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Japanese currency (Yen, JPY) in forex
Note 1 - The currency of Japan is the Yen (¥). There are 4 different types of notes and 6 different types of coins in circulation: Notes include 1,000, 2,000, 5,000 and 10,000 Yen notes whereas coins include 1, 5, 10, 50, 100 and 500 Yen coins. Cash is easily the most common method of transaction in Japan, however credit cards are widely accepted in many places. While travelers' checks (in Yen or US dollars) are generally not easily accepted at small shops and restaurants most banks will easily exchange them. Yen can be changed in many places including international airports, foreign exchange banks, and other authorized money changers. Currency exchange counters are conveniently open during normal business hours at all airports.
Note 2 - In 2006, the Japanese Yen was considered to be one of the currency market's largest disappointments. If one has only been watching the value of USDJPY, which finished the year less than a percent away from where it started trading, the Yen's "disappointment" may have been hard to notice. Rather, the Yen saw most of it value decrease against the Euro and British pound , with the currency lowering 10 percent versus the Euro and 12 percent versus The Pound.
In fact, the devaluation of the Yen - japanese currency - was so drastic that it drove the EUR/JPY to an all-time high and the GBP/JPY to an 8 year high. The massive discrepancy between the Yen's performance against the dollar versus the Yen's performance against all other major currencies develop from the uncertainty that has accompanied the US economy throughout the past year. However when looking at the Yen's performance against the other major currencies, it paints a way more accurate picture about how the market feels about the Yen compared to the U.S Dollar.
After the Bank of Japan made no further changes following their only interest rate hike in July, traders quickly realized that interest rates would continue at their low values throughout the year, making carry trades against the valuable non-US dollar pairs still a solid investment. In the near future, we will start to see the Japanese economy make gains from a weak Yen, which will allow for another rate hike by the Bank of Japan, while simultaneously increasing the risk of carry trade unwinding and reserve diversification.
Note 3 - Following the United States Dollar, the Euro and the Pound Sterling, The Yen is widely used around the world as a reserve currency. The Yen has the ISO 4217 code of JPY and 392 while the Latin symbol for it is ?. Large quantities of yen are often counted in multiples of 10,000 (man, ¥) in the same way that values in the United States are often quoted or rounded off to hundreds or thousands. In 1870 , coins were introduced to the Japanese economy. Silver coins in denominations of 5, 10, 20 50 sen and 1 yen were distributed in addition to gold coins consisting of Yen in the amounts of 2, 5, 10 and 20 yen. In 1871, Gold 1 yen were introduced followed by copper 1 rin, 1 and 2 sen in 1873. The distribution of the Yen banknotes started in 1872, only two short years following the currency's conception. Throughout the Yen's history, denominations have ranged between 10 sen and 10,000 yen.
Before and during World War II, several different authorities such as the Ministry of Finance and the Imperial Japanese National Bank issued banknotes in yen. It is also interesting to note that several countries comprising The Allied forces also issued some Japanese banknotes shortly after the war. Since then however, the Bank of Japan has become the only authority with permission to issue banknotes. Five series of Yen have been issued since World War II. The current series, Series E, contains notes condidting of ¥1000, ¥5000, and ¥10,000 values.