Yen
From Wikipedia, the free encyclopedia.
Yen is the currency used in Japan, pronounced 'en'. (ISO 4217): JPY, 392; Latinised: ¥; locally as (円).
It was introduced by the Meiji government (Meiji 4) as a system resembling those of Europe to replace the overly complex 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 yen was legally defined as 0.8667 troy ounces (416 grains) of silver and whose definition is actually still legally enforceable today. The Act also moved Japan onto the Gold Standard.
The yen was pegged at 1 US dollar = 360 yen from April 25, 1949, to 1971. As of July 2003 there were about 119 yen to the U.S. Dollar. After the Plaza Accord of 1985, the yen apreciated against the dollar.
The yen was originally written as the same way as the Chinese Yuan (圓 pinyin yuan2), modern writings use a simplified different character (円) instead (cf. 元).
The sen and the rin were taken out of circulation in 1954.
Currently, following coins and bills are in the circulation; 1 yen coin, 5 yen coin, 10 yen coin, 50 yen coin, 100 yen coin, 500 yen coin, 1000 yen bill, 2000 yen bill, 5000 yen bill, 10000 yen bill. 500 yen coins are probably highest valued coins to be used regurarly in the world. On various occasions, special coins are minted using gold and silver with various face values. Even though they can be used, they are treated as collectibles.
Exchange rates over time
The table below shows the number of Yen per U.S. Dollar (rounded to the nearest Yen).
| Year(s) | Month | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | |
| 1949 to 1971 | 360 | |||||||||||
| 1985 | 216 | |||||||||||
| 1986 | 154 | |||||||||||
| 1987 | 147 | |||||||||||
| 1988 | 132 | |||||||||||
| 1989 | 140 | |||||||||||
| 1990 | 137 | |||||||||||
| 1991 | 129 | |||||||||||
| 1992 | 120 | |||||||||||
| 1993 | 106 | |||||||||||
| 1994 | 100 | |||||||||||
| 1995 | 100 | |||||||||||
| 1996 | 112 | |||||||||||
| 2003 | 118 | 119 | 120 | 117 | 110 | 109 | 107 | |||||
| Year(s) | Month | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | |
| 2003 | 189 | 194 | 188 | 184 | 183 | 188 | ||||||
A 1,000 yen note, featuring the portrait of Natsume Soseki.
External link