The yen (Japanese: 円, 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. 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 modeled 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.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. This intervention continues to this day. 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 an extreme anti-inflation policy.
#FOREX #FX | #CanadianDollar / #JapaneseYen, $CADJPY, Scalped +$337 per lot today! You can too with #daVinci, our #algorithmic #daytrading strategy for all liquid, traded markets. 🎯 TRADE SMART, TRADE ALGOS! Reserve your end-user license for @TradeStation, or @NinjaTrader ...
Theres levels to this game, experience always wins in the end. Our senior analyst with the grand slam .. 50k in a single month. Glad to have him on the team, it's the Quantum way of doing things. 🙏📈 #Forex #stocks #bonds #profit #pips #investmentbanking #investinyourself #trading #options #business #ripple #cryptocurrency #bitcoin #ethereum #equity #entrepreneur #newyorkstockexchange #europeanunion #japaneseyen #gold #silver #experience #marketing #growth
Forex - British pound edged lower Thursday, March 14, 2019
The #Britishpound edged lower in early #European hours on Thursday, easing off the prior session's nine-month high ahead of another #Brexitvote.
The #poundwasdown 0.2% at $1.3317 by 4:45 AM ET (08:45 GMT), after rallying 2.1% a day earlier.
The currency went as high as $1.3380, a level not seen since June 2018, after the #Britishparliament rejected leaving the #EuropeanUnion without a deal, paving the way for a vote later Thursday that could delay #Brexit until at least the end of June.
Meanwhile, the #US. #dollarindex against a basket of six major currencies was steady at 96.52 after falling to a two-week low of 96.34 a day earlier after data showed #US. producer prices rose at a slower-than-expected pace in February.
Against the #Japaneseyen, the greenback gained 0.5% at 111.68.
The #euro paused after four straight sessions of gains took it to the highest since March 5. It was last at $1.1328.
Elsewhere, the #Australiandollar slipped 0.35% to $0.7066 as a largely lackluster batch of economic data from the country’s major trading partner #China weighed.#gulfbrokersdmc#gulfbrokersdmc#gulfbrokersdmcc #dgcx #trading #gold #oil #futures #currency #marketing #europeanunion