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.
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References in periodicals archive ?
This in turn should leave the Japanese currency underpinned by safe haven demand.
The Japanese currency is regulated at a lower value because of Japan's giant exports to the world.
The dollar sagged against the yen on Thursday, weighed down by US yields slipping to two-week lows and an ebb in risk appetite that favored the safe-haven Japanese currency.
The Japanese currency strengthened more than 7 percent against the U.S.
Suga made remarks after the Japanese currency hit a one-month high against the dollar at the mid-106 yen level earlier in the day following the release of weak US jobs data on Friday, which prompted investors to sell off the dollar on speculation that the chance of a rate hike at the Federal Reserve's next policy board meeting in mid-June is low.
The government is contemplating measures to protect the Korean economy from the weakening yen, as the Japanese currency is expected to remain weak in the medium term due to the possibility of interest rate hikes in the US and additional stimulus measures in Japan.
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 100.8 yen to a US dollar in Asia yesterday.
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.
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.

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