Japanese Yen

Overview

The japanese currency is the state currency of Japan. It is the third most traded currency in the foreign exchange market after the United States Dollar and the Euro. The Japanese Yen can be widely used as a reserve currency after the US Dollar, Euro, and British Pound.

Economy

• Japan has a strong industrial base and is home to a few of the biggest and most technologically advanced producers of motor vehicles, electronics, machinery, steel and nonferrous metals, ships, chemicals, textiles, and processed foods.
• Agricultural enterprises use 13 per cent of the land, and Japan accounts for pretty much 15 percent of the global fish catch, second only to China.
• At the time of 2010, Japan's labor force contained about 65.9 million workers. Japan has a low unemployment rate of around 4%.
• In 2007 almost one in six, or 20 million, Japanese individuals were surviving in poverty.
• Housing in Japan is at the mercy of the limited method of getting available land in urban areas.

History

• The Japanese Yen was officially adopted by the Meiji government on May 10, 1871. The new currency was gradually introduced from July of this year.
• The Tokugawa Japanese Yen currency replaced a complicated monetary system of the Edo period based on the mon.
• The yen, basically a system of the United States Dollar, originated like all Dollars from Spanish items of eight.