Japanese yen

Japanese yen
日本円 (Japanese)
JPY coins 2.png
Coins of the Japanese yen.
ISO 4217
CodeJPY
Number392
Exponent0
Denominations
Subunit
 ​1100sen (錢)
 ​11000rin (厘)
PluralThe language(s) of this currency do(es) not have a morphological plural distinction.
Symbol¥ (international)
(Japan—present day)
(Japan—traditional)
Banknotes
 Freq. used¥1000, ¥5000, ¥10,000
 Rarely used¥2000
Coins
 Freq. used¥1, ¥5, ¥10, ¥50, ¥100, ¥500
Demographics
Official user(s) Japan
Unofficial user(s) Myanmar[1]
 Zimbabwe
Issuance
Central bankwww.boj.or.jp
Printerwww.npb.go.jp
Mintwww.mint.go.jp
Valuation
Inflation0.3% at January 2017
 SourceStatistics Japan,[2] March 2016

The yen (Japanese: , Hepburn: en, symbol: ¥; code: JPY; also abbreviated as JP¥) is the official currency of Japan. It is the third most traded currency in the foreign exchange market after the United States dollar and the euro.[3] It is also widely used as a reserve currency after the U.S. dollar, the euro, and the pound sterling.

The concept of the yen was a component of the Meiji government's modernization program of Japan's economy, which postulated the pursuit of a uniform currency throughout the country, modelled after the European decimal currency system.Before the Meiji Restoration, Japan's feudal fiefs all issued their own money, hansatsu, in an array of incompatible denominations. The New Currency Act of 1871 did away with these and established the yen, which was defined as 1.5 g (0.048 troy ounces) of gold, or 24.26 g (0.780 troy ounces) of silver, as the new decimal currency. The former han (fiefs) became prefectures and their mints private chartered banks, which initially retained the right to print money. To bring an end to this situation, the Bank of Japan was founded in 1882 and given a monopoly on controlling the money supply.[4]

Following World War II the yen lost much of its prewar value. To stabilize the Japanese economy the exchange rate of the yen was fixed at ¥360 per $1 as part of the Bretton Woods system. When that system was abandoned in 1971, the yen became undervalued and was allowed to float. The yen had appreciated to a peak of ¥271 per $1 in 1973, then underwent periods of depreciation and appreciation due to the 1973 oil crisis, arriving at a value of ¥227 per $1 by 1980.

Since 1973, the Japanese government has maintained a policy of currency intervention, and the yen is therefore under a "dirty float" regime. The Japanese government focuses on a competitive export market, and tries to ensure a low yen value through a trade surplus. The Plaza Accord of 1985 temporarily changed this situation from its average of ¥239 per US$1 in 1985 to ¥128 in 1988 and led to a peak value of ¥80 against the U.S. dollar in 1995, effectively increasing the value of Japan’s GDP to almost that of the United States. Since that time, however, the yen has greatly decreased in value. The Bank of Japan maintains a policy of zero to near-zero interest rates and the Japanese government has previously had a strict anti-inflation policy.[5]

Pronunciation and etymology

Yen derives from the Japanese word (えんen[eɴ]; lit. "round"), which borrows its phonetic reading from Chinese yuan, similar to North Korean won and South Korean won. Originally, the Chinese had traded silver in mass called sycees and when Spanish and Mexican silver coins arrived, the Chinese called them "silver rounds" (Chinese: 銀圓; pinyin: yínyuán) for their circular shapes.[6] The coins and the name also appeared in Japan. While the Chinese eventually replaced with ,[a] the Japanese continued to use the same word, which was given the shinjitai form in reforms at the end of World War II.

The spelling and pronunciation "yen" is standard in English because when Japan was first encountered by Europeans around the 16th century, Japanese /e/ () and /we/ () both had been pronounced [je] and Portuguese missionaries had spelled them "ye".[b] By the middle of the 18th century, /e/ and /we/ came to be pronounced [e] as in modern Japanese, although some regions retain the [je] pronunciation. Walter Henry Medhurst, who had neither been to Japan nor met any Japanese, having consulted mainly a Japanese-Dutch dictionary, spelled some "e"s as "ye" in his An English and Japanese, and Japanese and English Vocabulary (1830).[8] In the early Meiji era, James Curtis Hepburn, following Medhurst, spelled all "e"s as "ye" in his A Japanese and English dictionary (1867); in Japanese, e and i are slightly palatalized, somewhat as in Russian.[9] That was the first full-scale Japanese-English/English-Japanese dictionary, which had a strong influence on Westerners in Japan and probably prompted the spelling "yen". Hepburn revised most "ye"s to "e" in the 3rd edition (1886)[10] to mirror the contemporary pronunciation, except "yen".[11] This was probably already fixed and has remained so ever since.

Other Languages
Afrikaans: Jen
Alemannisch: Yen
العربية: ين ياباني
aragonés: Yen
অসমীয়া: জাপানীজ য়েন
asturianu: Yen
azərbaycanca: Yapon yeni
تۆرکجه: ژاپون یئنی
Bân-lâm-gú: Ji̍t-pún yen
башҡортса: Иена
беларуская: Іена
беларуская (тарашкевіца)‎: Ена
български: Японска йена
Boarisch: Yen
bosanski: Japanski jen
brezhoneg: Yen
буряад: Японой иен
català: Ien
Чӑвашла: Иена
čeština: Japonský jen
Cymraeg: Yen
dansk: Yen
Deutsch: Yen
Ελληνικά: Γιεν
español: Yen
Esperanto: Japana eno
euskara: Yen
فارسی: ین
Fiji Hindi: Japanese yen
français: Yen
galego: Ien
客家語/Hak-kâ-ngî: Ngi̍t-pún yen
한국어: 일본 엔
հայերեն: Իեն
हिन्दी: जापानी येन
hrvatski: Japanski jen
Ido: Yen
Ilokano: Yen ti Hapon
বিষ্ণুপ্রিয়া মণিপুরী: জাপানিজ ইয়েন
Bahasa Indonesia: Yen
Ирон: Иенæ
íslenska: Japanskt jen
italiano: Yen
עברית: ין יפני
Jawa: Yen
къарачай-малкъар: Иена
қазақша: Жапон иені
kernowek: Yen
Kiswahili: Yen
Кыргызча: Япон иенасы
Ladino: Yen
ລາວ: ເຢນ
Latina: Ienum
latviešu: Japānas jena
lietuvių: Jena
lumbaart: Yen giapunes
magyar: Japán jen
македонски: Јапонски јен
मराठी: जपानी येन
მარგალური: იაპონური იენა
مازِرونی: ین
Bahasa Melayu: Yen
Mìng-dĕ̤ng-ngṳ̄: Nĭk-buōng yen
Mirandés: Iene
монгол: Иен
မြန်မာဘာသာ: ဂျပန်ယန်းငွေ
Nāhuatl: Xapon Yen
Nederlands: Japanse yen
नेपाल भाषा: जापानी येन
日本語: 円 (通貨)
Nordfriisk: Yen
norsk nynorsk: Japansk yen
occitan: Yen
oʻzbekcha/ўзбекча: Iyena
ਪੰਜਾਬੀ: ਜਪਾਨੀ ਯੈੱਨ
پنجابی: ین
Patois: Japaniiz yen
Piemontèis: Yen
Plattdüütsch: Yen
polski: Jen
português: Iene
română: Yen
русиньскый: Японьскый єн
русский: Иена
саха тыла: Йена
Simple English: Yen
slovenčina: Jen
slovenščina: Jen
Soomaaliga: Yen
српски / srpski: Јапански јен
srpskohrvatski / српскохрватски: Jen
svenska: Yen
Tagalog: Yen ng Hapon
தமிழ்: யென்
tarandíne: Yen giappunise
татарча/tatarça: Иена
ไทย: เยน
тоҷикӣ: Йени Ҷопон
ತುಳು: ಯನ್
Türkçe: Japon yeni
Türkmençe: Ýen
українська: Єна
ئۇيغۇرچە / Uyghurche: يېن
vèneto: Yen
vepsän kel’: Japonijan jen
Tiếng Việt: Yên Nhật
Winaray: Yen han Hapon
吴语: 日圆
Yorùbá: Yen
粵語: 日圓
žemaitėška: Jena
中文: 日圓