Currency profile
Japanese Yen (JPY)
The Japanese yen (JPY) is the official currency of Japan and one of the most traded currencies in the world. It floats freely, is issued by the Bank of Japan, and no longer has a subunit in everyday use.
The Japanese Yen today
Mid-market · as of 6:11 PM GST
The yen floats freely, so its rate against other currencies is set by the market and by Bank of Japan policy. Because one yen is a small unit, rates are usually quoted as yen per dollar or per euro.
Exchange-rate regime
Free-floating. The yen has floated freely since February 1973, when the post-war fixed-rate system ended. Its value is set by the market and influenced by Bank of Japan monetary policy.
The issuing central bank
The Bank of Japan began operating on 10 October 1882 and issues the yen.
History
- 1871The New Currency Act established the yen as Japan’s modern currency, divided into 100 sen.
- 1882The Bank of Japan was established as the country’s central bank.
- 1953The sen and rin subunits lost legal-tender status, leaving the yen with no circulating subunit.
- 1973Japan moved to a floating exchange rate on 14 February 1973.
Coins and banknotes
One yen is divided into 100 sen. Coins: the sen lost legal-tender status in 1953, so today the coins are 1, 5, 10, 50, 100 and 500 yen. Banknotes: 1,000, 5,000 and 10,000 yen — a new series was issued in 2024, and the 2,000-yen note also remains legal tender.
Popular Japanese Yen pairs
What moves it
- The yen floats freely; Bank of Japan policy and global demand set its rate rather than any fixed level.
- Interest-rate differences between the Bank of Japan and other central banks, especially the US Federal Reserve, are a major influence on the yen.
- The yen is widely regarded as a safe-haven currency, so global risk sentiment tends to move it.
Structural facts reviewed 8 August 2026 · reviewed quarterly. Sources: Bank of Japan. Live rates are mid-market — see our Methodology and Editorial Policy.