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.
Sorry I didn't post yesterday ive been so busy all today and yesterday. But Im currently watching the recent fruits basket ep and omgomgomgomg 💗
#yurionicecafe #busy #quickpost #yurkatsuki #viktornikiforov #yuriplisetsky #makkachin #japaneseyen #円
3 reasons to visit Japan... ASAP! ☑️ Direct flights from Perth to Tokyo are in full swing.
☑️ The countdown is on for the Rugby World Cup
☑️ Sushi has and always will be, amazing.
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Hi ho hi ho, it’s off Japan I go! 😁 Been more than 12 years since I’ve loved Japan from watching my favourite movie Azumi and Jdramas and Jpop...Hope I can meet some of my favourite Japanese Celebrities ✌️😁 #japan #tokyo #jdrama #jpop #azumi #japaneseyen #asia #kawaii
I didn’t like saying goodbye to @mamorunumata ... @kakeruooka @pe_isz @yasunn666 and the rest of our peeps. I am totally torn. I wasn’t completely ready to leave. I am physically in North America; back in the U.S. soil but my mind is in Niigata yet at the same time, my mind is planning things out for now... for now. My soul... is a little lost.
I have had an amazing time though so much to share but I will tell you ONE THING Japan offered me: TE. QUI. LA!!! I looooove TEQUILA. I was stunned! So yea, one more thing why I love Japan.
No. Wait. That and umeshu. So yea, TWO more things why I love Japan.
#Random #Japan.. 💴 Using leftover change to buy a #Beer... Then going for a 2nd round with snacks because of #RandomJapanese #HotelGuests. Then maxing out on a 4th round (3rd at the hotel) with a 5k #JapaneseYen note, for a big #FamilyMart round..
#Japanese #Shibuya #BeerRun #日本 #JDM #文化 #NewFriends #GoProHero7 #ConvenienceStore