Japanese Yen

Overview

Economy

• Japan is a member of G7, G20, ASEAN+3, APEC, OECD, CPTPP.
• Main industries include: Automotive, Electronics, Machinery, Steel, Chemicals, Technology, Robotics, Precision instruments, Shipbuilding.
• Japan is part of the World Trade Organization.
• Imports are crude oil, natural gas, coal, food, raw materials, machinery, electronics.
• Major exports include motor vehicles, machinery, electronics, optical equipment, steel products, ships, chemicals.
• GDP: $4.24 trillion (2023 est.).
• GDP per capita: $33,854 (2023 est.).
• Unemployment rate: 2.6% (2023 est.).
• Inflation rate: 3.1% (2023 est.), Target: 2%.
• Main trading partners: China, United States, South Korea, Taiwan, Thailand, Germany.
• Trade agreements: CPTPP, RCEP, Japan-EU EPA, Japan-UK EPA, Various bilateral agreements.

History

• Previous currencies used: Mon, Various han currencies, Koban and other Edo period currencies.
• The yen was introduced in 1871 as part of the Meiji Restoration's modernization of Japan's monetary system, replacing the complex Edo period currency system based on the mon.
• 1871: Yen introduced, replacing mon and various han currencies
• 1897: Gold standard adopted
• 1931: Left gold standard during Great Depression
• 1945-1971: Fixed rate under Bretton Woods (360 yen = 1 USD)
• 1973: Floating exchange rate adopted
• 1985: Plaza Accord led to yen appreciation
• 1990s: Economic bubble burst and deflation period
• 1999-2016: Zero interest rate policy and quantitative easing
• Exchange rate peg: Gold standard (1897-1931).
• Exchange rate peg: USD fixed rate (1945-1971).
• Exchange rate peg: Free floating (1973-present).

General Information

• ISO 4217 Code: JPY
• Symbols: JPY/¥
• Currency Subunits: None (yen is the base unit)
• Central Bank: Bank of Japan (BoJ)
• Monetary Policy: Price stability target 2%, currently using negative interest rates and yield curve control. Extensive quantitative easing programs to combat deflation.
• Bills: ¥1,000, ¥2,000, ¥5,000, ¥10,000
• Coins: ¥1, ¥5, ¥10, ¥50, ¥100, ¥500
• USD Exchange Rate: Variable (approximately 140-150 JPY per USD)
• Pegged To: None (Floating)
• Capital: Tokyo
• Population: 124,631,000 (2023 est.)
• Area: 377,975 km²
• Languages: Japanese (official)
• Time Zones: UTC+9 (Japan Standard Time)
• Government Type: Constitutional monarchy with parliamentary democracy
• Head of Government: Prime Minister (head of government), Emperor (head of state)
• Independence: 660 BC (traditional founding), 1945 (current constitution)
• Ethnic Groups: Japanese 97.9%, Chinese 0.6%, Korean 0.4%, Other 1.1%
• Religions: Shintoism 70%, Buddhism 69%, Christianity 1.5%, Other 7.8%
• Literacy Rate: 99%
• Transport: Advanced rail system including Shinkansen bullet trains, extensive highway network, major ports (Tokyo, Yokohama, Osaka), numerous airports
• Communications: Cutting-edge telecommunications, 83% internet penetration, world-leading mobile technology
• Energy: Fossil fuels 75%, Nuclear 6%, Renewables 19%
• Countries Using This Currency: Japan
• Data Sources: Central Bank: Bank of Japan (boj.or.jp), Economic Data: Statistics Bureau of Japan, Cabinet Office, World Bank, IMF, Trade Data: Japan External Trade Organization (JETRO), Demographic Data: Statistics Bureau of Japan, Geographic Data: Japan Meteorological Agency, Historical Data: Bank of Japan archives
• Last Updated: 2025