Japanese yen

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Japanese yen 日本円 (Japanese)
¥10000 engraved by Edoardo Chiossone Circulated coins in all 6 denominations
ISO 4217 Code	JPY
User(s)	Japan
Inflation	0.4%
Source	The World Factbook, 2006 est.
Subunit
1/100	sen
1/1000	rin
Symbol	¥
Plural	The language(s) of this currency does not have a morphological plural distinction.
Coins	¥1, ¥5, ¥10, ¥50, ¥100, ¥500
Banknotes
Freq. used	¥1000, ¥5000, ¥10000
Rarely used	¥2000
Central bank	Bank of Japan
Website	www.boj.or.jp
Printer	National Printing Bureau
Website	www.npb.go.jp
Mint	Japan Mint
Website	www.mint.go.jp

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.

Contents 1 Etymology 2 History 3 Coins 4 Banknotes 4.1 Series A (1946-48) 4.2 Series B (1950-53) 4.3 Series C (1957-69) 4.4 Series D (1984) 4.5 Commemorative series D (2000, the current issue) 4.6 Series E (2004, the current issue) 5 Determinants of value 5.1 Economic forces of supply and demand 5.2 Fixed value of the yen to the US dollar 5.3 An undervalued yen 5.4 The yen and major currencies float 5.5 Japanese government intervention in the currency market 5.6 The yen in the early 1980s 5.7 The effect of the Plaza Accord 6 The yen as an international reserve currency 7 Historical exchange rate 8 See also 9 Reference 10 External links

[edit] Etymology

The yen is a cognate of the Chinese yuan and the Korean won, and was originally written in the same way in Kanji as the Chinese yuan (圓 pinyin: yuán, Wade-Giles: yuen). Modern Japanese writings now use the simplified shinjitai character (円) which is different from the one commonly used (as shorthand) in Chinese (元). The Latinized symbol (¥) for the yen however, is identical to the one for the Chinese yuan, although the PRC also uses the single-crossbar Y (Ұ). Consequently, the ISO abbreviations JPY for the yen and CNY for the yuan are used to avoid confusion of the two currencies.

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.

[edit] History

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 on the mon. 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,^[1] while the same amount of gold is worth about 3572 yen.^[2] 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.^[3]) 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.

The yen lost most of its value during and after World War II; after a period of instability, the yen was pegged at 1 US dollar = ¥360 from April 25, 1949, to until 1971 when the Bretton Woods system collapsed and the value of the yen began to float. After the Plaza Accord of 1985, the yen appreciated against the dollar, until it reached a peak of about ¥85 per dollar in the mid 1990s. After that, the Bank of Japan adopted a weak yen policy which has held it in the range of ¥100-120 per dollar. In the last couple of years, the yen has grown weaker and weaker against not only the dollar but against nearly all other important world currencies due to a de facto zero interest rate policy which has encouraged massive yen carry trades, where speculators borrow in yen and buy bonds and other assets in currencies that charge significant interest. This can be very profitable, but is a short position on the yen, which in the absence of other factors drives the yen's value down.

[edit] Coins

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.

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.^[4]

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 neighborhood of US$4.77, €3.59, and £2.49). 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 May 2006) worth about ¥457. No doubt because of this high face value, the 500 yen has been a favorite 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.^[5] 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 the Heisei Emperor'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
[2]	¥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	Milled slantingly		Value, bamboo, Mandarin orange, year of minting, latent image [3]	2000
These images are to scale at 2.5 pixels per millimeter, a standard for world coins. For table standards, see the coin specification table.

[edit] Banknotes

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.

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.

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, whilst 2000 yen notes were introduced in 2000.

[edit] 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	Geometric patterns	March 5, 1946	April 1, 1955
¥10	140 × 76 mm	The Diet building	Geometric patterns	February 25, 1946	April 1, 1955
¥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.

[edit] 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.

[edit] 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.

[edit] Series D (1984)

Series D (1984) [6]
Image		Value	Dimensions	Main Color	Description		Date of issue
Obverse	Reverse				Obverse	Reverse
[7]	[8]	¥1000	150 × 76 mm	Blue	Natsume Sōseki	Pair of Cranes	November 1, 1984
[9]	[10]	¥5000	155 × 76 mm	Orange	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 will be officially suspended on April 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.

[edit] 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.

[edit] 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.

(Names are written in the order of family name - given name, as part of Wikipedia's convention)

[edit] Determinants of value

[edit] Economic forces of supply and demand

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).

[edit] Fixed value of the yen to the US dollar

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.

[edit] 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.

[edit] 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.

[edit] 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.

[edit] 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.

[edit] 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.

The yen's increased value made Japanese exports less price competitive and imports more price competitive, which should have brought down the value of trade and current account surpluses. The current account figures discussed earlier, however, indicated that such a response was slow. The strong appreciation of the yen began in 1985, but the current account continued to rise until 1987. Its decline in 1988 was rather small, although it experienced a more substantial decline in 1989.

[edit] The yen as an international reserve currency

Main article: Reserve currency

International Accumulation of Foreign Reserve currencies

Currency	1995	1996	1997	1998	1999	2000	2001	2002	2003	2004	2005	2006
US dollar	59.0%	62.1%	65.2%	69.3%	70.9%	70.5%	70.7%	66.5%	65.8%	65.9%	66.4%	65.7%
Euro	-	-	-	-	17.9%	18.8%	19.8%	24.2%	25.3%	24.9%	24.3%	25.2%
German Mark	15.8%	14.7%	14.5%	13.8%	-	-	-	-	-	-	-	-
Pound sterling	2.1%	2.7%	2.6%	2.7%	2.9%	2.8%	2.7%	2.9%	2.6%	3.3%	3.6%	4.2%
Japanese yen	6.8%	6.7%	5.8%	6.2%	6.4%	6.3%	5.2%	4.5%	4.1%	3.9%	3.7%	3.2%
French franc	2.4%	1.8%	1.4%	1.6%	-	-	-	-	-	-	-	-
Swiss franc	0.3%	0.2%	0.4%	0.3%	0.2%	0.3%	0.3%	0.4%	0.2%	0.2%	0.1%	0.2%
Other	13.6%	11.7%	10.2%	6.1%	1.6%	1.4%	1.2%	1.4%	1.9%	1.8%	1.9%	1.5%
Sources: 1995-1999 & 2006, IMF (International Monetary Fund): [26] 1999-2005, ECB (European Central Bank): The Accumulation of Foreign Reserves, Occasional Paper Series, Nr. 43

[edit] 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
Source:[6]

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[edit] See also

• Japanese military yen
• Economy of Japan
• Capital flows in Japan
• Monetary and fiscal policy of Japan
• Balance of payments accounts of Japan (1960-90)

[edit] Reference

This article contains material from the Library of Congress Country Studies, which are United States government publications in the public domain.

[edit] External links

• Don's World Coin Gallery - Japan
• Ron Wise's World Paper Money - Japan ^{Mirror site}
• Tables of Modern Monetary Systems by Kurt Schuler - Asia ^{Mirror site}
• The Global History of Currencies - Japan
• Global Financial Data currency histories table
• Japanese currency FAQ in Currency Museum, Bank of Japan
• OSATSU.NET - Japanese yen banknote tracking site, which looks like Where's George?
• (German) Chart: US-Dollar in Yen
• (German) Chart: 100 Yen in Euro
• (Japanese) Museum of Bank notes and Coins. (Private site)
• Study of the inflation in Japan and its relationship to interest rates - thereby effecting Yen
• Money in Japan. A guide while traveling.

Preceded by: Japanese mon

Currency of Japan 1870 –

Succeeded by: Current

v • d • e Japanese currency
Topics	Bank of Japan · Japan Mint · Japanese yen · National Printing Bureau
Coinage	1r · 5r · 1s · 5s · 10s · 50s · ¥1 · ¥5 · ¥10 · ¥50 · ¥100 · ¥500
Banknotes	5s · 10s · 50s · ¥1 · ¥5 · ¥10 · ¥50 · ¥100 · ¥500 · ¥1000 · ¥2000 · ¥5000 · ¥10,000

v • d • e Currencies of Asia
Central	Kazakhstani tenge · Kyrgyzstani som · Russian ruble · Tajikistani somoni · Turkmenistani manat · Uzbekistani som
East	Hong Kong dollar · Japanese yen · Macanese pataca · Mongolian tugrug · North Korean won · New Taiwan dollar · South Korean won
Himalayas	Afghan afghani · Bhutanese ngultrum · Chinese yuan · Indian rupee · Nepalese rupee · Pakistani rupee
Indian Ocean	Bangladeshi taka · Maldivian rufiyaa · Sri Lankan rupee
Indochina	Cambodian riel · Lao kip · Myanmar kyat · Thai baht · Vietnamese đồng
Levant	Egyptian pound · Israeli new sheqel  · Jordanian dinar · Lebanese lira · Syrian pound
Malay archipelago	Brunei dollar  · Indonesian rupiah · Malaysian ringgit · Philippine piso · Singapore dollar  · United States dollar
Near East	Cypriot pound · Turkish new lira
Persian Gulf	Bahraini dinar · Iranian rial · Iraqi dinar · Kuwaiti dinar · Omani rial · Qatari riyal  · Saudi riyal · United Arab Emirates dirham · Yemeni rial
Transcaucasia	Armenian dram  · Azerbaijani manat · Georgian lari
Unrecognised Countries	Armenian dram · New Taiwan dollar · New Turkish lira · Russian rouble