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Posted on July 23, 2020 By Robert Payne

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"Yen" redirects here. For other uses, see Yen (disambiguation).

Japanese yen
日本円 (Japanese)
Bi-metallic ¥500 coin (obverse)Series F ¥10,000 banknote
ISO 4217
CodeJPY (numeric: 392)
Unit
UnitYen
PluralThe language(s) of this currency do(es) not have a morphological plural distinction.
Symbol¥‎
Denominations
Subunit
 1None (since 1953)
 1⁄100Sen (銭) (before 1953)
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 bankBank of Japan
 Websiteboj.or.jp
PrinterNational Printing Bureau
 Websitenpb.go.jp
MintJapan Mint
 Websitemint.go.jp
Valuation
Inflation2.5% (September 2024)
 SourceStatistics Bureau of Japan[1]
USD/JPY exchange rate 1971–2023

The yen (Japanese: 円, symbol: ¥; code: JPY) 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.[2] It is also widely used as a third reserve currency after 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 100 sen or 1,000 rin. The yen replaced the previous Tokugawa coinage as well as the various hansatsu paper currencies issued by feudal han (fiefs). The Bank of Japan was founded in 1882 and given a monopoly on controlling the money supply.[3]

Following World War II, the yen lost much of its pre-war value. To stabilize the Japanese economy, the exchange rate of the yen was fixed at ¥360 per US$ as part of the Bretton 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 the 1973 oil crisis, arriving at a value of ¥227 per US$ by 1980.

Since 1973, the government of Japan has maintained a policy of currency intervention, so the yen is under a managed float regime. The Japanese government focused on a competitive export market, and tried to ensure a low exchange rate for the yen through a trade surplus. The Plaza Accord of 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 2020 to first half 2024, the yen depreciated against the dollar by about 60%,[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, including Modec, 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 its purchasing power attractive for travellers, particularly those from foreign nations.[12][13]

Pronunciation and etymology

The name, "Yen", derives from the Japanese word 圓 (en, [eɴ]; "round"), which borrows its phonetic reading from Chinese yuan, similar to North Korean won and South Korean won. Originally, the Chinese had traded silver in mass called sycees, and when Spanish and Mexican silver coins arrived from the Philippines, the Chinese called them "silver rounds" (Chinese: 銀圓; pinyin: yínyuán) for their circular shapes.[14] The coins and the name also appeared in Japan. While the Chinese eventually replaced 圆; 圓 with 元,[a] the Japanese continued to use the same word, which was given the shinjitai form 円 in 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 his An 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 his A Japanese and English dictionary (1867); in Japanese, e and i are 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

Further information: Japanese currency

Early history (1868–1876)

5 yen coin from 1870 (year 3)
50 sen coin from 1870 (year 3)

Although the Edo Shogunate collapsed with the Meiji Restoration and 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 Meiji responded to this by appointing Ōkuma Shigenobu as head of Japan's monetary reform program. He worked with Inoue Kaoru, Itō Hirobumi, and Shibusawa Eiichi to 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 (両), bu (分) and shu (朱), be unified into yen (円), which was accepted by the government.[21] Other rejected proposals included physical weight units of "Fun" and "Momme" which never made it past the pattern 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 the San Francisco Mint.[25] During this time a new mint was being established at Osaka, 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 the Meiji government officially 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 of yen (1, 圓), sen (1⁄100, 錢), and rin (1⁄1000, 厘). 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 as Meiji Tsuho notes by Italian engraver Edoardo Chiossone.[32] These were released as fiat currency in 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 the United States which issued national bank notes.

Satsuma Rebellion and aftermath (1877–1887)

Massive inflation from the Satsuma Rebellion in 1877 caused a glut of non-redeemable fiat currency notes. The issuance of national fiat banknotes was ultimately suspended in 1880 by then prime minister Matsukata Masayoshi.[33][34] New policies were put into place which included the establishment of a centralized banking system.[35][34] The Bank of Japan hence 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] The National Bank Act was 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 a gold 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

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 government fixed the value of the yen at ¥360 per USD through a United States plan, which was part of the Bretton Woods system, to stabilize prices in the Japanese 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 to floating exchange rates in 1973.[citation needed]

Yen and major currencies float

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 the current account balance, which had risen from the deficits of the early 1960s, to a then-large surplus of 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 the Smithsonian 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 to float.

Yen adoption in Okinawa

After World War II the United States-administered Okinawa issued a higher-valued currency called the B yen from 1946 to 1958, which was then replaced by the U.S. dollar at the rate of $1 = 120 B yen. Upon the reversion of Okinawa to 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

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 the 1973 oil crisis was felt (this was retroactively called endaka, although the term was only coined in 1985). The increased costs of imported oil caused 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 the second oil shock in 1979, with the yen dropping to ¥227 per US$ by 1980.[47]

Yen in the early 1980s

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 to deregulate the international flow of capital, 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

JPY nominal and real effective exchange rates (2005 = 100)

In 1985, a dramatic change began. Finance officials from major nations signed an agreement (the Plaza 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

The yen declined during the Japanese asset price bubble and 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 the carry trade of investors borrowing yen and investing in better-paying currencies (thus further pushing down the yen) estimated to be as large as $1 trillion.[49] In February 2007, The Economist estimated 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

Comparison of the GNP-weighted nominal exchange rates: CHF and JPY versus CNY, EUR, USD, and GBP

However, this trend of depreciation reversed after the global economic crisis of 2008. Other major currencies, except the Swiss 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

Further information: Carry trade

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 domestic deflation) has created a yield differential with other countries—notably the US—that have high interest rates (to tackle domestic inflation), 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

Numerous proposals have been made since the 1990s to redenominate the 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

The Japan Mint has issued legal tender coins from 1871 to the present.

Currently circulating coinage

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) 		Reeded helically 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 the coin specification table.

The obverse side of all coins shows the coin's value in kanji characters as well as the country name (through 1945, Dai Nippon (大日本, "Great Japan"); after 1945, Nippon-koku (日本国, "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 in Gregorian calendar years, but instead in the regnal year of the current emperor's reign, with the first year of an era called gannen (元年). Imperial portraits have never appeared on Japanese coins, as the image of the emperor remains sacred.[61]

Examples
For formerly minted coins with a denomination of yen, see 2 yen coin and 20 yen coin.
Early 1-yen coin from 1901 (Meiji year 34), 26.96 grams of 90% fine silver
20 yen coin from 1870 (Meiji year 3)

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 5 Swiss 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.[63][64] Because of its high face 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 third bi-metallic 500 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
Reeded edge ¥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 ¥1,000 Summer Olympic coins issued for the 1964 games. The largest issuance by denomination and total face value were 10 million gold coins of ¥100,000 denomination for the 60th anniversary of reign of the Shōwa Emperor in 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

Sen

50 sen coin from 1870 (year 3 of Meiji)
Main articles: Half sen coin, 1 sen coin, 2 sen coin, 5 sen coin, 10 sen coin, 20 sen coin, and 50 sen coin

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, when Cupronickel 5 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 the Second 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

Main articles: 1 rin coin and 5 rin coin
One rin coin from 1873 (year 6 of Meiji)

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 with mon coins 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 valued half sen coin which had been previously minted until 1888. The decision to bring back an equally valued coin was in response to rising inflation caused by World War I which 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

Main article: Banknotes of the Japanese yen
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 (from Thirty-six Views of Mount Fuji series by Hokusai) 3 July 2024
¥5000 156 × 76 mm Purple Umeko Tsuda Wisteria flowers
¥10,000 160 × 76 mm Brown Shibusawa Eiichi Tokyo Station (Marunouchi side)
Series E
¥1000 150 × 76 mm Blue Hideyo Noguchi Mount Fuji, Lake Motosu and cherry blossoms 1 November 2004 2025 - 2027
¥5000 156 × 76 mm Purple Ichiyō Higuchi Kakitsubata-zu (Painting of irises, a work by Ogata Kōrin)
¥10,000 160 × 76 mm Brown Fukuzawa Yukichi Statue of hōō (phoenix) from Byōdō-in Temple
Series D
¥2000 154 × 76 mm Green Shureimon The Tale of Genji and portrait of Murasaki 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 during World War II, various bodies issued banknotes in yen, such as the Ministry of Finance and the Imperial Japanese National Bank. The Allied forces also issued some notes shortly after the war. Since then, the Bank of Japan has 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 by cash in 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 the Meiji period and 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 Minister Tarō Asō.[71] The ¥1000 bill features Kitasato Shibasaburō and The Great Wave off Kanagawa, the ¥5000 bill features Tsuda Umeko and Wisteria flowers, and the ¥10,000 bill features Shibusawa Eiichi and Tokyo Station. The Ministry decided to not redesign the ¥2000 note due to low circulation.

The EURion constellation pattern is present in the Series D, E and F banknotes.

Determinants of value

Beginning in December 1931, Japan gradually shifted from the gold standard system to the managed currency system.[72]

The relative value of the yen is determined in foreign exchange markets by the economic forces of supply and demand. The supply of the yen in the market is governed by the desire of yen holders to exchange their yen for other currencies to purchase goods, services, or assets. The demand for 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 higher bank rates, a practice known as the carry trade. This has helped to keep the exchange rate of the yen low compared to other currencies, particularly the US dollar.[52]

Most traded currencies by value
Currency distribution of global foreign exchange market turnover[74]
Currency ISO 4217
code 		Symbols Proportion of daily volume Change
(2019–2022)
April 2019 April 2022
U.S. dollar USD $, US$ 88.3% 88.5% Increase 0.2pp
Euro EUR € 32.3% 30.5% Decrease 1.8pp
Japanese yen JPY ¥, 円 16.8% 16.7% Decrease 0.1pp
Sterling GBP £ 12.8% 12.9% Increase 0.1pp
Renminbi CNY ¥, 圆 4.3% 7.0% Increase 2.7pp
Australian dollar AUD $, $A 6.8% 6.4% Decrease 0.4pp
Canadian dollar CAD $, Can$ 5.0% 6.2% Increase 1.2pp
Swiss franc CHF Fr., fr. 4.9% 5.2% Increase 0.3pp
Hong Kong dollar HKD $, HK$, 元 3.5% 2.6% Decrease 0.9pp
Singapore dollar SGD $, S$ 1.8% 2.4% Increase 0.6pp
Swedish krona SEK kr, Skr 2.0% 2.2% Increase 0.2pp
South Korean won KRW ₩, 원 2.0% 1.9% Decrease 0.1pp
Norwegian krone NOK kr, Nkr 1.8% 1.7% Decrease 0.1pp
New Zealand dollar NZD $, $NZ 2.1% 1.7% Decrease 0.4pp
Indian rupee INR ₹ 1.7% 1.6% Decrease 0.1pp
Mexican peso MXN $, Mex$ 1.7% 1.5% Decrease 0.2pp
New Taiwan dollar TWD $‎, NT$, 圓 0.9% 1.1% Increase 0.2pp
South African rand ZAR R 1.1% 1.0% Decrease 0.1pp
Brazilian real BRL R$ 1.1% 0.9% Decrease 0.2pp
Danish krone DKK kr., DKr 0.6% 0.7% Increase 0.1pp
Polish złoty PLN zł‎, Zl 0.6% 0.7% Increase 0.1pp
Thai baht THB ฿, B 0.5% 0.4% Decrease 0.1pp
Israeli new shekel ILS ₪, NIS 0.3% 0.4% Increase 0.1pp
Indonesian rupiah IDR Rp 0.4% 0.4% Steady
Czech koruna CZK Kč, CZK 0.4% 0.4% Steady
UAE dirham AED د.إ, Dh(s) 0.2% 0.4% Increase 0.2pp
Turkish lira TRY ₺, TL 1.1% 0.4% Decrease 0.7pp
Hungarian forint HUF Ft 0.4% 0.3% Decrease 0.1pp
Chilean peso CLP $, Ch$ 0.3% 0.3% Steady
Saudi riyal SAR ﷼, SRl(s) 0.2% 0.2% Steady
Philippine peso PHP ₱ 0.3% 0.2% Decrease 0.1pp
Malaysian ringgit MYR RM 0.2% 0.2% Steady
Colombian peso COP $, Col$ 0.2% 0.2% Steady
Russian ruble RUB ₽, руб 1.1% 0.2% Decrease 0.9pp
Romanian leu RON —, leu 0.1% 0.1% Steady
Peruvian sol PEN S/. 0.1% 0.1% Steady
Bahraini dinar BHD .د.ب, BD 0.0% 0.0% Steady
Bulgarian lev BGN лв., lv., lev 0.0% 0.0% Steady
Argentine peso ARS $, Arg$ 0.1% 0.0% Decrease 0.1pp
Other currencies 1.8% 2.3% Increase 0.5pp
Total: 200.0% 200.0%




International reserve currency

Main article: reserve currency

The special 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 foreign exchange reserves from 1995 to 2022.[76][77][78]

  US dollar
  Euro
  German mark
  French franc
  Sterling
  Japanese yen
  Renminbi
  Other

Historical exchange rate

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 the Bank of Japan in 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 by Asahi Shimbun Digital in 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 the Noto 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 Sachs expects the Japanese yen to remain very weak in the coming months.[89]

Average spot rates v USD

The table below shows the monthly average of the U.S. dollar–yen spot 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 111.49 106.14 105.12 103.48 104.00 102.69 098.54 099.86 098.79 098.40 098.00 100.17
1995 099.79 098.23 090.77 083.53 085.21 084.54 087.24 094.56 100.31 100.68 101.89 101.86
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 107.60 107.18 100.83 102.41 104.11 106.86 106.76 109.24 106.71 100.20 096.89 091.21
2009 090.35 092.53 097.83 098.92 096.43 096.58 094.49 094.90 091.40 090.28 089.11 089.52
2010 091.26 090.28 090.56 093.43 091.79 090.89 087.67 085.44 084.31 081.80 082.43 083.38
2011 082.63 082.52 081.82 083.34 081.23 080.49 079.44 077.09 076.78 076.72 077.50 077.81
2012 076.94 078.47 082.37 081.42 079.70 079.27 078.96 078.68 078.17 078.97 080.92 083.60
2013 089.15 093.07 094.73 097.74 101.01 097.52 099.66 097.83 099.30 097.73 100.04 103.42
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 146.59 149.41 149.70 153.57 156.21 157.90 157.86 146.29 143.31 149.60
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Month

Average monthly real effective exchange rate

The table below shows monthly averages of real 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 056.84 056.41 056.40 056.94 060.09 059.97 059.93 060.40 060.92 061.63 061.27 061.52
1965 062.61 062.12 062.28 063.00 062.54 062.28 061.91 062.02 062.89 063.51 063.10 063.18
1966 063.69 063.76 063.49 064.06 063.35 063.05 063.11 062.41 063.16 063.30 062.62 063.26
1967 063.71 063.74 063.88 063.89 062.98 062.56 062.36 062.51 063.41 064.36 064.17 065.34
1968 065.59 065.66 065.49 065.35 065.24 064.61 064.60 064.92 066.52 066.30 066.44 066.00
1969 066.01 065.74 066.05 066.16 066.24 065.95 066.34 066.85 067.54 066.65 066.60 066.80
1970 075.02 074.58 074.86 074.93 074.41 074.28 073.79 073.45 074.15 075.03 074.89 074.97
1971 074.89 074.71 074.65 075.43 075.29 075.25 075.52 075.14 080.37 081.83 081.50 082.60
1972 083.65 085.23 086.25 086.88 086.52 086.83 087.18 087.21 087.44 088.13 087.95 088.22
1973 088.43 093.68 099.43 099.33 099.69 097.63 096.06 096.44 098.40 096.87 094.10 096.67
1974 094.83 096.83 098.09 100.51 098.97 098.17 096.24 093.02 094.59 095.45 094.32 094.31
1975 094.07 095.36 096.45 096.57 096.16 094.88 095.39 095.41 096.77 096.54 095.61 094.70
1976 096.02 097.17 098.03 100.70 100.62 100.61 102.21 102.09 105.77 104.53 102.72 103.28
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 101.44 098.70 098.22 098.82 106.14 109.72 107.31 105.42 110.53 113.48 112.34 113.93
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 107.74 103.82 102.40 102.07 103.56 098.88 097.17 096.67 096.62 094.31 096.37 103.85
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 111.68 106.05 105.13 101.81 098.91 103.09 101.16 103.03 101.21 101.77 099.96 096.51
2014 096.11 097.68 097.53 099.23 100.09 099.82 099.99 099.17 095.94 095.80 089.64 088.47
2015 090.59 090.25 090.07 090.44 089.14 087.04 087.96 089.50 092.39 091.85 090.64 091.80
2016 095.47 097.04 097.57 099.57 101.09 104.48 106.10 108.28 107.59 106.96 104.06 097.80
2017 097.79 098.46 098.36 100.78 098.38 098.62 096.40 097.59 095.93 094.74 094.94 094.36
2018 094.12 095.30 097.00 095.54 095.37 095.93 096.18 097.85 096.78 096.78 096.62 097.10
2019 099.20 096.92 096.21 096.00 098.51 099.79 099.33 102.87 101.64 100.47 099.19 098.56
2020 097.49 097.35 101.60 102.99 103.42 100.94 100.76 100.24 099.75 099.35 098.68 097.44
2021 097.05 095.02 093.12 091.83 091.04 090.25 091.11 091.44 091.15 088.25 087.59 087.75
2022 086.66 085.89 083.97 079.30 079.44 075.97 075.70 077.01 074.55 073.71 075.20 077.67
2023 078.95 077.16 077.49 077.54 076.04 074.34 074.37 073.08 072.33 072.50 071.44 073.40
2024 072.58 070.72 070.81 069.87 068.90 068.37 068.27 072.86 073.82
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Month
JPY/USD exchange rate since 1950
JPY/USD exchange rate in the Heisei and Reiwa eras
JPY/CAD exchange rate
JPY/EUR exchange rate
JPY/GBP exchange rate
JPY/CHF exchange rate
JPY/AUD exchange rate
JPY/NZD exchange rate
JPY/ZAR exchange rate
JPY/CNY exchange rate
KRW/JPY exchange rate
JPY/INR exchange rate
Current JPY exchange rates
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See also

Older currency

Notes

  1. ^ 元; yuán is not a simplified form of 圆; 圓; 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 in Mandarin, but not in Japanese. In 1695, certain Japanese coins were issued whose surface has the character gen (元), but this is an abbreviation of the era name Genroku (元禄).
  2. ^ 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 a kana for /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]
  3. ^ 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]
  4. ^ 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 coin hoarding and 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.
  5. ^ With a diameter of 15.75 mm and a thickness of 0.3 mm, a one-rin coin is smaller than a modern euro cent (16.25 mm and 1.67 mm respectively).

References

Citations

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  3. ^ Mitsura Misawa (2007). Cases on International Business and Finance in Japanese Corporations. Hong Kong University Press. p. 152.
  4. ^ "ECONOMIC SUPERPOWERS AT ODDS: As Yen rises, Japanese and U.S. GDPs Go Head-to-Head, A forecast that Japan's economy will surpass America's by 2000 almost came true on April 19". Los Angeles Times. May 8, 1995. Archived from the original on December 20, 2021. Retrieved February 3, 2021.
  5. ^ a b "Japanese Yen per 1 US Dollar Monthly average (2024)". X-rates.com. Retrieved May 12, 2024.
  6. ^ "History of Japanese Yen". Currency History. August 24, 2014. Archived from the original on December 14, 2021. Retrieved July 12, 2016.
  7. ^ "US Dollar per 1 Japanese Yen Monthly average (2022)". X-rates.com. Retrieved January 31, 2024.
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Sources

Further reading

Preceded by:
Japanese mon 		Currency of Japan
1870 – 		Succeeded by:
Current
source: https://en.wikipedia.org/wiki/Yen

    by Robert Payne

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