What is the currency of Japan?

Japan is an Asian country with an imperial system of government with the participation of a parliamentary government. Japan is located in the eastern part of the Asian continent within the region between the Sea of ​​Japan and the Pacific Ocean , and is bordered to the east by the Korean Peninsula , and the area of ​​Japan is 377,944 km².

Japanese yen

The Japanese yen currency is the official and national currency in Japan , and is defined by the abbreviation of letters (JPY), and the yen is divided into 1000 rin or 100 sen and is used in reference to the Japanese yen symbol (¥), in the following information about each of the currencies Japanese yen coins and banknotes:

Coins

The coins that make up the Japanese yen are divided into six categories, namely:

One yen: It is a coin made of aluminum and was issued in 1955.
5 yen: It is a coin made of copper and issued in 1959.
10 yen: a bronze coin issued in 1959.
50 yen: a cupro nickel coin issued in 1967.
The 100 yen is a nickel cupro coin issued in 1967.
500 yen: a coin made of copper and nickel, issued in the year 2000.

Banknotes

The banknotes that make up the Japanese yen are divided into four categories:
1000 Yen: It is a banknote issued on November 1, 2004. 
2000 yen: It is a banknote issued on July 19,2000.
5,000 yen: It is a banknote issued on November 1, 2004.
10,000 yen: It is a banknote issued on November 1, 2004.

History of the Japanese yen 

The Japanese yen is considered one of the currencies that witness a great financial circulation among the countries of the world . Before the yen, Japan used many types of currencies, whether paper or metal. The official adoption and application of the Japanese yen was in the year 1871 after the Japanese government implemented a set of reforms; It contributed to stopping the use of banknotes issued by the feudal class in the sixteenth century, and granting the right and responsibility to issue coins and banknotes to the Central Bank of Japan. The era of political, economic and administrative reforms in Japan is known as the Meiji era; This era witnessed the emergence of the modern and nationalistic Japanese state. Japan experienced many developments in all fields; Which contributed to its classification as one of the militarily and industrially strong countries in the world. As for the yen, its name was derived from the Chinese coins known as the yuan; It was used by Japan as its currency, and the word Yuan means a round thing.

Since the adoption of the law on money, that is, during the time period from 1871 to 1897, the use of a monetary system called miners has prevailed; Where the circulating coins were minted on two groups, the first of silver metal and the second of gold metal , and the yen coins made of silver metal were the most widely used and traded among people in Japan , and after Japan was granted compensation from gold; As a result of its war with China, it has become using a financial and monetary system that depends on the gold metal; The Japanese House of Representatives approved this new monetary and financial system in 1897, each yen contained 750 milligrams of pure gold.

Japan surrendered at the end of the Second World War , and lost much of the infrastructure of its industrial sector, which resulted in a decline in the quantity of its domestic production, a rise in the rate of inflation , and an increase in the apparent deficit in the balance of payments ; Which led to the collapse and weakness of the Japanese yen compared to other monetary currencies, and this forced the Japanese government to apply a set of rules on financial exports from the state, in conjunction with a monetary policy that restricts financial operations; In order to reach a fixed exchange rate that would stabilize the Japanese economic system and reduce the rapid increase in prices.The exchange rate of the Japanese yen remained fixed until 1971; Where its price became floating and linked to the effects of demand, supply and the market , and currently the yen is considered one of the widely traded currencies in the world, and it comes in fourth place among the international central banks’ foreign money reserves after the British pound, the euro , and the US dollar.

Japan's economy

The economy in Japan is the second largest in the world after the United States of America. It is characterized by very rapid economic growth , especially after the Second World War. One of the most important sectors on which the Japanese economy depends is the service sector. It contributes a large percentage of the GDP, and also contributes significantly. In the country's employment, another important sector in Japan is the industrial sector, as Japan is one of the largest producers of automobiles, steel, and high-tech manufactured goods in the world. As for the agricultural sector, it is considered a weak sector due to the limited arable land in the country.
What is the currency of Japan? What is the currency of Japan? Reviewed by Admin on September 17, 2022 Rating: 5

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