Define: Yen

UK Accounting Glossary

Definition: Yen


Quick Summary of Yen


The Japanese currency unit – The standard monetary unit of Japan, formerly divided into 100 Sen.



What is the dictionary definition of Yen?

Dictionary Definition


  1. The unit of Japanese currency, equal to 100 sen.
  2. A coin or note worth one yen.
  3. A strong desire, urge, or yearning.

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Full Definition of Yen


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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Yen. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/yen/ (accessed: February 17, 2020).
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Yen. PayrollHeaven.com. Retrieved February 17, 2020, from PayrollHeaven.com website: https://payrollheaven.com/define/yen/

Definition Sources


Definitions for Yen are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • BusinessDictionary.com
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 5th May 2019.