The yen is the official currency in Japan. It was introduced in Japan in 1871, modeled on European currencies and replaced the old currency system. Through the 1980s, the Japanese yen developed into one of the world’s strongest currencies and has since been used throughout the world as a reserve currency. It is currently the third most traded currency in the world, after the US dollar and the euro. The increasing strength of the yen means that the Japanese currency is increasingly regarded as competition for the US dollar.
Like all exchange rates, the yen exchange rate and its relationship to other currencies is calculated and published daily on the currency markets.