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Japanese 10 yen coin (obverse) showing Phoenix Hall of Byodoin

Yen is the currency used in Japan. It is also widely used as a reserve currency after the United States Dollar and Euro. In Japanese it is usually pronounced "en", but the pronunciation "yen" is standard in English. The ISO 4217 codes for the yen are JPY and 392. The Latinised symbol is ¥, while in Japanese it is written with the kanji 円.

History

The yen was introduced by the Meiji government in 1872 as a system resembling those in Europe; yen replaced the overly complex monetary system of the Edo period. The New Currency Act of 1871 stipulated the adoption of the decimal accounting system of yen (1, 圓), sen (1/100, 錢), and rin (1/1000, 厘), with the coins being round and cast as in the West. (The sen and the rin were eventually taken out of circulation in 1954.) While not a unit of official currency, for large quantities of yen the abbreviaton man (which means "ten thousand") is used, in the same way as values in the United States are often quoted or rounded off to thousands (given the yen's smaller value, it is much more common). The yen was legally defined as 0.8667 troy ounces (26.956 g) of silver. The Act also moved Japan onto the Gold Standard.

The yen was pegged at 1 US dollar = ¥360 from April 25, 1949, to until 1971 when the Bretton Woods system collapsed and the value of the Yen began to float. As of August 2005, there are about ¥110 to the US dollar, about ¥135 to the Euro, and about ¥199 to the pound sterling. After the Plaza Accord of 1985, the yen appreciated against the dollar. Japan has become so used to the appreciation, it has coined the term endaka, or appreciation of the yen, and has employed the Bank of Japan to intervene to reduce its value, a tactic recently copied by much the rest of the Far East.

The yen was originally written in the same way in Kanji as the yuan (圓 pinyin yuán), the Chinese unit for currency. Modern Japanese writings now use a character (円) which is different from the one commonly used (as shorthand) in Chinese (元). The Latinized symbol for the Yen however, is identical to the one for the Renminbi, although the PRC tends to use one crossbar instead of two.

Yen literally means a "round object" in Japanese, as it does in Chinese.

The spelling and pronunciation with the letter y are based on romanization of an obsolete writing of the word. The same combination occurs in words such as Uyeda, Yebisu, Iyeyasu and Inouye. Like the spellings of names of people outside Japan, the romanization of yen has become a permanent feature.

Denominations

Coins

The 5-yen and 50-yen coins are holed. The date is on the reverse of all coins, and, in most cases, the name Nihonkoku (Japan) is also on the reverse, except for the 1- and 5-yen where it is on the obverse. The obverse of all coins contains the value in kanji.

The first 1-yen coin (excluding early silver coins) was introduced in 1955, the first 5-yen coin (excluding early gold coins) in 1948, and originally had no hole. The first 10-yen was introduced in 1951, the first 50-yen in 1955 (with no hole), the first 100-yen in 1957 (originally made out of silver). The 500-yen coin was introduced in 1982 3.

500 yen coins are probably the highest valued coins to be used regularly in the world (US$4.77, €3.59, £2.49). The United States's largest-valued commonly-used coin (25¢) is worth 26 yen; the Eurozone's largest (€2) is worth ¥279, and the United Kingdom's largest (£2) is worth ¥402 (as of March 2005). The highest valued bill, the 10,000 yen bill, is worth just a little bit less than the U.S. $100 bill, the highest denomination of currently circulating U.S. currency.

On various occasions, commemorative coins are minted using gold and silver with various face values, up to 100,000 yen 4. Even though they can be used, they are treated as collectibles.

Banknotes

The first 1,000 yen bill was introduced January 7, 1950, the first 5,000 yen October 1, 1957, and the first 10,000 yen December 1, 1958.

The 5- and 10-yen banknotes were discontinued on April 1, 1955, the 1- and 50-yen banknotes on April 1, 1958, the 100-yen banknote on August 1, 1974, and the 500-yen banknote on April 1, 1994 6

Exchange rates over time

The table below shows the number of yen per U.S. dollar.

The table below shows the number of yen per Pound Sterling (rounded to the nearest yen).

See also

• Japanese Military Yen

External links

• Japanese currency FAQ in Currency Museum, Bank of Japan
• Chart: US-Dollar in Yen
• Chart: 100 Yen in Euro
• Banknotes of Japan

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