Japanese yen
Worldwide use:
- Japan
Description:
The Japanese Yen (pronounced "en" in Japanese) is the official currency of Japan. In use since 1871, the currency is the third most traded currency in the world. The currency's coins include denominations of ¥1, ¥5, ¥10, ¥50, ¥100 and ¥500 and banknotes are available in ¥1000, ¥2000, ¥5000 and ¥10000. One Yen is equal to 100 Sen and 1000 Rin. To protect users from counterfeit banknotes, Japanese authorities take great care to ensure all banknotes are kept clean and undamaged by examining all notes that are returned to the bank and replacing and destroying any that are not of a particular standard. The ¥5 and ¥50 coins feature a hole in the center.
Yen means "round" in Japanese. The ¥2000 banknotes are rarely used today and are not always accepted as payment or issued by ATM machines. ¥5000 and ¥1000 banknotes are the most used denomination and so tend to be in circulation for about 1-2 years whereas ¥10000 notes can be used for 4-5 years before being replaced by the Bank of Japan.
Origin:
The currency of Japan originated in the year 708 when silver and copper coins called Wado Kaichin were produced upon the orders of the Empress. However, following the debasement of the Japanese system, Chinese coinage became used as the standard currency of Japan between the 12th and 17th centuries. The growth of the economy in the 16th century led to the development of the Tokugawa currency in 1601 and coinage in bronze, silver and gold. The Yen was a replacement for the Tokugawa currency. The Yen was introduced in 1871 when the Meiji government signed the official New Currency Act on 10 May and the new currency adopted a decimal system with one Yen equal to 100 Sen and 1000 Rin. The Yen was made out of 0.78 troy ounces (24.26 grams) of pure silver or from 1.5 grams of pure gold. Yen banknotes were not introduced until two years after the coins went into circulation. Following the Second World War, Japan introduced the New Yen in 1946. American occupation forces used their own parallel system until 1958 cal
Component units:
- Sen (100)
- Rin (1000)
Date introduced:
- 10 May 1871
Central bank:
- Bank of Japan
Printer:
- National Printing Bureau
Mint:
- Japan Mint