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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 June 2004, there are about 109 yen to the US Dollar,
and about 200 yen to the British pound. 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.
The spelling, with the letter y, is based on romanization of an
obsolete writing of the word. The same combination occurs in Uyeda, Iyeyasu and Inouye. Like the
spellings of names of people outside Japan, the romanization of yen has become a permanent feature.
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 |
The table below shows the number of Yen per Pound Sterling (rounded
to the nearest Yen).
| 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.
Japanese 10 yen coin (reverse) showing Phoenix Hall of Byodoin
External link
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