Yen is the currency of?
VerifiedAnswer: Japan
Explanation:
The Japanese Yen is the official currency of Japan and is one of the most important currencies in the world economy. The currency symbol for the yen is ¥, and its international currency code is JPY (Japanese Yen).
The yen was officially adopted as Japan's currency in 1871 during the Meiji Restoration, replacing the complex monetary system that existed during the Edo period. The name "yen" literally means "round object" in Japanese, referring to the circular shape of the coins.
Today, the yen is managed by the Bank of Japan (BOJ), which is the country's central bank. The yen comes in various denominations including coins (1, 5, 10, 50, 100, and 500 yen) and banknotes (1,000, 2,000, 5,000, and 10,000 yen).
The Japanese yen holds significant importance in international finance and is considered one of the major reserve currencies alongside the US Dollar, Euro, and British Pound. It ranks as the third most traded currency in the foreign exchange market, making it crucial for global trade and investment activities.
