Japanese Yen

About The Japanese Yen: The Strong Currency of Japan

Quick Facts About the Japanese Yen Notes

Country of Origin	Japan
Symbol	¥
Currency Code	JPY
Nick Names
Minor units	Rin
Denominations (Banknotes)	¥1,000, ¥2,000, ¥5,000 and ¥10,000
Motto
Identification Feature	On the reverse side of each of the banknotes circulating in Japan, there is a portrait of a historical or cultural figure chosen to represent Japan.
Issuing Bank	Bank of Japan
In Circulation Since	June 27, 1871
INR Exchange Rate	0.5738 🔄

The yen is the name of the unit of currency used in Japan. In the international currency market, it is the currency that is traded in the third-highest volume, after the US dollar (USD) and the euro (EUR). Alongside the United States dollar and the European Union euro, the official currency of Japan, the yen, is frequently kept in reserve as well. The Japanese yen symbol is ¥. In spite of the massive devastation the country suffered during World War II, Japan was able to experience an economic miracle in the latter half of the 20th century, and the yen has emerged as a strong competitor to the pound sterling and the dollar as a major currency used across international borders. In Japan, the Bank of Japan is the sole entity authorised to issue banknotes and coins. Banknotes range in value from one thousand yen all the way up to ten thousand yen. In fact, the word "yuan," which is used for Chinese round coins, is where the name "yen" comes from (yuan).

The current rate of Japanese yen is INR (0.5738 🔄) .

History of the Japanese Yen

After the Meiji Restoration in 1868, the first yen was minted in 1869, and in 1871, during the reform of the monetary system, the yen was formally acknowledged as the primary unit of currency. Clan notes were a form of paper currency that had been manufactured and circulated by feudal lords since the late 1600s. In that year, the government ceased to recognise clan notes. 1879 was the year that marked the end of the changeover from clan notes to government notes based on the yen.

Following a period of economic instability, Japan's economy was finally brought under control on April 25, 1949, when the government of the occupying United States of America put into action a plan supported by the Bretton Woods system that established the value of the yen at 360 to the dollar.

Since 1973, the Japanese government has maintained a consistent presence in the currency market, which has resulted in the yen being subject to a policy known as "dirty float." In order to keep the value of the yen relatively stable, the Japanese government placed a high priority on the development of a competitive export market.

Countries Accepting the Japanese Yen

Amount in the Japanese Yen You Should Carry for Your Trip

There are several factors that affect the amount of money you may need while travelling in the incredible city of Japan. The amount spent on transportation to and around your location, the cost of the accommodation, and the cost of food will all have an effect on the total cost of your vacation.

On a budgeted trip, a tourist's daily expenses in Japan can be about JPY 3,500. On the other hand, when you factor in the expense of lavish transportation, dining at Michelin-starred restaurants and staying in top-rated hotels only, the cost of a day of vacation can easily exceed JPY 18,000. Meanwhile, the cost of travelling for two people can range anywhere between JPY 7,000 to JPY 28,000.

The cost of a night's stay in Japan can fluctuate anywhere from JPY 2,000 to JPY 15,000 per person per day. On the other hand, the typical cost of a day's worth of transportation can range anywhere from JPY 1,000 to JPY 2,500 each day, depending on whether or not you choose to take public transit or private transportation. While highway buses and the Japan Bus Pass offer the cheapest way of travelling in the country, the cost-saving Seishun 18 Kippu railway ticket is available at only certain times of the year.

All in all, you can keep an eye on the Live Japanese yen value in order to exchange your currency notes.