The New Currency Act of 1871 introduced Japan's modern currency system, with the yen defined as 1.5 g (0.048 troy ounces) of gold, or 24.26 g (0.780 troy ounces) of silver, and divided decimally into 100sen or 1,000rin. The yen replaced the previousTokugawa coinage as well as the varioushansatsu paper currencies issued by feudalhan (fiefs). TheBank of Japan was founded in 1882 and given a monopoly on controlling the money supply.[3]
FollowingWorld War II, the yen lost much of its pre-war value as Japan faced a debt crisis and hyperinflation. Under theBretton Woods system, the yen was pegged to the US dollar alongside other major currencies. After this system was abandoned in 1971 with theNixon Shock, the short-livedSmithsonian Agreement temporarily reinstated a fixed exchange rate. However, since the end of that system in February 1973, the yen has been afloating currency.[4]
Currency intervention by theMinistry of Finance and theBank of Japan has occurred on limited occasions in recent years, with the intention of moderating the speed of exchange rate movements. Interventions took place intermittently from 1998 to 2003 and from 2010 to 2011 to curb excessive and speculative appreciation of the yen, and again in 2022 and 2024 to slow down speculative selling of the currency.[5] The first two instances included coordinated interventions with respective countries,[6][7] and theIMF has repeatedly stated that Japan is 'committed to a flexible exchange rate'.[8][9][10]
The name, "Yen", derives from the Japanese word圓 (en,[eɴ]; "round"), which borrows its phonetic reading fromChinese yuan, similar toNorth Korean won andSouth Korean won. Originally, the Chinese had traded silver in mass calledsycees, and whenSpanish and Mexican silver coins arrived from thePhilippines, the Chinese called them "silver rounds" (Chinese:銀圓;pinyin:yínyuán) for their circular shapes.[11] The coins and the name also appeared in Japan. While the Chinese eventually replaced圆;圓 with元,[a] the Japanese continued to use the same word, which was given theshinjitaiform円 in reforms at the end of World War II.
The spelling and pronunciation "yen" is standard inEnglish, because when Japan was first encountered by Europeans around the 16th century, Japanese/e/ (え) and/we/ (ゑ) were both pronounced[je]. Accordingly, Portuguese missionaries spelled them as "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 people, having consulted mainly a Japanese-Dutch dictionary, spelled some "e"s as "ye" in hisAn English and Japanese, and Japanese and English Vocabulary (1830).[13] In the early Meiji era,James Curtis Hepburn, following Medhurst, spelled all "e"s as "ye" in hisA Japanese and English dictionary (1867); in Japanese,e andi are slightly palatalized, somewhat as in Russian.[14] 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)[15] to mirror the contemporary pronunciation, except "yen".[16]
Although theEdo Shogunate collapsed with theMeiji Restoration and a new government was born, the monetary system still took over that of the former entity. During this unstable period, the confusion caused by this form of exchange caused economic turmoil.[17] The gold (counting money) system of eastern Japan and the silver (weighing money) system of the western Japan were not unified, and the difference in the gold-silver ratio caused a large amount of gold to flow overseas at the end of the Tokugawa shogunate.Emperor Meiji responded to this by appointingŌkuma Shigenobu as head of Japan's monetary reform program. He worked withInoue Kaoru,Itō Hirobumi, andShibusawa Eiichi to run the Ministry of Finance, seeking to introduce a modern monetary system into Japan. Ōkuma eventually proposed that coins, which were previously square, be made into circles, and that the names of the traditional currencies,ryō (両), bu (分) and shu (朱), be unified into yen (円), which was accepted by the government.[18] Other rejected proposals included physicalweight units of "Fun" and "Momme" which never made it past thepattern stage.[19][20][21]
The first gold yen coins consisted of 2, 5, and 20 yen coins which were struck throughout 1870. Five yen coins were first struck in gold for the Japanese government in 1870 at theSan Francisco Mint.[22] During this time a new mint was being established atOsaka, which did not receive the gold bullion needed for coinage until the following year.[23] Gold bullion was delivered from private Japanese citizens, foreigners, and the Japanese government.[24] Initially the government opted for silver, which would become the standard unit of value leaving gold coinage as a subsidiary.[25] While gold coinage couldn't be produced domestically in 1870, the mint at Osaka could produce silver coins which included denominations of 5, 10, 20, and 50 sen.[26][27] None of these coins dated "1870" circulated until theMeiji government officially adopted the "yen" as Japan's modern unit of currency on June 27, 1871.[28] This Act formally stipulated the adoption of the decimal accounting system ofyen (1,圓),sen (1⁄100,錢), andrin (1⁄1000,厘). The new currency was gradually introduced beginning from July of that year.
Japanese yen denominated paper currency was also conceived with the coins in 1870 asMeiji Tsuho notes by Italian engraverEdoardo Chiossone.[29] These were released asfiat currency in denominations of 1, 2, 5, 10, 50, and 100 yen along with subsidiary notes of 10, 20, and 50 sen in 1872. Almost concurrently, the government established a series of national banks modeled after the system in theUnited States which issued national bank notes.
Massive inflation from theSatsuma Rebellion in 1877 caused a glut of non-redeemable fiat currency notes. The issuance of national fiat banknotes was ultimately suspended in 1880 by then prime ministerMatsukata Masayoshi.[30][31] New policies were put into place which included the establishment of acentralized banking system.[32][31] TheBank of Japan hence commenced operations on October 10, 1882, with the authority to print banknotes that could be exchanged for the old Government and National Bank Notes.[33][34] By May 1883, another act provided the redemption and retirement of national bank notes.[35][36] TheNational Bank Act was amended again in March 1896, providing for the dissolution of the national banks on the expiration of their charters.[35] This amendment also prohibited national bank notes from circulating after December 31, 1899.[37] In that year, Japan adopted agold exchange standard, defining the yen as 0.75 g fine gold or US$0.4985.[38]
This exchange rate remained in place until Japan left the gold standard in December 1931, after which the yen fell to $0.30 by July 1932 and to $0.20 by 1933.[39]
It remained steady at around $0.30 until the start of the Pacific War on December 7, 1941, at which time it fell to $0.23.[40]
The sen and the rin were eventually taken out of circulation at the end of 1953.[41]
No true exchange rate existed for the yen between December 7, 1941, and April 25, 1949; wartime inflation reduced the yen to a fraction of its prewar value.
After a period of instability, on April 25, 1949, the U.S. occupation governmentfixed the value of the yen at ¥360 per USD through a United States plan, which was part of theBretton Woods system, to stabilize prices in theJapanese economy.[42]
That exchange rate was maintained until 1971, when the United States abandoned the gold standard, ending a key element of the Bretton Woods system, and setting in motion changes that eventually led tofloating exchange rates in 1973.[citation needed]
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 thecurrent account balance, which had risen from thedeficits of the early 1960s, to a then-largesurplus of US$5.8 billion in 1971. The belief that the yen, and several other major currencies, were undervalued motivated the United States' actions in 1971.
Following the United States' measures to devalue the dollar in the summer of 1971, the Japanese government agreed to a new, fixed exchange rate as part of theSmithsonian Agreement, signed at the end of the year. This agreement set the exchange rate at ¥308 per US$. 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 tofloat.
After World War II theUnited States-administered Okinawa issued a higher-valued currency called theB yen from 1946 to 1958, which was then replaced by theU.S. dollar at the rate of $1 = 120 B yen. Upon thereversion of Okinawa to Japan in 1972 the Japanese yen then replaced the dollar. In light of the dollar's reduction in value from ¥360 to ¥308 just before the reversion, an unannounced "currency confirmation" took place on October 9, 1971, wherein residents disclosed their dollar holdings in cash and bank accounts; dollars held that day amounting to US$60 million were entitled for conversion in 1972 at a higher rate of ¥360.[43]
Japanese government intervention in the currency market
In the 1970s, Japanese government and business people were very concerned that a rise in the value of the yen would hurt export growth by making Japanese products less competitive and would damage the industrial base. The government, therefore, continued to intervene heavily in foreign-exchange marketing (buying or selling dollars), even after the 1973 decision to allow the yen to float.[44]
Despite intervention, market pressures caused the yen to continue climbing in value, peaking temporarily at an average of ¥271 per US$ in 1973, before the impact of the1973 oil crisis was felt (this was retroactively calledendaka, although the term was only coined in 1985). The increased costs of importedoil caused the yen to depreciate to a range of ¥290 per US$ to ¥300 per US$ 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 thesecond oil shock in 1979, with the yen dropping to ¥227 per US$ by 1980.[44]
During the first half of the 1980s, the yen failed to rise in value, though current account surpluses returned and grew quickly. From ¥221 per US$ in 1981, the average value of the yen actually dropped to ¥239 per US$ 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 toderegulate the international flow ofcapital, 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.
In 1985, a dramatic change began. Finance officials from major nations signed an agreement (thePlaza 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$ 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$ in December 1992. In April 1995, the yen hit a peak of under 80 yen/US$, temporarily making Japan's economy nearly the size of that of the US.[45]
The yen declined during theJapanese asset price bubble and continued to do so afterwards, reaching a low of ¥134 to US$ in February 2002. The Bank of Japan's policy of zero interest rates has discouraged yen investments, with thecarry trade of investors borrowing yen and investing in better-paying currencies (thus further pushing down the yen) estimated to be as large as $1trillion.[46] In February 2007,The Economist estimated that the yen was 15% undervalued against the dollar, and as much as 40% undervalued against the euro.[47]
Comparison of the GNP-weighted nominal exchange rates: CHF and JPY versus CNY, EUR, USD, and GBP
However, this trend of depreciation reversed after theglobal economic crisis of 2008. Other major currencies, except theSwiss franc, have been declining relative to the yen.
On April 4, 2013, the Bank of Japan announced that they would expand their asset purchase program by $1.4 trillion in two years. The Bank of Japan hopes to bring Japan from deflation to inflation, aiming for 2% inflation. The number of purchases is so large that it is expected to double the money supply, but this move has sparked concerns that the authorities in Japan are deliberately devaluing the yen to boost exports.[48] However, the commercial sector in Japan worried that the devaluation would trigger an increase in import prices, especially for energy and raw materials.
A period of rapid global inflation from 2022 onwards
Since 2022, the yen has depreciated significantly against its peers, due to a variety of factors. Firstly, Japan's prolonged low-interest-rate policy (to tackle domesticdeflation) has created ayield differential with other countries—notably the US—that have high interest rates (to tackle domesticinflation), prompting investors to seek higher returns in foreign currencies. This interest rate differential directly affects the price of the Yen and serves as one of the drivers behind its depreciation. Widely held expectations of yen depreciation can become self-fulfilling prophecies, affecting the currency's exchange rate.[49] To counter this, the BOJ conducted currency interventions of more than JPY 9 trillion selling the dollar and buying the yen in the September–October 2022 and April–May 2024 periods respectively.[50][51][52]
Numerous proposals have been made since the 1990s toredenominate the yen by introducing a new unit or new yen, equal to 100 yen, and nearly worth one U.S. dollar. This has not happened to date, since the yen remains trusted globally despite its low unit value, and due to the huge costs of reissuing new currency and updating currency-reading hardware. The negative impact of postponing upgrades to various computer software until redenomination occurs, in particular, was also cited.[53]
These images are to scale at 2.5 pixels per millimetre. For table standards, see thecoin specification table.
The obverse side of all coins shows the coin's value inkanji characters as well as thecountry name (through 1945,Dai Nippon (大日本, "Great Japan"); after 1945,Nippon-koku (日本国, "State of Japan") (except for the current 5-yen coin with the country name on the reverse). The reverse side of all coins shows the year of mintage, which is not shown inGregorian calendar years, but instead in theregnal year of thecurrent emperor's reign, with the first year of an era calledgannen (元年). Imperial portraits have never appeared on Japanese coins, as the image of the emperor remains sacred.[58]
Early 1-yen coin from 1901 (Meiji year 34), 26.96 grams of 90% fine silver20 yen coin from 1870 (Meiji year 3)
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.
After the war, brass 50 sen, 1 and 5 yen were introduced between 1946 and 1948. The current-type holed brass 5 yen was introduced in 1949, the bronze 10 yen in 1951, and the aluminum 1 yen in 1955.
In 1955 the first unholed, nickel 50 yen was introduced. In 1957, silver 100 yen pieces were introduced, followed by the holed 50 yen coin in 1959. These were replaced in 1967 by the current cupro-nickel 100 yen along with a smaller 50 yen.[59]
In 1982, the first cupronickel 500 yen coin was introduced. Alongside the 5Swiss franc coin, the 500 yen coin is one of the highest-valued coin to be used regularly in the world, with a value of US$4.42 as of December 2016[update].[60][61] Because of its highface value, the 500 yen coin has been a favorite target for counterfeiters, resulting in the issuance in 2000 of the second nickel-brass 500 yen coin with added security features. Continued counterfeiting of the latter resulted in the issuance in 2021 of the thirdbi-metallic 500 yen coin with more improvements in security features.
Due to the great differences in style, size, weight and the pattern present on the edge of the coin they are easy for people with visual impairments to tell apart from one another.
Commemorative coins have been minted on various occasions in base metal, silver and gold.[62] The first of these were silver ¥100 and ¥1,000Summer Olympic coins issued for the1964 games. The largest issuance by denomination and total face value were 10 million gold coins of¥100,000 denomination for the 60th anniversary of reign of theShōwa Emperor in 1986, totalling ¥1 trillion and utilizing 200,000 kg fine gold. ¥500 commemorative coins have been regularly issued since 1985. In 2008 commemorative ¥500 and ¥1,000 coins were issued featuring Japan's 47 prefectures. Even though all commemorative coins can be spent like ordinary (non-commemorative) coins, they do not normally circulate, and ¥100,000 coins are treated with caution due to the discovery of counterfeits.[63]
The 1 yen coin is made out of 100% aluminum and can float on water if placed correctly.
Subsidiary coins of "sen" (one hundredth of a yen) were initially introduced in 1870 with a silver alloy in denominations of 5, 10, 20 and 50 sen. Copper sen coins in denominations of half, 1, and 2 came three years later, as Japan acquired the technology needed to mint them. The removal of silver from sen coinage began in 1889, whenCupronickel 5 sen coins were introduced. By 1920, this included cupro-nickel 10 sen and reduced-size silver 50 sen coins. Production of the latter ceased in 1938, after which a variety of base metals were used to produce 1, 5 and 10 sen coins during theSecond World War. While clay 5 and 10 sen coins were produced in 1945, they were not issued for circulation. As with the Rin, coins in denominations of less than 1 yen became invalid at the end of 1953 and were demonetized due to inflation.
Bronze coins worth one-one thousandth of a yen called "rin" were first introduced in 1873. One rin coins were very small, measuring 15.75 mm in diameter and 0.3 mm in thickness, and co-circulated withmon coins of the old currency system. Their small size was eventually their undoing, and the rin was abandoned in 1884 due to unpopularity.[64][e] Five rin coins worth one-two hundredth of a yen also used a bronze alloy. These were successor coins to the equally valuedhalf sen coin which had been previously minted until 1888. The decision to bring back an equally valued coin was in response to rising inflation caused byWorld War I which led to an overall shortage of subsidiary coins. The mintage period for five rin coins was brief as they were discontinued after only four years of production due to their sharp decline in monetary value. The overall demand for subsidiary coinage ended as Japan slipped into a post-war recession. Coins worth 1 and 5 rin were eventually officially taken out of circulation at the end of 1953 and demonetized.
The issuance of yen banknotes began in 1872, two years after the currency was introduced. Denominations have ranged from 1 yen to 10,000 yen; since 1984, the lowest-valued banknote is the 1,000 yen note. Before and duringWorld War II, various bodies issued banknotes in yen, such as theMinistry of Finance and the Imperial Japanese National Bank. TheAllied forces also issued some notes shortly after the war. Since then, theBank of Japan has been the exclusive note issuing authority. The bank has issued five series after World War II.
Japan is generally considered a cash-based society, with 38% of payments in Japan made bycash in 2014.[65] Possible explanations are that cash payments protect one's privacy, merchants do not have to wait for payment, and it does not carry any negative connotation like credit.
At present, portraits of people from theMeiji period and later are printed on Japanese banknotes. The reason for this is that from the viewpoint of preventing forgery, it is desirable to use a precise photograph as an original rather than a painting for a portrait.[66][67]
Series E banknotes were introduced in 2004 in ¥1000, ¥5000, and ¥10,000 denominations.
Beginning in December 1931, Japan gradually shifted from the gold standard system to the managed currency system.[69]
Therelative value of the yen is determined inforeign exchange markets by theeconomic forces ofsupply and demand. Thesupply of the yen in themarket is governed by the desire of yen holders to exchange their yen for other currencies to purchasegoods,services, orassets. Thedemand 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).
Since the 1990s, the Bank of Japan, the country's central bank, has kept interest rates low to spur economic growth. Short-term lending rates have responded to this monetary relaxation and fell from 3.7% to 1.3% between 1993 and 2008.[70] Low interest rates and low inflation, combined with a ready liquidity, prompted investors to borrow yen in Japan and invest it in other countries (such as the US) with significantly higherbank rates, a practice known as thecarry trade. This has helped to keep the exchange rate of the yen low compared to other currencies, particularly the US dollar.[49]
Most traded currencies by value Currency distribution of global foreign exchange market turnover[71]
Thespecial drawing rights (SDR) valuation is an IMF basket of the world's major reserve currencies, including the Japanese yen. Its share of 8.33% as of 2016 has declined from 18% as of 2000.[73]
Graphs are unavailable due to technical issues. Updates on reimplementing the Graph extension, which will be known as the Chart extension, can be found onPhabricator and onMediaWiki.org.
Before the war commenced, the yen traded on an average of 3.6 yen to the dollar. After the war the yen went as low as 600 yen per USD in 1947, as a result of currency overprinting in order to fund the war, and afterwards to fund the reconstruction.
When MacArthur and the US forces entered Japan in 1945, they decreed an official conversion rate of 15 yen to the USD. Within 1945–1946: the rate tanked to 50 yen to the USD because of the ongoing inflation. During the first half of 1946, the rate fluctuated to 66 yen to the USD and eventually plummeting to 600 yen to the dollar by 1947 because of the failure of the economic remedies. Eventually, the peg was officially moved to 270 yen to the dollar in 1948 before being adjusted again from 1949 to 1971 to 360 yen to the dollar.
Beginning in 2022 the yen/dollar rate has become increasingly weaker with each passing month. By July 2024, the price fell to upper ¥161 per $1, marking the lowest exchange rate for the yen in 37.5 years on a nominal effective exchange rate[77] and the lowest real effective exchange rate since the start of statistics by theBank of Japan in 1970.[78][79][80][81] One of the main reasons behind this fall was the US moving towards higher interest rates, while Japan remained "ultra-low". Other factors include the strength of the US economy and its labor market, while Japan continues to lag behind its peers to bring its economy back to its pre-pandemic size. Japan's trade balance staying in the red is also likely feeding into the weaker yen.[82][83][84] Interviewed byAsahi Shimbun Digital in September 2022, Izuru Kato, chief economist at Totan Research, expressed concern about the sharp fall in its value since 2022.[85] and Moneypost reported that the exchange rate instability had made it impossible to exchange the currency for Japanese yen at some exchange offices.[86] With the rate returning to ¥150 in November 2023, concern deepened as Nikkei sources expected the yen to depreciate further in the future.[87]The Economist (London) expressed concern over the performance of the Bank of Japan, suggested that a systemic risk is posed to the world financial system.[88] Other reports of a weakening of the Japanese yen include theNoto Peninsula earthquake in January 2024, where previous earthquakes had seen a temporary appreciation of the yen against the US dollar, but this earthquake reversed the trend and weakened the yen against the US dollar.[89]Goldman Sachs expects the Japanese yen to remain very weak in the coming months.[90]
The table below shows monthly averages ofreal effective exchange rates. A higher figure indicates a stronger yen, while a lower figure indicates a weaker yen with the value of 100 being the 2020 average. Data from 1970 onwards are presented in the Broad range, while data from 1969 and earlier are presented in the Narrow range.:[93][94]
Year
Month
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
1964
056.84
056.41
056.40
056.94
060.09
059.97
059.93
060.40
060.92
061.63
061.27
061.52
1965
062.61
062.12
062.28
063.00
062.54
062.28
061.91
062.02
062.89
063.51
063.10
063.18
1966
063.69
063.76
063.49
064.06
063.35
063.05
063.11
062.41
063.16
063.30
062.62
063.26
1967
063.71
063.74
063.88
063.89
062.98
062.56
062.36
062.51
063.41
064.36
064.17
065.34
1968
065.59
065.66
065.49
065.35
065.24
064.61
064.60
064.92
066.52
066.30
066.44
066.00
1969
066.01
065.74
066.05
066.16
066.24
065.95
066.34
066.85
067.54
066.65
066.60
066.80
1970
075.02
074.58
074.86
074.93
074.41
074.28
073.79
073.45
074.15
075.03
074.89
074.97
1971
074.89
074.71
074.65
075.43
075.29
075.25
075.52
075.14
080.37
081.83
081.50
082.60
1972
083.65
085.23
086.25
086.88
086.52
086.83
087.18
087.21
087.44
088.13
087.95
088.22
1973
088.43
093.68
099.43
099.33
099.69
097.63
096.06
096.44
098.40
096.87
094.10
096.67
1974
094.83
096.83
098.09
100.51
098.97
098.17
096.24
093.02
094.59
095.45
094.32
094.31
1975
094.07
095.36
096.45
096.57
096.16
094.88
095.39
095.41
096.77
096.54
095.61
094.70
1976
096.02
097.17
098.03
100.70
100.62
100.61
102.21
102.09
105.77
104.53
102.72
103.28
1977
104.31
106.33
107.79
110.47
109.90
110.34
112.03
110.70
112.16
117.24
119.79
119.61
1978
117.86
117.68
121.74
128.01
126.35
130.89
138.18
144.39
143.49
145.01
138.74
134.75
1979
132.12
128.56
124.63
119.48
118.54
116.75
116.01
113.13
110.68
107.59
100.07
100.74
1980
101.44
098.70
098.22
098.82
106.14
109.72
107.31
105.42
110.53
113.48
112.34
113.93
1981
118.07
117.44
115.05
112.89
112.33
111.26
107.35
106.89
107.79
105.70
108.10
110.60
1982
107.74
103.82
102.40
102.07
103.56
098.88
097.17
096.67
096.62
094.31
096.37
103.85
1983
107.56
105.95
106.12
106.47
108.31
106.33
105.83
104.67
106.28
110.38
109.37
110.31
1984
111.25
110.07
112.50
113.19
112.37
110.11
107.66
106.84
108.62
109.03
109.05
108.73
1985
107.09
105.28
106.41
106.88
106.86
107.15
108.57
109.10
109.93
119.08
123.62
123.33
1986
123.96
132.45
135.48
138.53
144.34
143.03
149.58
151.97
150.87
149.01
142.55
141.60
1987
143.91
143.51
144.86
152.72
153.64
149.13
142.96
144.92
148.60
147.75
152.16
157.69
1988
157.86
156.01
157.01
158.89
159.12
156.73
151.78
151.83
151.42
156.40
159.58
157.76
1989
154.20
152.76
150.37
149.97
145.10
140.27
140.84
140.20
137.70
139.34
135.86
133.87
1990
130.73
129.33
123.74
119.75
122.90
122.12
123.67
122.54
130.03
138.48
138.24
133.76
1991
133.87
135.15
132.79
135.39
135.04
134.32
135.67
135.35
136.21
141.27
140.12
139.57
1992
142.41
140.21
136.24
136.13
137.56
139.94
137.51
136.29
141.26
145.52
146.06
146.09
1993
145.07
151.19
155.81
160.89
163.44
169.43
171.59
178.56
173.69
170.94
169.99
166.32
1994
164.09
170.65
172.27
174.85
172.72
172.35
176.40
173.22
173.68
173.81
173.97
170.57
1995
169.61
170.38
182.00
193.97
191.35
191.26
184.04
170.97
161.88
159.48
157.46
158.02
1996
151.68
150.54
150.03
148.45
150.17
146.29
145.44
146.15
143.81
141.04
139.92
138.72
1997
134.34
129.37
130.53
129.86
137.50
142.70
143.14
141.96
139.71
140.99
136.38
137.71
1998
142.75
143.57
138.72
134.02
132.12
128.71
127.33
123.75
132.15
145.16
145.03
147.76
1999
152.38
148.27
146.33
146.37
143.32
144.92
145.88
153.60
163.05
163.66
165.44
168.50
2000
162.97
156.40
161.77
164.01
162.57
163.77
161.06
162.07
164.68
163.58
162.86
157.10
2001
149.26
149.77
144.39
142.62
145.00
145.25
142.37
144.10
146.64
144.34
142.90
137.43
2002
131.53
129.68
132.08
131.66
134.85
136.45
140.47
140.64
138.40
134.89
136.24
134.86
2003
135.69
133.74
134.92
133.37
134.10
132.29
132.45
132.98
136.27
140.96
140.39
140.47
2004
140.04
139.10
137.38
138.32
133.74
136.69
135.74
134.57
134.77
135.60
138.13
136.97
2005
137.34
133.68
132.80
130.79
132.12
130.72
127.03
126.91
126.30
122.57
119.18
118.46
2006
119.50
116.36
117.04
115.83
119.90
117.88
116.12
115.99
114.83
113.28
112.68
111.18
2007
108.22
106.54
109.24
106.57
104.47
102.38
101.65
106.90
107.27
104.61
107.50
106.21
2008
109.12
107.79
113.15
109.93
109.18
106.31
105.42
105.52
110.51
122.97
129.91
137.00
2009
137.51
136.05
128.82
125.28
124.95
123.55
125.77
124.36
127.70
127.10
127.82
126.84
2010
124.50
126.81
125.81
121.10
125.49
128.28
130.53
132.58
132.64
133.64
131.82
130.63
2011
129.83
128.13
128.53
123.86
126.80
127.55
128.54
132.20
134.77
135.86
133.74
133.98
2012
134.95
130.59
124.53
126.39
130.18
131.89
131.84
131.32
130.30
128.09
124.56
119.56
2013
111.68
106.05
105.13
101.81
098.91
103.09
101.16
103.03
101.21
101.77
099.96
096.51
2014
096.11
097.68
097.53
099.23
100.09
099.82
099.99
099.17
095.94
095.80
089.64
088.47
2015
090.59
090.25
090.07
090.44
089.14
087.04
087.96
089.50
092.39
091.85
090.64
091.80
2016
095.47
097.04
097.57
099.57
101.09
104.48
106.10
108.28
107.59
106.96
104.06
097.80
2017
097.79
098.46
098.36
100.78
098.38
098.62
096.40
097.59
095.93
094.74
094.94
094.36
2018
094.12
095.30
097.00
095.54
095.37
095.93
096.18
097.85
096.78
096.78
096.62
097.10
2019
099.20
096.92
096.21
096.00
098.51
099.79
099.33
102.87
101.64
100.47
099.19
098.56
2020
097.49
097.35
101.60
102.99
103.42
100.94
100.76
100.24
099.75
099.35
098.68
097.44
2021
097.05
095.02
093.12
091.83
091.04
090.25
091.11
091.44
091.15
088.25
087.59
087.75
2022
086.66
085.89
083.97
079.30
079.44
075.97
075.70
077.01
074.55
073.71
075.20
077.67
2023
078.95
077.16
077.49
077.54
076.04
074.34
074.37
073.08
072.33
072.50
071.44
073.40
2024
072.58
070.72
070.81
069.87
068.90
068.37
068.27
072.87
073.49
071.23
070.65
Year
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Month
JPY/USD exchange rate since 1950
JPY/USD exchange rate in the Heisei and Reiwa eras
^元;yuán is not a simplified form of圆;圓;yuán, but a completely different character. One of the reasons for replacements is said to be that the previous character had too many strokes.[11] Both characters have the same pronunciation inMandarin, but not in Japanese. In 1695, certain Japanese coins were issued whose surface has the charactergen (元), but this is an abbreviation of the era nameGenroku (元禄).
^It is known that in ancient Japanese there were distinct syllables/e//we//je/. From middle of the 10th century,/e/ (え) had merged with/je/, and both were pronounced[je], while akana for/je/ had disappeared. Around the 13th century,/we/ (ゑ) and/e/ ceased to be distinguished (in pronunciation, but not in writing system) and both came to be pronounced[je].[12]
^Previously minted pure nickel 50 yen coins dated between 1955 and 1966 are still legal tender.[55] These are rarely seen in circulation due to the price of nickel bullion.[56]
^Previously minted 100 yen silver coins dated between 1957 and 1966 are still legal tender.[55] Silver was dropped from the coinage in 1967, which led to coinhoarding and silver smuggling outside of the country for melting.[57] In light of this and their changed design, its unclear if these coins still circulate today.
^With a diameter of 15.75 mm and a thickness of 0.3 mm, a one-rin coin is smaller than a moderneuro cent (16.25 mm and 1.67 mm respectively).
^The total sum is 200% because each currency trade is counted twice: once for the currency being bought and once for the currency being sold. The percentages above represent the proportion of all trades involving a given currency, regardless of which side of the transaction it is on.
^S. Hashimoto (1950).国語音韻の変遷 [The History of Japanese Phonology] (in Japanese). Tokyo: Iwanami Shoten.Archived from the original on March 7, 2017. RetrievedMarch 29, 2012.
^Japan - Finance and Coinage System in Japan. The Americana: A Universal Reference Library, Comprising the Arts and Sciences, Literature, History, Biography, Geography, Commerce, Etc., of the World. Biographies. Vol. 15. Encyclopedia America Corporation. 1923. p. 706.
^pp. 347–348, "Average Exchange Rate: Banking and the Money Market",Japan Year Book 1933, Kenkyusha Press, Foreign Association of Japan, Tokyo
^pp. 332–333, "Exchange and Interest Rates",Japan Year Book 1938–1939, Kenkyusha Press, Foreign Association of Japan, Tokyo
^A law of the abolition of currencies in a small denomination and rounding off a fraction, July 15, 1953, Law No.60 (小額通貨の整理及び支払金の端数計算に関する法律,Shōgakutsūka no seiri oyobi shiharaikin no hasūkeisan ni kansuru hōritsu))
^p. 1179, "Japan – Money, Weights and Measures",The Statesman's Year-Book 1950, Steinberg, S. H., Macmillan, New York
^円の実力、なぜ過去最低水準 金利差だけではない日本経済の「弱さ」：朝日新聞デジタル [Why is the yen's strength at its lowest level ever? The weakness of the Japanese economy is not just due to the interest rate differential].Asahi Shimbun Digital (in Japanese).The Asahi Shimbun. December 25, 2023.Archived from the original on January 30, 2024. RetrievedApril 13, 2024.
^"（時時刻刻）口先介入、薄れた効果 １カ月４円下落「市場に見透かされ」：朝日新聞デジタル" [(Time and Time) Lip service, faded effect, 4 yen drop in one month 'The market saw through'].Asahi Shimbun Digital (in Japanese). April 26, 2024. RetrievedApril 28, 2024.
^"このままでは日本の伝統的企業が海外に買われていく…円安が止まらない日本を待ち受ける"最悪のシナリオ" 政府は円安政策を意図的に進めているように見える" [If things continue like this, traditional Japanese companies will be bought out by foreign companies...The 'worst case scenario' awaits Japan as the yen continues to depreciate.The government appears to be intentionally pursuing a policy of depreciating the yen.].PRESIDENT Online（プレジデントオンライン） (in Japanese). May 9, 2024. RetrievedMay 13, 2024.
^Editorial Committee member: Futoshi Oguri (May 19, 2024)."「歴史的円安」解消、なお時間 金利差より厚い需給の壁 編集委員 小栗太" [How long does it take for the "historically weak yen" to end? The wall between supply and demand is thicker than the interest rate difference].Nihon Keizai Shimbun (in Japanese). RetrievedMay 19, 2024.
^"日本円が「ジャンク通貨」に？ ロシアや新興国通貨よりも価値下落：朝日新聞デジタル" [Will the Japanese yen become a "junk currency"? Decrease in value compared to Russian and emerging market currencies].朝日新聞デジタル (in Japanese).The Asahi Shimbun. September 2, 2022. RetrievedNovember 15, 2023.
^"円安で日本円は"ジャンク通貨"になった 海外両替所に日本円の表示がないことも" [The depreciation of the yen has turned the Japanese yen into a "junk currency". Overseas currency exchange offices may not display Japanese yen.].マネーポストWEB (in Japanese).Shogakukan. August 25, 2022. RetrievedNovember 15, 2023.
^"ドル円相場、「円弱」1ドル150円 理由は金利差だけじゃない" [The dollar/yen exchange rate is “weak” at 150 yen to the dollar, and the reason is not just the interest rate difference.].日本経済新聞 (in Japanese).Nikkei. November 13, 2023. RetrievedNovember 15, 2023.
^Daisaku Ueno (Mitsubishi UFJ Morgan Stanley Securities) (January 19, 2024)."コラム：能登半島地震で明白になった「円の安全神話」崩壊の構図＝植野大作氏" [Column: The collapse of the “myth of yen safety” revealed by the Noto Peninsula earthquake].Reuters (in Japanese). RetrievedFebruary 29, 2024. (OpEd)
Medhurst, Walter (1830).An English and Japanese, and Japanese and English Vocabulary: Compiled from Native Works. Batavia, Dutch East Indies.OCLC5452087.OL23422004M.
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