UK Accounting Glossary
The Japanese currency unit – The standard monetary unit of Japan, formerly divided into 100 Sen.
The yen is the currency of Japan. Japan’s New Currency Act of 1871 introduced the yen as Japan’s official currency in 1872. The yen replaced the mon, Japan’s previous currency. JPY is the currency code for the Japanese yen. ¥ is the symbol for the Yen. After World War II, the yen had lost significant value so in 1949, the yen was pegged to the US Dollar. At that time, the Bretton Woods system established that 1 US$ would equal ¥360. In 1973, the Yen became a free-floating currency. The Bank of Japan (BOJ), Japan’s central bank, is responsible for Japan’s monetary policy and distributes the yen. The yen, along with the US dollar and the euro is one of the major currencies trading on foreign exchange (Forex) markets.
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This glossary post was last updated: 5th May 2019.