Japanese Yen | Estateplanning | Vibepedia.Network

The Japanese yen is the official currency of Japan and the third-most traded currency in the foreign exchange market. Introduced in 1871, the yen replaced the previous Tokugawa coinage and hansatsu paper currencies, and is divided decimally into 100 sen or 1,000 rin. The Bank of Japan, founded in 1882, controls the money supply and has played a crucial role in shaping the country's monetary policy. With a history marked by significant events such as the post-World War II debt crisis and hyperinflation, the yen has been pegged to the US dollar and has undergone significant changes, including the abandonment of the Bretton Woods system in 1971. Today, the yen is widely used as a third reserve currency and is an important part of Japan's economy, with a total circulation of over 1.9 trillion yen in 2022, and a daily trading volume of over $1.1 billion. The yen's exchange rate has fluctuated significantly over the years, with a record high of 79.75 yen per US dollar in 2011, and a record low of 135.58 yen per US dollar in 2022.