Japanese Yen

JPY | Japanese Yen
  • Rice was used as a unit of value for a long time, which was measured in koku (1 koku = 180 litres of rice). In the 8-9th centuries, coins were already in use, but not to a significant extent.
  • Between 1336 and 1870 the so-called “mon” was used as a currency, which was based on the Chinese character mon. There was a hole in the middle of the coins, because they were put in strings (which is preserved by the 5 and 50-yen coins).
  • In 1871 the Meiji-government introduced the Yen, which replaced the oval-shaped coins. This is where its name also comes from (Yen, in Japanese “en” means “round”).
  • Seeing that Japan mainly relies on exports rather than imports, it is the country’s interest to keep the Yen weak, because a permanently strong Yen would discourage foreign customers from buying Japanese products, and foreign companies operating in Japan would also relocate their site to another country.
Country uses Japanese Yen:
  • Japan