What is the currency of Japan?
VerifiedAnswer: Japanese Yen
Explanation:
The official currency of Japan is the Japanese Yen, commonly abbreviated as JPY in international markets. The yen has been Japan's monetary unit since 1871, when it replaced the complex system of coins and currencies that existed during the Edo period. This makes it one of the oldest modern currencies still in use today.
The word "yen" actually means "round object" or "circle" in Japanese, referring to the round shape of the coins. In Japanese, the currency is written as 円 (en) and is pronounced as "en" rather than "yen." The symbol ¥ is used to represent the yen in both Japanese and international contexts.
Currently, Japanese yen comes in various denominations. Coins are available in 1, 5, 10, 50, 100, and 500 yen denominations, while banknotes come in 1,000, 5,000, and 10,000 yen denominations. Interestingly, Japan is still very much a cash-based society, and you'll find these physical currencies widely used in daily transactions.
The Japanese yen holds significant importance in the global economy and is considered one of the major international reserve currencies, ranking third after the US Dollar and Euro. It's managed by the Bank of Japan, which was established in 1882 and serves as the country's central bank. The bank is responsible for issuing currency, implementing monetary policy, and maintaining financial stability in Japan.
