Japanese Yen

The Japanese Yen is the official currency of Japan and is the third most traded currency in the world. The Yen is also a reserve currency after the US Dollar and the Euro. One Yen is divided into 100 sen and 1000 rin and is often written with the symbol ¥. The Yen is issued by the Bank of Japan. The Yen was first introduced in 1871 and was originally on a silver standard. The Yen was pegged to the US Dollar from 1949 until 1971 when the US Dollar was devalued. The Yen then became a floating currency. The value of the Yen has been relatively stable over the years. The Yen is used extensively in international transactions and is one of the most important currencies in the world. The Yen is also a popular currency for carry trades.