Bank Exchange Rates for Japanese Yen
Bank Exchange Rates for Japan - JPY - Japanese Yen - ¥. The foreign exchange rates for Japan also known as the ISO code JPY or the Japanese Yen currency and as a symbol ¥.
Coins are available in denominations of ¥1, ¥5, ¥10, ¥50, ¥100 and ¥500, whilst banknotes are issued in denominations of ¥1000, ¥2000, ¥5000 and ¥10,000.
Bank Exchange Rates for Japan
The Japanese Yen is a popular reserve currency and has been greatly undervalued over time against the USD. The value of the yen has fluctuated over time, and in 2013 the value was 100 yen to the dollar. Send Money Transfer to Japan.
Coins in yen denominations display the current emperor’s rule date rather than the year of mintage.
Currency Rate for Japan
The Japanese Yen is the officially currency in Japan. It is the third most used currency in foreign exchange market after the U.S Dollar and the Euro. It is also popularly used as a reserve currency after the US Dollar, the Euro and the Sterling Pound. Yen literally means 'circle' or 'round' object. This depicts the roundness of the coins.
History of the Yen?
The Japanese Yen was brought to circulation by the Meiji government in the Act of 27th June 1871. It was meant to replace the mon currency which was unstable in that it did not have a standard of exchange. The Act of 1871 made the Yen the official currency of japan in a bid to stabilize Japan's rocky currency situation. The Yen was basically a dollar unit. At that period up to the year 1873 all dollars in the world had practically the same value.
Currency Rates for Japanese Yen
Coins and notes available?
The Japanese Yen has four bank note denominations in circulation: 1000-yen, 2000-yen, 5000-yen and 10,000-yen. They all come with various distinct markings. The 10,000 yen bill has the image of Yukichi Fukuzawa, a samurai who was also an educator, on the front. The 5000 yen bill has a violet blue hue and features Ichiyo Higuchi. She was the countries first prominent female writer. The 2000 bill features a Japanese classic literature, 'The Tales of the Genji', and it's author. The 1000 bill has the bacteriologist, Hideyo Noguchi on the front.
The Japanese Yen also has six coin denominations: 1, 5, 10, 50, 100 and 500 yen coins are available in circulation. The 1 yen coin is made of aluminium and weighs approximately one gram. The 5 yen coin has a hole in the middle. The 10 yen coin is made of bronze and features a model of the Phoenix Hall at Byoudouin Temple in Kyoto. The 50 yen coin also has a hole in the middle and it features the chrysanthemum flower. The 100 yen coin is made of silver. The 500 yen coin, the most recently minted of them, is the largest coin and is made of zinc.
The yen is greatly undervalued against major world currencies. It takes 100 yen to make a U.S dollar. This means that Japanese exports cost too little and imports cost too much.
Japan has a large number of substitute currencies to the Japanese Yen owing to a major economic crash in 1990. It can also be argued that World War II also had an effect to the yen's value.
The major issue with these complimentary currencies is that they are too many and vary a lot with some being virtual. This makes them hard to regulate and some are used in criminal activities since they are untraceable.
GBP to JPY
Bank Exchange Rates for Japanese Yen. The foreign exchange rates for Japan also known as the ISO code JPY. Send money transfer online with us with the cheapest options.