Japanese Yen

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Japanese Yen

The currency of Japan. It was introduced by the Meiji government in 1871. The yen decimalized the previously used Tokugawa currency. It was originally pegged to gold (smaller units were pegged to silver). Following World War II, the yen switched its peg to the U.S. dollar through the Bretton Woods System. In 1971, the yen began to float because it had become undervalued and because the United States left the Bretton Woods System. The currency suffered from exceptionally low value in the wake of the Asian financial crisis, but stabilized by the mid- and late-2000s. It is a common reserve currency, and is one of the most commonly traded currencies in the world.
References in periodicals archive ?
The Japanese currency was steady, with the dollar fetching 101.
In New York overnight, the dollar rose slightly against the yen in thin trading as market players sold the Japanese currency to lock in profits from its recent gains.
THE Japanese currency has breached the 100 yen to the US dollar mark for the first time since April 2009, trading close to 100.
However, amid the nascent recession, when exporters' pressure on the Japanese currency started to wane, the yen surpassed the upper end of the downtrend (February 2012) shown in the chart as a violet dotted line.
09 trillion (USD 116 billion) in the currency market between October 28 and November 28 to stem the yen's rise, including the biggest ever single-day intervention on October 31, when the Japanese currency hit a postwar high of JPY 75.
The automaker is taking this step in order to offset some of the losses associated with the high value of Japanese currency.
The yen stayed on the defensive on Monday with the euro reaching a fresh five-month high against the Japanese currency, while the dollar nursed losses following a setback late last week.
dollar slumped to a record low against the yen on Friday in its biggest one-day decline in nearly two months, bringing back into focus the threat of official intervention to weaken the Japanese currency.
The Japanese currency hit an eight-month high early last week of 88.
The Japanese currency soared to a 13-year high on Friday against the dollar due to the global financial turmoil.
By April 1995, the Japanese currency had strengthened to 84 yen to the dollar--a gain of 211 percent.
In New York, the dollar eased against the yen as market players bought back the Japanese currency on position adjustments following an uneventful Group of Seven meeting over the weekend in Ottawa.

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