Japanese yen

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"Yen" redirects here. For the other use, see Yen (disambiguation).
"JPY" redirects here. For the Australian singer with the same moniker, see John Paul Young.
Japanese yen
日本円 Template:Ja icon
File:JPY coin2.JPG
¥10000 engraved by Edoardo ChiossoneCirculated coins in all 6 denominations
ISO 4217
CodeJPY (numeric: 392)
Unit
PluralThe language(s) of this currency do(es) not have a morphological plural distinction.
Symbol¥‎
Denominations
Subunit
 1/100sen
 1/1000rin
Banknotes¥1000, ¥2000, ¥5000, ¥10000
Coins¥1, ¥5, ¥10, ¥50, ¥100, ¥500
Demographics
User(s)Japan
Issuance
Central bankBank of Japan
 Websitewww.boj.or.jp
PrinterNational Printing Bureau
 Websitewww.npb.go.jp
MintJapan Mint
 Websitewww.mint.go.jp
Valuation
Inflation0.3%
 SourceThe World Factbook, 2006 est.

The yen (円, en) or en is the currency of Japan. It is also widely used as a reserve currency after the United States dollar, the euro and the pound sterling. The ISO 4217 codes for the yen are JPY and 392. The Latinised symbol is ¥ while in Japanese it is also written with the kanji

円. While not a usage specific to currency, large quantities of yen are often counted in multiples of 10,000 (man, 万) in the same way as values in the United States are often quoted or rounded off to hundreds or thousands.

Etymology

In standard Japanese, the yen is pronounced "en" but the spelling and pronunciation of "yen" is standard in English, due to a historical Portuguese transliteration. The inclusion of the letter y is based on romanization of an obsolete writing of the word which included the kana ゑ (ye/we), examples of which can also be found in such words as Yebisu, Iyeyasu, and Yedo. Like the spellings of names of people outside Japan, the romanization of yen has become a permanent feature. En literally means "round object" in Japanese, as yuan does in Chinese, referring to the ancient Chinese coins that were circular in shape and widely used in Japan up to the Tokugawa Period. In 1695, the shogunate placed the Japanese character gen (元), meaning "yuan" on the obverse of copper coins.[1]

History

Introduction

File:Old1Yen silver certificate Bank of Japnan note.jpg
1 yen convertible silver note issued in 1885

The yen was introduced by the Meiji government in 1870 as a system resembling those in Europe. The yen replaced the complex monetary system of the Edo period, based 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 0.78 troy ounces (24.26 g) of pure silver, or 1.5 grams of pure gold. The same amount of silver is worth about 1181 modern yen,[2] while the same amount of gold is worth about 3572 yen.[3] The Act also moved Japan onto the gold standard. (The sen and the rin were eventually taken out of circulation at the end of 1953.[4])

Fixed value of the yen to the US dollar

The yen lost most of its value during and after World War II. After a period of instability, in 1949, the value of the yen was fixed at ¥360 per US$1 through a United States plan, which was part of the Bretton Woods System, to stabilize prices in the Japanese economy. That exchange rate was maintained until 1971, when the United States abandoned the gold standard, which had been a key element of the Bretton Woods System, and imposed a 10 percent surcharge on imports, setting in motion changes that eventually led to floating exchange rates in 1973.

An undervalued yen

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 U.S. $5.8 billion in 1971. The belief that the yen, and several other major currencies, were undervalued motivated the United States' actions in 1971.

The yen and major currencies float

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$1. 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.

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.

Despite intervention, market pressures caused the yen to continue climbing in value, peaking temporarily at an average of ¥271 per US$1 in 1973 before the impact of the 1973 oil crisis was felt. The increased costs of imported oil caused the yen to depreciate to a range of ¥290 to ¥300 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 by 1980.

The yen in the early 1980s

During the first half of the 1980s, the yen failed to rise in value even though current account surpluses returned and grew quickly. From ¥221 in 1981, the average value of the yen actually dropped to ¥239 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.

The effect of the Plaza Accord

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$1 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$1 in December 1992. In April 1995, the yen hit a peak of under 80 yen per dollar, temporarily making Japan's economy nearly the size of the US.

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$1 in February 2002. The Bank of Japan's policy of zero interest rates has discouraged yen investments, with the carry trade of investors lending yen and investing in better-paying currencies further pushing down the yen estimated to be as large as $1 trillion.[5] In February 2007, The Economist estimated that the yen is 15% undervalued against the dollar and as much as 40% undervalued against the euro.[6]

Coins

A silver one-yen coin of 1870

Coins were introduced in 1870. There were silver 5, 10, 20 and 50 sen and 1 yen, and gold 2, 5, 10 and 20 yen. Gold 1 yen were introduced in 1871, followed by copper 1 rin, ½, 1 and 2 sen in 1873.

Cupronickel 5 sen coins were introduced in 1889. 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. In 1920, cupro-nickel 10 sen coins were introduced.

Production of silver coins ceased in 1938, after which a variety of base metals were used to produced 1, 5 and 10 sen coins during the Second World War. Clay 5 and 10 sen coins were produced in 1945 but not issued for circulation.

After the war, brass 50 sen, 1 and 5 yen were introduced between 1946 and 1948. In 1949, the current type of holed 5 yen was introduced, followed by bronze 10 yen (of the type still in circulation) in 1951.

Japanese 10 yen coin (obverse) showing Phoenix Hall of Byōdō-in

Coins in denominations of less than 1 yen became invalid on December 31, 1953, following enforcement of the Small Currency Disposition and Fractional Rounding in Payments Act (小額通貨の整理及び支払金の端数計算に関する法律, Shōgaku tsūka no seiri oyobi shiharaikin no hasūkeisan ni kan suru hōritsu).

In 1955, the current type of aluminium 1 yen was introduced, along with unholed, nickel 50 yen. In 1957, silver 100 yen pieces were introduced. These were replaced in 1967 by the current, cupro-nickel type, along with the holed 50 yen coin. In 1982, the first 500 yen coins were introduced.[7]

The date is on the reverse of all coins, and, in most cases, the name 日本国, Nihonkoku (Japan) and the value in kanji is on the obverse, except for the 5-yen where Nihonkoku is on the reverse.

500 yen coins are probably the highest valued coins to be used regularly in the world (with rates in the neighbourhood of US$4.10, €3.05, and £2.10). The United States' largest-valued commonly-used coin (25¢) is worth around 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 Swiss 5-franc coin is currently (as of April 2007) worth about ¥495. No doubt because of this high face value, the 500 yen has been a favourite target for counterfeiters. It was counterfeited to such an extent that in 2000 a new series of coins was issued with various security features. In spite of these changes, however, counterfeiting continues.

On various occasions, commemorative coins are minted using gold and silver with various face values, up to 100,000 yen.[8] Even though they can be used, they are treated as collectibles.

Instead of displaying the A.D. year of mintage like most coins, yen coins instead display the year of the current emperor's reign. For example, a coin minted in 2006 would bear the date Heisei 18 (the 18th year of Emperor Akihito's reign).

Currently Circulating Coins [1]
Image Value Technical parameters Description Date of first minting
Diameter Thickness Mass Composition Edge Obverse Reverse
¥1 20 mm 1.2 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
¥10 23.5 mm 1.5 mm 4.5 g 95% copper
3–4% zinc
1–2% tin 		Milled Hōōdō Temple, Byōdō-in, state title, value Evergreen tree, value, year of minting 1951
Smooth 1959
¥50 21 mm 1.7 mm 4 g Cupronickel
75% copper
25% nickel 		Milled Chrysanthemum, state title, value Value, year of minting 1967
¥100 22.6 mm 1.7 mm 4.8 g Cherry blossoms, state title, value 1967
¥500 26.5 mm 2 mm 7.2 g Cupronickel
75% copper
25% nickel 		Smooth with lettering ("NIPPON ◆ 500 ◆ NIPPON ◆ 500 ◆") Paulownia, state title, value Value, bamboo, Mandarin orange, year of minting 1982
¥500 7 g 72% copper
20% zinc
8% nickel 		Reeded slantingly Value, bamboo, Mandarin orange, year of minting, latent image [2] 2000
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table.

Banknotes

A 1000 yen note, featuring the portrait of Natsume Sōseki. New yen notes, featuring the bacteriologist Hideyo Noguchi, entered circulation on November 1, 2004.
File:10000yen bunch.jpg

In 1872, the Ministry of Finance introduced notes in denominations between 10 sen and 100 yen. "Imperial Japanese Paper Currency" followed in 1873 in denominations of 1 yen up to 20 yen. "Imperial Japanese Paper Money" was issued between 1881 and 1883 in denominations between 20 sen and 10 yen.

In 1877 and 1878, the Imperial Japanese National Bank issued 1 and 5 yen notes. In 1885, the Bank of Japan began issuing notes, in denominations of 1, 5, 10 and 100 yen. 20 yen notes were added in 1917, followed by 200 yen in 1927 and 1000 yen in 1945.

Between 1917 and 1922, the government issued 10, 20 and 50 sen notes. 50 sen notes were reintroduced in 1938. In 1944, 5 and 10 sen notes were introduced by the Bank of Japan.

Allied forces notes

The Allies issued notes in denominations of 10 and 50 sen, 1, 5, 10, 20, 100 and 1000 yen between 1945 and 1951, during which time the Bank of Japan also issued notes. Banknotes below 1 yen became invalid on December 31, 1953 by the same legislation mentioned above.

Australia actually made notes for the invasion as well and those can be seen at the Australian Reserve Bank website [3]

Regaining sovereignty

By the early 1950s, notes below 50 yen had been replaced by coins, followed by those for 50 and 100 yen in the late 1950s. In 1957 and 1958, 5000 and 10,000 yen notes were introduced. The 500 yen notes were replaced after 1982, while 2000 yen notes were introduced in 2000.

Series A (1946-48)

Series A (1946-48)
Value Dimensions Description Date of
Obverse Reverse issue issue suspension expiration
¥0.05 94 × 48 mm Ume blossoms Geometric patterns May 25, 1948 December 31, 1953 December 31, 1953
¥0.1 100 × 52 mm A pigeon The Diet building September 5, 1947
¥1 124 × 68 mm Ninomiya Sontoku Geometric patterns March 19, 1946 October 1, 1958 Valid
¥5 132 × 68 mm Geometric patterns March 5, 1946 April 1, 1955
¥10 140 × 76 mm The Diet building February 25, 1946
¥100 162 × 93 mm Prince Shōtoku, "Yumedono" (A hall associated with Prince Shōtoku in Hōryū-ji Temple) Hōryū-ji Temple February 25, 1946 July 5, 1956
For table standards, see the banknote specification table.

Series B (1950-53)

Series B (1950-53) [4]
Value Dimensions Main Color Description Date of
Obverse Reverse issue issue suspension
¥50 144 × 68 mm Orange Takahashi Korekiyo The old headquarters of Nippon Ginko December 1, 1951 October 1, 1958
¥100 148 × 76 mm Brown-orange Itagaki Taisuke The Diet building December 1, 1953 August 1, 1974
¥500 156 × 76 mm Dark blue Iwakura Tomomi Mt. Fuji April 2, 1951 January 4, 1971
¥1000 164 × 76 mm Grey Prince Shōtoku "Yumedono" January 7, 1950 January 4, 1965
For table standards, see the banknote specification table.

The series B introduced a new high value banknote ¥1000.

Series C (1957-69)

Series C (1957-69) [5]
Value Dimensions Main Color Description Date of
Obverse Reverse issue issue suspension
¥500 159 × 72 mm Blue Iwakura Tomomi Mt. Fuji November 1, 1969 April 1, 1994
¥1000 164 × 76 mm Yellow-green Itō Hirobumi The old headquarters of Nippon Ginko November 1, 1963 January 4, 1986
¥5000 169 × 80 mm Brown Prince Shōtoku The old headquarters of Nippon Ginko October 1, 1957 January 4, 1986
¥10000 174 × 84 mm Brown-green Prince Shōtoku A pillar painting of Hōō in Byōdōin Temple December 1, 1958 January 4, 1986
For table standards, see the banknote specification table.

The series C introduced two new high value banknotes ¥5000 and ¥10000.

Series D (1984)

Series D (1984) [6]
Image Value Dimensions Main Color Description Date of
Obverse Reverse Obverse Reverse issue issue suspension
[7] [8] ¥1000 150 × 76 mm Blue Natsume Sōseki Pair of Cranes November 1, 1984 April 2, 2007
[9] [10] ¥5000 155 × 76 mm Purple Nitobe Inazō Mt. Fuji, Lake Motosuko and Cherry blossoms
[11] [12] ¥10000 160 × 76 mm Brown Fukuzawa Yukichi Pair of Pheasants
For table standards, see the banknote specification table.

Due to the discovery of a large number of counterfeit Series D banknotes at the end of 2004, all Series D banknotes except ¥2000 were virtually suspended on January 17, 2005 [13]. And they were officially suspended on April 2, 2007.[14] According to a news release [15] from the National Police Agency, they seized 11,717 counterfeit Series D banknotes (excluding the ¥2000 denomination) in 2005. However, they seized only 486 counterfeit current issue banknotes, namely Series E ¥1000, ¥5000, ¥10000, and Series D ¥2000.

Commemorative series D (2000, the current issue)

Commemorative series D (2000) [16]
Image Value Dimensions Main Color Description Date of issue
Obverse Reverse Obverse Reverse
[17] [18] ¥2000 154 × 76 mm Green Shurei-mon Scene from the Tale of Genji and portrait of Murasaki Shikibu July 19, 2000
For table standards, see the banknote specification table.

The 2000 yen note was first issued on July 19, 2000 to commemorate the G8 Economic Summit in Okinawa and the millennium year as well. Pictured on the front of the note is Shureimon, a famous gate in Naha, Okinawa near the site of the summit. These notes are hard to find (except at banks, where they are readily available) and many Japanese consider it a novelty as it is the only denomination in the factor of 2 (from 1 and 5). Some say it was a way to stimulate the economy from building new vending machines to be able to process the note, to creating wider cash registers to handle the bill. [citation needed] This hasn't really materialised. Some businesses will refuse this note. To increase the circulation of the notes, some companies started paying wages in these notes. The series D is the first to display the EURion constellation.

Series E (2004, the current issue)

Series E (2004) [19]
Image Value Dimensions Main Color Description Date of issue
Obverse Reverse Obverse Reverse
[20] [21] ¥1000 150 × 76 mm Blue Hideyo Noguchi Mt. Fuji, Lake Motosuko and Cherry blossoms November 1, 2004
[22] [23] ¥5000 156 × 76 mm Purple Higuchi Ichiyō "Kakitsubata-zu" (Painting of Irises, a work by Ogata Korin)
[24] [25] ¥10000 160 × 76 mm Brown Fukuzawa Yukichi Statue of hōō (phoenix) from Byōdō-in Temple
For table standards, see the banknote specification table.

The EURion constellation pattern can be observed on the series E.

Determinants of value

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).

The yen as an international reserve currency

Main article: Reserve currency
Currency composition of official foreign exchange reserves (1965–2023, fourth quarters)
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1995 1990 1985 1980 1975 1970 1965
US dollar 58.41% 58.52% 58.80% 58.92% 60.75% 61.76% 62.73% 65.36% 65.73% 65.14% 61.24% 61.47% 62.59% 62.14% 62.05% 63.77% 63.87% 65.04% 66.51% 65.51% 65.45% 66.50% 71.51% 71.13% 58.96% 47.14% 56.66% 57.88% 84.61% 84.85% 72.93%
Euro (until 1999 - ECU) 19.98% 20.40% 20.59% 21.29% 20.59% 20.67% 20.17% 19.14% 19.14% 21.20% 24.20% 24.05% 24.40% 25.71% 27.66% 26.21% 26.14% 24.99% 23.89% 24.68% 25.03% 23.65% 19.18% 18.29% 8.53% 11.64% 14.00% 17.46%
Japanese yen 5.70% 5.51% 5.52% 6.03% 5.87% 5.19% 4.90% 3.95% 3.75% 3.54% 3.82% 4.09% 3.61% 3.66% 2.90% 3.47% 3.18% 3.46% 3.96% 4.28% 4.42% 4.94% 5.04% 6.06% 6.77% 9.40% 8.69% 3.93% 0.61%
Pound sterling 4.84% 4.92% 4.81% 4.73% 4.64% 4.43% 4.54% 4.35% 4.71% 3.70% 3.98% 4.04% 3.83% 3.94% 4.25% 4.22% 4.82% 4.52% 3.75% 3.49% 2.86% 2.92% 2.70% 2.75% 2.11% 2.39% 2.03% 2.40% 3.42% 11.36% 25.76%
Canadian dollar 2.58% 2.38% 2.38% 2.08% 1.86% 1.84% 2.03% 1.94% 1.77% 1.75% 1.83% 1.42%
Chinese renminbi 2.29% 2.61% 2.80% 2.29% 1.94% 1.89% 1.23% 1.08%
Australian dollar 2.11% 1.97% 1.84% 1.83% 1.70% 1.63% 1.80% 1.69% 1.77% 1.59% 1.82% 1.46%
Swiss franc 0.23% 0.23% 0.17% 0.17% 0.15% 0.14% 0.18% 0.16% 0.27% 0.24% 0.27% 0.21% 0.08% 0.13% 0.12% 0.14% 0.16% 0.17% 0.15% 0.17% 0.23% 0.41% 0.25% 0.27% 0.33% 0.84% 1.40% 2.25% 1.34% 0.61%
Deutsche Mark 15.75% 19.83% 13.74% 12.92% 6.62% 1.94% 0.17%
French franc 2.35% 2.71% 0.58% 0.97% 1.16% 0.73% 1.11%
Dutch guilder 0.32% 1.15% 0.78% 0.89% 0.66% 0.08%
Other currencies 3.87% 3.48% 3.09% 2.65% 2.51% 2.45% 2.43% 2.33% 2.86% 2.83% 2.84% 3.26% 5.49% 4.43% 3.04% 2.20% 1.83% 1.81% 1.74% 1.87% 2.01% 1.58% 1.31% 1.49% 4.87% 4.89% 2.13% 1.29% 1.58% 0.43% 0.03%
Source: World Currency Composition of Official Foreign Exchange Reserves International Monetary Fund

Historical exchange rate

The table below shows the number of yen per U.S. dollar. (monthly average)

Year Month
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
1949–71 360
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 238.80 249.80 249.70 238.30 224.40 218.15 226.85 219.20 212.00 211.75 216.75 203.60
1981 205.20 208.85 211.40 215.00 223.50 225.75 239.75 228.75 231.55 233.35 214.15 220.25
1982 228.45 235.20 248.30 236.30 243.70 255.55 256.65 259.60 269.40 277.40 253.45 235.30
1983 238.40 235.55 239.30 237.70 238.60 239.80 241.50 246.75 236.10 233.65 234.20 232.00
1984 234.74 233.28 224.75 226.30 231.63 237.45 245.45 241.70 245.40 245.30 246.50 251.58
1985 254.78 259.00 250.70 251.40 251.78 248.95 236.65 237.10 216.00 211.80 202.05 200.60
1986 192.65 180.45 179.65 168.10 172.05 163.95 154.15 156.05 153.63 161.45 162.20 160.10
1987 152.30 153.15 145.65 139.65 144.15 146.75 149.25 142.35 146.35 138.55 132.45 122.00
1988 127.18 128.12 124.50 124.82 124.80 132.20 132.53 134.97 134.30 125.00 121.85 125.90
1989 129.13 127.15 132.55 132.49 142.70 143.95 138.40 144.28 139.35 142.15 142.90 143.40
1990 144.40 148.52 157.65 159.08 151.75 152.85 147.50 144.50 137.95 129.35 132.75 135.40
1991 131.40 131.95 140.55 137.42 137.97 138.15 137.83 136.88 132.95 131.00 130.07 125.25
1992 125.78 129.33 133.05 133.38 128.33 125.55 127.30 123.42 119.25 123.35 124.75 124.65
1993 124.30 117.85 115.35 111.10 107.45 106.51 105.60 104.18 105.10 108.23 108.82 111.89
1994 109.55 104.30 102.80 102.38 104.38 98.95 99.93 99.57 98.59 97.37 98.98 99.83
1995 98.58 96.93 88.38 83.77 83.19 84.77 88.17 97.46 98.18 101.90 101.66 102.91
1996 106.92 104.58 106.49 104.29 108.37 109.88 107.13 108.40 111.45 113.27 113.44 115.98
1997 122.13 120.88 123.97 126.92 116.43 114.30 117.74 119.39 121.44 120.29 127.66 129.92
1998 127.34 126.72 133.39 131.95 138.72 139.95 143.79 141.52 135.72 116.09 123.83 115.20
1999 115.98 120.32 119.99 119.59 121.37 120.87 115.27 110.19 105.66 104.89 102.42 102.08
2000 106.90 110.27 105.29 106.44 107.30 105.40 109.52 106.43 107.75 108.81 111.07 114.90
2001 116.38 116.44 125.27 124.06 119.06 124.27 124.79 118.92 119.29 121.84 123.98 131.47
2002 132.94 133.89 132.71 127.97 123.96 119.22 119.82 117.97 121.79 122.48 122.44 119.37
2003 119.21 117.75 119.02 119.46 118.63 119.82 120.11 117.13 110.48 108.99 109.34 106.97
2004 105.88 109.08 103.95 110.44 109.56 108.69 111.67 109.86 110.92 105.87 103.17 103.78
2005 103.58 104.58 106.97 105.87 108.17 110.37 112.18 111.42 113.28 115.67 119.46 117.48
2006 117.18 116.35 117.47 114.32 111.85 114.66 114.47 117.23 117.91 118.01 117.23 115.57
2007 118.72 121.29 115.86 117.83* 119.52* 122.67
Source:[9]

*monthly close from bloomberg

Current JPY exchange rates
From Google Finance: AUD CAD CHF CNY EUR GBP HKD USD CNY KRW
From Yahoo! Finance: AUD CAD CHF CNY EUR GBP HKD USD CNY KRW
From XE.com: AUD CAD CHF CNY EUR GBP HKD USD CNY KRW
From OANDA: AUD CAD CHF CNY EUR GBP HKD USD CNY KRW

References

  1. ^ Titsingh, I. (1834). Annales des empereurs du Japon, p. 415.
  2. ^ xe.com (2006-09-07). "Equivalent of 0.78 troy ounce of silver in yen". Retrieved 2006-09-07. {{cite web}}: Check date values in: |date= (help)
  3. ^ xe.com (2006-09-07). "Equivalent of 0.04822612 troy ounce of gold in yen". Retrieved 2006-09-07. {{cite web}}: Check date values in: |date= (help)
  4. ^ A law of the abolition of currencies in a small denomination and rounding off a fraction, July 15 1953 Law No.60 (小額通貨の整理及び支払金の端数計算に関する法律, Syōgakutsūka no seiri oyobi shiharaikin no hasūkeisan ni kansuru houritu))
  5. ^ What keeps bankers awake at night?, The Economist, Feb 1st 2007
  6. ^ http://www.economist.com/finance/displaystory.cfm?story_id=8679006
  7. ^ Japan Mint (2006-09-07). "Number of Coin Production (calendar year)". Retrieved 2006-09-07. {{cite web}}: Check date values in: |date= (help)
  8. ^ Japan Mint (2006-09-07). "Commemorative Coins issued up to now". Retrieved 2006-09-07. {{cite web}}: Check date values in: |date= (help)
  9. ^ Bank of Japan (2006-09-07). "Foreign Exchange Rates". Retrieved 2006-09-07. {{cite web}}: Check date values in: |date= (help)

Further reading

See also

External links

Wikimedia Commons has media related to 日本円.

Template:Standard numismatics external links

Preceded by:
Japanese mon 		Currency of Japan
1870 – 		Succeeded by:
Current
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