The Yen (symbol: ¥) which is issued by the Bank of Japan has been the official currency of Japan since June 27, 1871. At that time, according to the provisions of the new currency, the par value of 1 Yen was defined as 1.5 gram of gold. To date, the Yen has become the third most traded currency in the foreign exchange market (after the U.S dollar and the Euro). As regards the Japanese Yen exchange rate, 1 U.S dollar has equaled to 102.448 Japanese yen (August 9th, 2016).
Currently, the Japanese Yen has been introduced in both coin and banknote forms. To be more specific, the coin contains 6 denominations: 1 yen, 5 yen, 10 yen, 50 yen, 100 yen, and 500 yen; the banknotes come in denominations of 1,000 yen, 5,000 yen, and 10,000 yen. The description below would provide detailed information about all coins and banknotes in circulation:
- The 1 yen coin (20 mm) has its value, a young tree, the state title stamped on the obverse and its value and the year of minting stamped on the reverse.
- The 5 yen coin (22mm) has its value, an ear of rice, a gear and water stamped on the obverse and the state title and the year of minting stamped on the reverse.
- 10 yen coin (23.5 mm) has its value, Hoodo Temple, Byodo-in and the state title stamped on the obverse and its value, the evergreen tree and the year of minting stamped on the reverse.
- 50 yen coin (21 mm) has its value, a chrysanthemum and the state title stamped on the obverse and its value and the year of minting stamped on the reverse.
- 100 yen coin (22.6 mm) has its value, the cherry blossoms and the state title stamped on the obverse and its value and the year of minting stamped on the reverse.
- 500 yen coin (26.5 mm) has its value, paulownia and the state title stamped on the obverse and its value, bamboo, mandarin orange and the year of minting stamped on the reverse.
As the Japanese Yen is the sole legal tender in Japan and other currencies are only accepted in a few shops for foreigners, remember to exchange your money for the Yen prior to Japan shore excursions. It is recommended to exchange currency in your home country because it would be complicated to exchange for the Yen at the international airports and hotels in Japan. Do not forget to exchange for both the Japanese yen coins and banknotes. The Yen coins are widely used for almost all transactions in Japan such as purchasing food and beverages from the vending machines, making a phone call and taking the subway. In addition, traveler’s checks and credit cards like American Express, VISA, Diners Club, Master Card and JCB are accepted in the leading banks, hotels, traditional inns (ryokan) and stores in big cities.
