The yen is the currency of Japan and one of the most important currencies in the world along with the dollar and the euro. As a reference, the approximate parity between the Japanese yen and the US dollar in 2016 is 1USD = 113,000 JPY (selling one dollar would yield 113,795 yen). The approximate parity in 2016 between the euro and the yen is 1 euro for every 125 yen.
The relevance of the yen as an international currency is due to two main reasons: it is a safe haven currency for many investors because historically it has an upward trend and because of the tight control of the Japanese authorities with respect to monetary stability and, on the other hand, because the Yen is a reference currency in other Asian countries (such as Cambodia, Vietnam or Laos).
Money in japan
There are four types of yen banknotes (1000, 2000, 5000 and 10000 yen) and as for the coins there are 1, 5, 10, 100 and 500 yen. Contrary to American culture, checks are rarely used in Japan, so most purchases are made with cash or card.
The 1 yen coins have very little value and are only used for change in small purchases, as is the case with one cent euro coins.
From a numismatic point of view, 1 yen coins are made of aluminum, 5 yen coins have a hole in the center, 10 yen coins are made of bronze and the remainder are nickel alloy. The banknotes that are in circulation today were introduced in 2004 and incorporated a series of security measures to prevent possible counterfeiting.
The size of the banknotes is greater than that of euros and with a more resistant paper. As for the content of the banknotes, the most common is the appearance of illustrious figures from Japanese culture and history (for example, the scientist Noguchi Hiduyo, the discoverer of the bacteria that causes syphilis, appears on the 1000 yen banknotes).
Coins in the world
There are currently a total of 182 official coins in circulation around the world, less than the total number of countries (193). Each of the currencies has its own symbol (the yen is ¥), as well as its own ISO code that assigns it a unique registration key. Despite the great diversity of currencies, the four most important internationally are the dollar, the euro, the yen and the pound sterling. Other recognized currencies in international markets are the Swiss franc, the Australian dollar and the Swedish krona.
Photos: iStock - Casper1774Studio / Olivier Le Moal
