Japanese Yen

About Japanese Yen

Introduced by the Meiji government as part of its modernization program. The name means circle, describing the round shape replacing traditional rectangular coins. The yen was pegged to the dollar at 360 to 1 from 1949 to 1971. The Plaza Accord of 1985 caused the yen to appreciate dramatically. The yen is the third most traded currency after the dollar and euro. The one yen coin is made of aluminum and is so light it can float on water if placed carefully.