Also found in: Acronyms.
The ISO 4217 currency code for the Japanese Yen.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.
ISO 4217 code for the Japanese yen. 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 had stabilized by the mid- and late-2000s. Along with being a common reserve currency, it is one of the most commonly traded currencies in the world.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved