Yen

A 1,000 yen note, featuring the portrait of [[Natsume Soseki

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 (26.956 g) of silver and whose definition is actually still legally enforceable today. The Act also moved Japan onto the Gold Standard.

Japanese 10 yen coin (reverse) showing Phoenix Hall of Byodoin

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 different simplified 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

External link

• Japanese currency FAQ in Currency Museum, Bank of Japan