History and Advent of Japanese Yen

8/8/2019 History and Advent of Japanese Yen

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History And Advent Of Japanese Yen:

Japanese yen

Japanese yen

Circulated coins in all 6 denominations

ISO 4217 Code JPY

User(s) Japan

Inflation 1.3%

SourceThe Statistics Bureau and the Director-

General for Policy Planning, 2010 Feb. est.
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Subunit

1/100 sen

1/1000 rin

PluralThe language(s) of this currency does not have a

morphological plural distinction.

Coins 1,5, 10, 50, 100, 500

Banknotes 1000, 2000, 5000, 10000

Central bank Bank of Japan

Website www.boj.or.jp

Printer National Printing Bureau

Website www.npb.go.jp

Mint Japan Mint

Website www.mint.go.jp

The Japanese yen (sign: ; code: JPY) is the official currencyofJapan. It is the third most-traded currency in the foreign exchange market afterUnited States dollarand theeuro. It is alsowidely used as a reserve currency after the U.S. dollar, the euro and thepound sterling. As iscommon when counting in East Asia, large quantities of yen are often counted in multiples of10,000 (man,) in the same way as values in Western countries are often quoted inthousands.

o

Pronunciation and etymology
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Yen is pronounced "en" [e ] in Japanese. The word (Shinjitai:, Traditional

Chinese/Kyjitai:)literally means "round object" in Japanese, asyun does inChinese orwon inKorean, referring to the coins that were circular in shape and widely used in Japan up to theTokugawa Period. In 1695, the character (gen), signifying "round or rounded") was placed on

the obverse of newly minted copper coins. Originally, Chinese had traded silver in mass, and

when Spanish and Mexican silver coins arrived, they called them (silver round) for their circularshapes. The coins and the name also appeared in Japan. The Chinese abbreviated withwhich has the same pronunciation inMandarin(but not in Japanese). The Japanese preferred thesimplified form which remains until now.

The spelling and pronunciation "yen" is standard in English. This is because mainly Englishspeakers who visited Japan at the end of the Edo period to the early Meiji period spelled wordsthis way. In the 16th century, Japanese "e ()/we ()" had been pronounced [je] and

Portuguese missionaries had spelled them that way. Some time thereafter, by the middle of the18th century, "e/we" came to be pronounced [e] as in modern Japanese, although some regionsretain the [je] pronunciation. Walter Henry Medhurst, who had not come to Japan and

interviewed some Japanese in Batavia (Jakarta), spelled some "e"s as "ye" in hisAn English andJapanese, and Japanese and English Vocabulary (1830). In the early Meiji era, James CurtisHepburn, following Medhurst, spelled all "e"s as "ye" in hisA Japanese and English dictionary(1st ed.1867). That was the first full-scale Japanese-English/English-Japanese dictionary, whichhad a strong influence on Westerners in Japan and probably prompted the spelling "yen".Hepburn revised most of "ye"s to "e" in the 3rd edition (1886) in order to mirror thecontemporary pronunciation, except "yen". This was probably already fixed and has remained soever since.

History

Introduction

Early 1 yenbanknote, front and reverse.

In the 19th century silverSpanish dollarcoins were prolific throughout South east Asia, theChina coast, and Japan. These coins had been introduced through Manila over a period of twohundred and fifty years, arriving on ships from Acapulco in Mexico. These ships were known as
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the Manila galleons. Until the 19th century these silver dollar coins were actual Spanish dollarsminted in the new world, mostly at Mexico City. But from the 1840s they were increasinglyreplaced by silver dollars of the new Latin American republics. In the latter half of the 19thcentury some local coins in the region were made in the likeness of the Mexican dollar. The firstof these local silver coins was the Hong Kong silver dollarcoin that was minted in Hong Kong

between the years 1866 and 1868. The Chinese were slow to accept unfamiliar coinage andpreferred the familiar Mexican dollars, and so the Hong Kong government ceased minting thesecoins and sold the mint machinery to Japan.

Early one yen coin (1.5g of pure gold), front and reverse.

The Japanese then decided to adopt a silver dollar coinage under the name of 'yen', meaning 'a

round object'. The yen was officially adopted by the Meiji government in an Act signed on May10, 1871.The new currency was gradually introduced beginning from July of that year. The yenwas therefore basically a dollarunit, like all dollars, descended from the SpanishPieces of eight,and up until the year 1873, all the dollars in the world were more or less the same value. The yenreplaced Tokugawa coinage, a complex monetary system of the Edo period based on themon.TheNew Currency Actof 1871 stipulated the adoption of the decimal accounting system of yen(1,), sen (1100,), and rin (11000,), with the coins being round and cast as in the West.The yen was legally defined as 0.78 troy ounces (24.26 g) of pure silver, or 1.5 grams of puregold hence putting it on a bimetallic standard. (The same amount of silver is worth about 1181modern yen, while the same amount of gold is worth about 4715 yen.)
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Early silver one yen coin, 24.26 grams of pure silver, Japan, minted in 1870 (Year 3 of the Meijiperiod.

Following the silver devaluation of 1873, the yen devalued against the US dollarand theCanadian dollarunits since they adhered to a gold standard, and by the year 1897 the yen wasworth only about 50 cents(US). In that year, Japan adopted a gold exchange standard and hence

froze the value of the yen at 50 cents.

(The sen and the rin were eventually taken out of circulation at the end of 1953.)

Fixed value of the yen to the US dollar

The yen lost most of its value during and afterWorld War II. After a period of instability, in1949, the value of the yen was fixed at 360 perUS$1 through a United States plan, which waspart of the Bretton Woods System, to stabilize prices in theJapanese economy. That exchangerate was maintained until 1971, when the United States abandoned thegold standard, which hadbeen a key element of the Bretton Woods System, and imposed a 10 percent surcharge on

imports, setting in motion changes that eventually led to floating exchange rates in 1973.

Undervalued yen

By 1971 the yen had become undervalued. Japanese exports were costing too little ininternational markets, and imports from abroad were costing the Japanese too much. Thisundervaluation was reflected in thecurrent account balance, which had risen from the deficits of
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the early 1960s to a then-large surplus of U.S. $5.8 billion in 1971. The belief that the yen, andseveral other major currencies, were undervalued motivated the United States' actions in 1971.

Yen and major currencies float

Following the United States' measures to devalue the dollar in the summer of 1971, the Japanesegovernment agreed to a new, fixed exchange rate as part of the Smithsonian Agreement, signedat the end of the year. This agreement set the exchange rate at 308 per US$1. However, the newfixed rates of the Smithsonian Agreement were difficult to maintain in the face of supply anddemand pressures in the foreign-exchange market. In early 1973, the rates were abandoned, andthe major nations of the world allowed their currencies tofloat.

Japanese government intervention in the currency market

In the 1970s, Japanese government and business people were very concerned that a rise in thevalue of the yen would hurt export growth by making Japanese products less competitive and

would damage the industrial base. The government therefore continued to intervene heavily inforeign-exchange marketing (buying or selling dollars), even after the 1973 decision to allow theyen to float.

Despite intervention, market pressures caused the yen to continue climbing in value, peakingtemporarily at an average of 271 per US$1 in 1973 before the impact of the 1973 oil crisis wasfelt. The increased costs of imported oil caused the yen to depreciate to a range of 290 to 300between 1974 and 1976. The re-emergence of trade surpluses drove the yen back up to 211 in1978. This currency strengthening was again reversed by the second oil shock in 1979, with theyen dropping to 227 by 1980.

Yen in the early 1980s

During the first half of the 1980s, the yen failed to rise in value even though current accountsurpluses returned and grew quickly. From 221 in 1981, the average value of the yen actuallydropped to 239 in 1985. The rise in the current account surplus generated stronger demand foryen in foreign-exchange markets, but this trade-related demand for yen was offset by otherfactors. A wide differential in interest rates, with United States interest rates much higher thanthose in Japan, and the continuing moves to deregulate the international flow ofcapital, led to alarge net outflow of capital from Japan. This capital flow increased the supply of yen in foreign-exchange markets, as Japanese investors changed their yen for other currencies (mainly dollars)to invest overseas. This kept the yen weak relative to the dollar and fostered the rapid rise in the

Japanese trade surplus that took place in the 1980s.

.
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Post-bubble years

The yen declined during theJapanese asset price bubbleand continued to do so afterwards,reaching a low of 134 to US$1 in February 2002. The Bank of Japan's policy of zero interestrates has discouraged yen investments, with the carry trade of investors borrowing yen and

investing in better-paying currencies (thus further pushing down the yen) estimated to be as largeas $1 trillion.In February 2007, The Economistestimated that the yen is 15% undervaluedagainst the dollar and as much as 40% undervalued against the euro.

Coins

Early 20 yen gold coin.

Coins were introduced in 1870. There were silver 5, 10, 20 and 50 sen and 1 yen, and gold 2, 5,

10 and 20 yen. Gold 1 yen were introduced in 1871, followed by copper 1 rin, , 1 and 2 sen in1873.

Cupronickel 5 sen coins were introduced in 1889. In 1897, the silver 1 yen coin was demonetizedand the sizes of the gold coins were reduced by 50%, with 5, 10 and 20 yen coins issued. In1920, cupro-nickel 10 sen coins were introduced.
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Early 1 yen silver coin, 26.96 grams of .900 pure silver, Japan, minted in 1901 (Year 34 of theMeiji period).

Production of silver coins ceased in 1938, after which a variety of base metals were used toproduce 1, 5 and 10 sen coins during the Second World War. Clay 5 and 10 yen coins wereproduced in 1945 but not issued for circulation.
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Documents

History and Advent of Japanese Yen