
1982 | 224.55 | 235.25 | 240.64 | 244.90 | 236.97 | 251.11 | 255.10 | 258.67 | 262.74 | 271.33 | 265.02 | 242.49 |
1983 | 232.90 | 236.27 | 237.92 | 237.70 | 234.78 | 240.06 | 240.49 | 244.36 | 242.71 | 233.00 | 235.25 | 234.34 |
1984 | 233.95 | 233.67 | 225.52 | 224.95 | 230.67 | 233.29 | 242.72 | 242.24 | 245.19 | 246.89 | 243.29 | 247.96 |
1985 | 254.11 | 260.34 | 258.43 | 251.67 | 251.57 | 248.95 | 241.70 | 237.20 | 236.91 | 214.84 | 203.85 | 202.75 |
1986 | 200.05 | 184.62 | 178.83 | 175.56 | 166.89 | 167.82 | 158.65 | 154.11 | 154.78 | 156.04 | 162.72 | 162.13 |
1987 | 154.48 | 153.49 | 151.56 | 142.96 | 140.47 | 144.52 | 150.20 | 147.57 | 143.03 | 143.48 | 135.25 | 128.25 |
1988 | 127.44 | 129.26 | 127.23 | 124.88 | 124.74 | 127.20 | 133.10 | 133.63 | 134.45 | 128.85 | 123.16 | 123.63 |
1989 | 127.24 | 127.77 | 130.35 | 132.01 | 138.40 | 143.92 | 140.63 | 141.20 | 145.06 | 141.99 | 143.55 | 143.62 |
1990 | 145.09 | 145.54 | 153.19 | 158.50 | 153.52 | 153.78 | 149.23 | 147.46 | 138.96 | 129.73 | 129.01 | 133.72 |
1991 | 133.65 | 130.44 | 137.09 | 137.15 | 138.02 | 139.83 | 137.98 | 136.85 | 134.59 | 130.81 | 129.64 | 128.07 |
1992 | 125.05 | 127.53 | 132.75 | 133.59 | 130.55 | 126.90 | 125.66 | 126.34 | 122.72 | 121.14 | 123.84 | 123.98 |
1993 | 125.02 | 120.97 | 117.02 | 112.37 | 110.23 | 107.29 | 107.77 | 103.72 | 105.27 | 106.94 | 107.81 | 109.72 |
1994 | 111.49 | 106.14 | 105.12 | 103.48 | 104.00 | 102.69 | 98.54 | 99.86 | 98.79 | 98.40 | 98.00 | 100.17 |
1995 | 99.79 | 98.23 | 90.77 | 83.53 | 85.21 | 84.54 | 87.24 | 94.56 | 100.31 | 100.68 | 101.89 | 101.86 |
1996 | 105.81 | 105.70 | 105.85 | 107.40 | 106.49 | 108.82 | 109.25 | 107.84 | 109.76 | 112.30 | 112.27 | 113.74 |
1997 | 118.18 | 123.01 | 122.66 | 125.47 | 118.91 | 114.31 | 115.10 | 117.89 | 120.74 | 121.13 | 125.35 | 129.52 |
1998 | 129.45 | 125.85 | 128.83 | 131.81 | 135.08 | 140.35 | 140.66 | 144.76 | 134.50 | 121.33 | 120.61 | 117.40 |
1999 | 113.14 | 116.73 | 119.71 | 119.66 | 122.14 | 120.81 | 119.76 | 113.30 | 107.45 | 106.00 | 104.83 | 102.61 |
2000 | 105.21 | 109.34 | 106.62 | 105.35 | 108.13 | 106.13 | 107.90 | 108.02 | 106.75 | 108.34 | 108.87 | 112.21 |
2001 | 117.10 | 116.10 | 121.21 | 123.77 | 121.83 | 122.19 | 124.63 | 121.53 | 118.91 | 121.32 | 122.33 | 127.32 |
2002 | 132.66 | 133.53 | 131.15 | 131.01 | 126.39 | 123.44 | 118.08 | 119.03 | 120.49 | 123.88 | 121.54 | 122.17 |
2003 | 118.67 | 119.29 | 118.49 | 119.82 | 117.26 | 118.27 | 118.65 | 118.81 | 115.09 | 109.58 | 109.18 | 107.87 |
2004 | 106.39 | 106.54 | 108.57 | 107.31 | 112.27 | 109.45 | 109.34 | 110.41 | 110.05 | 108.90 | 104.86 | 103.82 |
2005 | 103.27 | 104.84 | 105.30 | 107.35 | 106.94 | 108.62 | 111.94 | 110.65 | 111.03 | 114.84 | 118.45 | 118.60 |
2006 | 115.33 | 117.81 | 117.31 | 117.13 | 111.53 | 114.57 | 115.59 | 115.86 | 117.02 | 118.59 | 117.33 | 117.26 |
2007 | 120.59 | 120.49 | 117.29 | 118.81 | 120.77 | 122.64 | 121.56 | 116.74 | 115.01 | 115.77 | 111.24 | 112.28 |
2008 | 107.60 | 107.18 | 100.83 | 102.41 | 104.11 | 106.86 | 106.76 | 109.24 | 106.71 | 100.20 | 96.89 | 91.21 |
2009 | 90.35 | 92.53 | 97.83 | 98.92 | 96.43 | 96.58 | 94.49 | 94.90 | 91.40 | 90.28 | 89.11 | 89.52 |
2010 | 91.26 | 90.28 | 90.56 | 93.43 | 91.79 | 90.89 | 87.67 | 85.44 | 84.31 | 81.80 | 82.43 | 83.38 |
2011 | 82.63 | 82.52 | 81.82 | 83.34 | 81.23 | 80.49 | 79.44 | 77.09 | 76.78 | 76.72 | 77.50 | 77.81 |
2012 | 76.94 | 78.47 | 82.37 | 81.42 | 79.70 | 79.27 | 78.96 | 78.68 | 78.17 | 78.97 | 80.92 | 83.60 |
2013 | 89.15 | 93.07 | 94.73 | 97.74 | 101.01 | 97.52 | 99.66 | 97.83 | 99.30 | 97.73 | 100.04 | 103.42 |
2014 | 103.94 | 102.02 | 102.30 | 102.54 | 101.78 | 102.05 | 101.73 | 102.95 | 107.16 | 108.03 | 116.24 | 119.29 |
2015 | 118.25 | 118.59 | 120.37 | 119.57 | 120.82 | 123.7 | 123.31 | 123.17 | 120.13 | 119.99 | 122.58 | 121.78 |
2016 | 118.18 | 115.01 | 113.05 | 109.72 | 109.24 | 105.44 | 103.97 | 101.28 | 101.99 | 103.81 | 108.33 | 116.01 |
2017 | 114.69 | 113.13 | 113.02 | 110.08 | 112.24 | 110.89 | 112.50 | 109.90 | 110.67 | 112.94 | 112.89 | 112.96 |
2018 | 110.74 | 107.90 | 106.01 | 107.49 | 109.74 | 110.02 | 111.41 | 111.06 | 111.91 | 112.81 | 113.36 | 112.38 |
2019 | 108.97 | 110.36 | 111.22 | 111.63 | 109.76 | 108.07 | 108.23 | 106.34 | 107.40 | 108.12 | 108.88 | 109.18 |
2020 | 109.38 | 109.96 | 107.67 | 107.83 | 107.23 | 107.64 | 106.76 | 106.00 | 105.61 | 105.21 | 104.30 | 103.75 |
2021 | 103.79 | 105.44 | 108.81 | 109.10 | 109.17 | 110.12 | 110.26 | 109.85 | 110.15 | 113.14 | 113.99 | 113.84 |
2022 | 114.84 | 115.24 | 118.67 | 126.31 | 128.82 | 134.10 | 136.39 | 135.28 | 143.09 | 147.16 | 142.17 | 134.85 |
2023 | 130.28 | 132.69 | 133.86 | 133.40 | 137.39 | 141.33 | 141.20 | 144.73 | 147.65 | 149.59 | 149.88 | 144.09 |
2024 | 146.59 | 149.41 | 149.70 | 153.57 | 156.21 | 157.90 | 157.86 | |||||
Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
Month |
Average monthly real effective exchange rate
[edit]The table below shows monthly averages ofreal effective exchange rates.A higher figure indicates a stronger yen, while a lower figure indicates a weaker yen with the value of 100 being the 2020 average. Data from 1970 onwards are presented in the Broad range, while data from 1969 and earlier are presented in the Narrow range.:[92][93]
Year | Month | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | |
1964 | 56.84 | 56.41 | 56.40 | 56.94 | 60.09 | 59.97 | 59.93 | 60.40 | 60.92 | 61.63 | 61.27 | 61.52 |
1965 | 62.61 | 62.12 | 62.28 | 63.00 | 62.54 | 62.28 | 61.91 | 62.02 | 62.89 | 63.51 | 63.10 | 63.18 |
1966 | 63.69 | 63.76 | 63.49 | 64.06 | 63.35 | 63.05 | 63.11 | 62.41 | 63.16 | 63.30 | 62.62 | 63.26 |
1967 | 63.71 | 63.74 | 63.88 | 63.89 | 62.98 | 62.56 | 62.36 | 62.51 | 63.41 | 64.36 | 64.17 | 65.34 |
1968 | 65.59 | 65.66 | 65.49 | 65.35 | 65.24 | 64.61 | 64.60 | 64.92 | 66.52 | 66.30 | 66.44 | 66.00 |
1969 | 66.01 | 65.74 | 66.05 | 66.16 | 66.24 | 65.95 | 66.34 | 66.85 | 67.54 | 66.65 | 66.60 | 66.80 |
1970 | 75.02 | 74.58 | 74.86 | 74.93 | 74.41 | 74.28 | 73.79 | 73.45 | 74.15 | 75.03 | 74.89 | 74.97 |
1971 | 74.89 | 74.71 | 74.65 | 75.43 | 75.29 | 75.25 | 75.52 | 75.14 | 80.37 | 81.83 | 81.50 | 82.60 |
1972 | 83.65 | 85.23 | 86.25 | 86.88 | 86.52 | 86.83 | 87.18 | 87.21 | 87.44 | 88.13 | 87.95 | 88.22 |
1973 | 88.43 | 93.68 | 99.43 | 99.33 | 99.69 | 97.63 | 96.06 | 96.44 | 98.40 | 96.87 | 94.10 | 96.67 |
1974 | 94.83 | 96.83 | 98.09 | 100.51 | 98.97 | 98.17 | 96.24 | 93.02 | 94.59 | 95.45 | 94.32 | 94.31 |
1975 | 94.07 | 95.36 | 96.45 | 96.57 | 96.16 | 94.88 | 95.39 | 95.41 | 96.77 | 96.54 | 95.61 | 94.70 |
1976 | 96.02 | 97.17 | 98.03 | 100.70 | 100.62 | 100.61 | 102.21 | 102.09 | 105.77 | 104.53 | 102.72 | 103.28 |
1977 | 104.31 | 106.33 | 107.79 | 110.47 | 109.90 | 110.34 | 112.03 | 110.70 | 112.16 | 117.24 | 119.79 | 119.61 |
1978 | 117.86 | 117.68 | 121.74 | 128.01 | 126.35 | 130.89 | 138.18 | 144.39 | 143.49 | 145.01 | 138.74 | 134.75 |
1979 | 132.12 | 128.56 | 124.63 | 119.48 | 118.54 | 116.75 | 116.01 | 113.13 | 110.68 | 107.59 | 100.07 | 100.74 |
1980 | 101.44 | 98.70 | 98.22 | 98.82 | 106.14 | 109.72 | 107.31 | 105.42 | 110.53 | 113.48 | 112.34 | 113.93 |
1981 | 118.07 | 117.44 | 115.05 | 112.89 | 112.33 | 111.26 | 107.35 | 106.89 | 107.79 | 105.70 | 108.10 | 110.60 |
1982 | 107.74 | 103.82 | 102.40 | 102.07 | 103.56 | 98.88 | 97.17 | 96.67 | 96.62 | 94.31 | 96.37 | 103.85 |
1983 | 107.56 | 105.95 | 106.12 | 106.47 | 108.31 | 106.33 | 105.83 | 104.67 | 106.28 | 110.38 | 109.37 | 110.31 |
1984 | 111.25 | 110.07 | 112.50 | 113.19 | 112.37 | 110.11 | 107.66 | 106.84 | 108.62 | 109.03 | 109.05 | 108.73 |
1985 | 107.09 | 105.28 | 106.41 | 106.88 | 106.86 | 107.15 | 108.57 | 109.10 | 109.93 | 119.08 | 123.62 | 123.33 |
1986 | 123.96 | 132.45 | 135.48 | 138.53 | 144.34 | 143.03 | 149.58 | 151.97 | 150.87 | 149.01 | 142.55 | 141.60 |
1987 | 143.91 | 143.51 | 144.86 | 152.72 | 153.64 | 149.13 | 142.96 | 144.92 | 148.60 | 147.75 | 152.16 | 157.69 |
1988 | 157.86 | 156.01 | 157.01 | 158.89 | 159.12 | 156.73 | 151.78 | 151.83 | 151.42 | 156.40 | 159.58 | 157.76 |
1989 | 154.20 | 152.76 | 150.37 | 149.97 | 145.10 | 140.27 | 140.84 | 140.20 | 137.70 | 139.34 | 135.86 | 133.87 |
1990 | 130.73 | 129.33 | 123.74 | 119.75 | 122.90 | 122.12 | 123.67 | 122.54 | 130.03 | 138.48 | 138.24 | 133.76 |
1991 | 133.87 | 135.15 | 132.79 | 135.39 | 135.04 | 134.32 | 135.67 | 135.35 | 136.21 | 141.27 | 140.12 | 139.57 |
1992 | 142.41 | 140.21 | 136.24 | 136.13 | 137.56 | 139.94 | 137.51 | 136.29 | 141.26 | 145.52 | 146.06 | 146.09 |
1993 | 145.07 | 151.19 | 155.81 | 160.89 | 163.44 | 169.43 | 171.59 | 178.56 | 173.69 | 170.94 | 169.99 | 166.32 |
1994 | 164.09 | 170.65 | 172.27 | 174.85 | 172.72 | 172.35 | 176.40 | 173.22 | 173.68 | 173.81 | 173.97 | 170.57 |
1995 | 169.61 | 170.38 | 182.00 | 193.97 | 191.35 | 191.26 | 184.04 | 170.97 | 161.88 | 159.48 | 157.46 | 158.02 |
1996 | 151.68 | 150.54 | 150.03 | 148.45 | 150.17 | 146.29 | 145.44 | 146.15 | 143.81 | 141.04 | 139.92 | 138.72 |
1997 | 134.34 | 129.37 | 130.53 | 129.86 | 137.50 | 142.70 | 143.14 | 141.96 | 139.71 | 140.99 | 136.38 | 137.71 |
1998 | 142.75 | 143.57 | 138.72 | 134.02 | 132.12 | 128.71 | 127.33 | 123.75 | 132.15 | 145.16 | 145.03 | 147.76 |
1999 | 152.38 | 148.27 | 146.33 | 146.37 | 143.32 | 144.92 | 145.88 | 153.60 | 163.05 | 163.66 | 165.44 | 168.50 |
2000 | 162.97 | 156.40 | 161.77 | 164.01 | 162.57 | 163.77 | 161.06 | 162.07 | 164.68 | 163.58 | 162.86 | 157.10 |
2001 | 149.26 | 149.77 | 144.39 | 142.62 | 145.00 | 145.25 | 142.37 | 144.10 | 146.64 | 144.34 | 142.90 | 137.43 |
2002 | 131.53 | 129.68 | 132.08 | 131.66 | 134.85 | 136.45 | 140.47 | 140.64 | 138.40 | 134.89 | 136.24 | 134.86 |
2003 | 135.69 | 133.74 | 134.92 | 133.37 | 134.10 | 132.29 | 132.45 | 132.98 | 136.27 | 140.96 | 140.39 | 140.47 |
2004 | 140.04 | 139.10 | 137.38 | 138.32 | 133.74 | 136.69 | 135.74 | 134.57 | 134.77 | 135.60 | 138.13 | 136.97 |
2005 | 137.34 | 133.68 | 132.80 | 130.79 | 132.12 | 130.72 | 127.03 | 126.91 | 126.30 | 122.57 | 119.18 | 118.46 |
2006 | 119.50 | 116.36 | 117.04 | 115.83 | 119.90 | 117.88 | 116.12 | 115.99 | 114.83 | 113.28 | 112.68 | 111.18 |
2007 | 108.22 | 106.54 | 109.24 | 106.57 | 104.47 | 102.38 | 101.65 | 106.90 | 107.27 | 104.61 | 107.50 | 106.21 |
2008 | 109.12 | 107.79 | 113.15 | 109.93 | 109.18 | 106.31 | 105.42 | 105.52 | 110.51 | 122.97 | 129.91 | 137.00 |
2009 | 137.51 | 136.05 | 128.82 | 125.28 | 124.95 | 123.55 | 125.77 | 124.36 | 127.70 | 127.10 | 127.82 | 126.84 |
2010 | 124.50 | 126.81 | 125.81 | 121.10 | 125.49 | 128.28 | 130.53 | 132.58 | 132.64 | 133.64 | 131.82 | 130.63 |
2011 | 129.83 | 128.13 | 128.53 | 123.86 | 126.80 | 127.55 | 128.54 | 132.20 | 134.77 | 135.86 | 133.74 | 133.98 |
2012 | 134.95 | 130.59 | 124.53 | 126.39 | 130.18 | 131.89 | 131.84 | 131.32 | 130.30 | 128.09 | 124.56 | 119.56 |
2013 | 111.68 | 106.05 | 105.13 | 101.81 | 98.91 | 103.09 | 101.16 | 103.03 | 101.21 | 101.77 | 99.96 | 96.51 |
2014 | 96.11 | 97.68 | 97.53 | 99.23 | 100.09 | 99.82 | 99.99 | 99.17 | 95.94 | 95.80 | 89.64 | 88.47 |
2015 | 90.59 | 90.25 | 90.07 | 90.44 | 89.14 | 87.04 | 87.96 | 89.50 | 92.39 | 91.85 | 90.64 | 91.80 |
2016 | 95.47 | 97.04 | 97.57 | 99.57 | 101.09 | 104.48 | 106.10 | 108.28 | 107.59 | 106.96 | 104.06 | 97.80 |
2017 | 97.79 | 98.46 | 98.36 | 100.78 | 98.38 | 98.62 | 96.40 | 97.59 | 95.93 | 94.74 | 94.94 | 94.36 |
2018 | 94.12 | 95.30 | 97.00 | 95.54 | 95.37 | 95.93 | 96.18 | 97.85 | 96.78 | 96.78 | 96.62 | 97.10 |
2019 | 99.20 | 96.92 | 96.21 | 96.00 | 98.51 | 99.79 | 99.33 | 102.87 | 101.64 | 100.47 | 99.19 | 98.56 |
2020 | 97.49 | 97.35 | 101.60 | 102.99 | 103.42 | 100.94 | 100.76 | 100.24 | 99.75 | 99.35 | 98.68 | 97.44 |
2021 | 97.05 | 95.02 | 93.12 | 91.83 | 91.04 | 90.25 | 91.11 | 91.44 | 91.15 | 88.25 | 87.59 | 87.75 |
2022 | 86.66 | 85.89 | 83.97 | 79.30 | 79.44 | 75.97 | 75.70 | 77.01 | 74.55 | 73.71 | 75.20 | 77.67 |
2023 | 78.95 | 77.16 | 77.49 | 77.54 | 76.04 | 74.34 | 74.37 | 73.08 | 72.33 | 72.50 | 71.44 | 73.40 |
2024 | 72.58 | 70.72 | 70.81 | 69.87 | 68.90 | 68.37 | 68.34 | |||||
Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
Month |
Current JPY exchange rates | |
---|---|
FromGoogle Finance: | AUDCADCHFCNYEURGBPHKDUSDKRWEURUSD |
FromYahoo! Finance: | AUDCADCHFCNYEURGBPHKDUSDKRWEURUSD |
FromXE: | AUDCADCHFCNYEURGBPHKDUSDKRWEURUSD |
From OANDA: | AUDCADCHFCNYEURGBPHKDUSDKRWEURUSD |
See also
[edit]- Japan Mint
- Japanese military currency
- Economy of Japan
- Capital flows in Japan
- Monetary and fiscal policy of Japan
- Balance of payments accounts of Japan (1960–90)
- List of countries by leading trade partners
- List of the largest trading partners of Japan
- Korean Empire won(1902–1910)
Older currency
[edit]Notes
[edit]- ^Nguyên;yuánis not a simplified form ofViên;Viên;yuán,but a completely different character. One of the reasons for replacements is said to be that the previous character had too many strokes.[14]Both characters have the same pronunciation inMandarin,but not in Japanese. In 1695, certain Japanese coins were issued whose surface has the charactergen(Nguyên),but this is an abbreviation of the era nameGenroku(Nguyên lộc).
- ^It is known that in ancient Japanese there were distinct syllables/e//we//je/.From middle of the 10th century,/e/(え) had merged with/je/,and both were pronounced[je],while akanafor/je/had disappeared. Around the 13th century,/we/(ゑ) and/e/ceased to be distinguished (in pronunciation, but not in writing system) and both came to be pronounced[je].[15]
- ^Previously minted pure nickel 50 yen coins dated between 1955 and 1966 are still legal tender.[58]These are rarely seen in circulation due to the price of nickel bullion.[59]
- ^Previously minted 100 yen silver coins dated between 1957 and 1966 are still legal tender.[58]Silver was dropped from the coinage in 1967, which led to coinhoardingand silver smuggling outside of the country for melting.[60]In light of this and their changed design, its unclear if these coins still circulate today.
- ^With a diameter of 15.75 mm and a thickness of 0.3 mm, a one-rin coin is smaller than a moderneuro cent(16.25 mm and 1.67 mm respectively).
- ^The total sum is 200% because each currency trade is counted twice: once for the currency being bought and once for the one being sold. The percentages above represent the proportion of all trades involving a given currency, regardless of which side of the transaction it is on. For example, the US dollar is bought or sold in 88% of all currency trades, while the euro is bought or sold in 31% of all trades.
References
[edit]Citations
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- ^"( thời thời khắc khắc ) khẩu trước tham gia, mỏng れた hiệu quả 1カ nguyệt 4 yên rơi xuống “Thị trường に thấy thấu かされ”: Mặt trời mới mọc tin tức デジタル "[(Time and Time) Lip service, faded effect, 4 yen drop in one month 'The market saw through'].Asahi Shimbun Digital(in Japanese). April 26, 2024.RetrievedApril 28,2024.
- ^"こ の ままでは Nhật Bản の vân thống xí nghiệp が hải ngoại に mua われていく… Yên an が ngăn まらない Nhật Bản を đãi ち chịu ける" nhất ác の シナリオ "Chính phủ は yên an chính sách を ý đồ に tiến めているように thấy える"[If things continue like this, traditional Japanese companies will be bought out by foreign companies...The 'worst case scenario' awaits Japan as the yen continues to depreciate.The government appears to be intentionally pursuing a policy of depreciating the yen.].PRESIDENT Online ( プレジデントオンライン )(in Japanese). May 9, 2024.RetrievedMay 13,2024.
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Sources
[edit]This article incorporates text from this source, which is in thepublic domain.Japan: A Country Study.Federal Research Division.
Further reading
[edit]- Medhurst, Walter(1830).An English and Japanese, and Japanese and English Vocabulary: Compiled from Native Works.Batavia, Dutch East Indies.OCLC5452087.OL23422004M.
- Hepburn, James Curtis(1867).A Japanese and English Dictionary.Shanghai: American Presbyterian Mission Press.OCLC32634467.OL13132016W.
- Siyun-sai Rin-siyo;Hayashi Gahō(1834) [1652].Nipon o daï itsi ran: ou, Annales des empereurs du Japon.Translated byTitsingh, Isaac;Klaproth, Julius von. Paris:Oriental Translation Society of Great Britain and Ireland.OCLC5850691.
External links
[edit]![](https://upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/30px-Commons-logo.svg.png)
- Japanese currency FAQinCurrency Museum, Bank of Japan
- Bank of Japan Notes and Coins Currently Issued-Bank of Japan
- Catalog of the coins of Japan(Numista)
- Chart: US dollar in yen) (in German)
- Chart: 100 yen in euros(in German)
- Historical Currency ConverterEstimates the historical value of the yen into other currencies
- Historical and current banknotes of Japan(in English and German)
Preceded by: Japanese mon |
Currency of Japan 1870 – |
Succeeded by: Current |