If you are a forex investor or someone who is planning to travel to Japan, it may be good for you to understand the Japanese Yen currency. While traveling to Japan, you may have to stay in a hotel, eat from the local restaurants, and go to places in Japan. So, it is essential to be familiar with the Japanese Yen. For forex investors, it will be ideal to know the history and status of the Japanese yen in order to trade well. Let us explore a few important things in detail.
The history of the Japanese Yen by Kavan Choksi
Japan followed the age-hold monitory system until 1871, which was complex and confusing. In the year 1871, Yen was printed and came into circulation. This was during the time of stabilization of the Japanese economy when the Yen came into circulation. By the year 1897, the global gold standard was also adopted for the currency of Japan. Since that time, the currency of Japan has become much more stable. The Yen is also now the third biggest currency traded in the forex market. This article will listen to what Kavan Choksi says about the Japanese yen.
The name ‘Yen’
Yen is a Japanese term that means “round object.” The name may have come from the prefect round coins during the time of minting the first set of coins. Inside Japan, it is also called by the local people “Okane,” which also means money in Japan. The currency code of the Yen in the forex market is JPY. The officially used symbol of the Japanese yen is ¥. This symbol is also used to represent the Chinese yuan.
Yen currency has the major denominations as 10,000, 5,000, 2,000, 1,000, etc. Also, many people, who are even usually using the Yen, do not know about the banknote features of Yen. For example, the banknote of 5,000 yen features the painting of ŌgataKōrin named “The Kakitsubata Flowers.” There are various other security features and printing methodologies for the Japanese currency, and as of now, the currency has a stable performance without any problems.
Features of Yen currency
As we can assume from the above descriptions, the value of Japan’s currency is improving day by day. As being carefully designed and printed, it is almost impossible to counterfeit the currency of Japan. The standard yen bills may feature various measures to avoid counterfeiting like holograms, intaglio ink, etc. So, it may be difficult for others to scan or print that image. The Yen bills use luminescent ink also, which glows when the note is brought under UV lights.
The Japanese currency has been stable over the last many decades, even though there have been some ups and downs too in between. Japan is now into Phase 3 of industrialization, where more and more global companies are starting their operations in Japan and making huge investments out there. In order to survive in the highly competitive business world, Kavan Choksi suggests that it is important to bring in more resources and maintain a foolproof growth plan for financial risks management.