The yen is the official currency of Japan. It is the third-most traded currency in the foreign exchange market, after the United States dollar (US)andtheeuro.ItisalsowidelyusedasathirdreservecurrencyaftertheUSdollarandtheeuro.TheNewCurrencyActof1871introducedJapan′smoderncurrencysystem,withtheyendefinedasofgold,orofsilver,anddivideddecimallyinto100senor1,000rin.TheyenreplacedthepreviousTokugawacoinageaswellasthevarioushansatsupapercurrenciesissuedbyfeudalhan(fiefs).TheBankofJapanwasfoundedin1882andgivenamonopolyoncontrollingthemoneysupply.FollowingWorldWarII,theyenlostmuchofitsprewarvalue.TostabilizetheJapaneseeconomy,theexchangerateoftheyenwasfixedat¥360perUS as part of the Bretton Woods system. When that system was abandoned in 1971, the yen became undervalued and was allowed to float. The yen had appreciated to a peak of ¥271 per USin1973,thenunderwentperiodsofdepreciationandappreciationduetothe1973oilcrisis,arrivingatavalueof¥227perUS by 1980.
Since 1973, the Japanese government has maintained a policy of currency intervention, so the yen is under a "dirty float" regime. The Japanese government focused on a competitive export market, and tried to ensure a low exchange rate for the yen through a trade surplus. The Plaza Accord of 1985 temporarily changed this situation; the exchange rate fell from its average of ¥239 per dollar in 1985 to ¥128 in 1988 and led to a peak rate of ¥80 against the US$ in 1995, effectively increasing the value of Japan's GDP in dollar terms to almost that of the United States. Since that time, however, the world price of the yen has greatly decreased. The Bank of Japan maintains a policy of zero to near-zero interest rates and the Japanese government has previously had a strict anti-inflation policy.
Yen derives from the Japanese word 圓, which borrows its phonetic reading from Chinese yuan, similar to North Korean won and South Korean won.
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The United States dollar (symbol: ;currencycode:USD;alsoabbreviatedUS to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the official currency of the United States and several other countries. The Coinage Act of 1792 introduced the U.S. dollar at par with the Spanish silver dollar, divided it into 100 cents, and authorized the minting of coins denominated in dollars and cents. U.S.
A gold standard is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold. The gold standard was the basis for the international monetary system from the 1870s to the early 1920s, and from the late 1920s to 1932 as well as from 1944 until 1971 when the United States unilaterally terminated convertibility of the US dollar to gold, effectively ending the Bretton Woods system. Many states nonetheless hold substantial gold reserves.
The Bretton Woods system of monetary management established the rules for commercial relations among the United States, Canada, Western European countries, and Australia among 44 other countries after the 1944 Bretton Woods Agreement. The Bretton Woods system was the first example of a fully negotiated monetary order intended to govern monetary relations among independent states. The Bretton Woods system required countries to guarantee convertibility of their currencies into U.S.
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