The Japanese Yen (JPY) is one of the world’s most-traded currencies, and since the coronavirus pandemic, it has become stronger and touted to be one of the safe-haven currencies to invest in today.
Kavan Choksi Japan – An overview of the Yen’s performance
Kavan Choksi Japan, is an esteemed entrepreneur and an expert in cryptocurrencies and finance. According to him, the Yen is one of the strongest currencies across the globe, and its value is increasing fast. After the dollar (USA) and the euro, it is the third most traded currency in the world. At the same time, it is deployed as a reserve currency like the pound sterling, the euro, and the USD.
History
The Yen was introduced to Japan in 1871, and the coins that are presently in use are the 1, 5, 10, 50, 100, and 500 yen. When it comes to banknotes, the most recent series of them released in 2004 are 1000, 2500, 5000, and 10,000 Japanese Yen, which are currently being circulated.
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Part of the modernization policy of Japan
The launch of the Yen was a component of Japan’s modernization policy for its national economy. This policy was the brainchild of the Meiji Government in the latter part of the 19th century. Based on the European Decimal Monetary System, it was embraced as a common currency across the globe.
Prior to the Meiji Government, the feudal fiefs in the nation had their own currency called Hansatsu, which was a collection of many inconsistent dominations. Later, they were removed from the nation under the New Currency Act, 1871, subsequent to which the Yen was introduced and accepted as the approved decimal currency of the land.
The former Han was changed into districts; the mints were developed into private chartered banks. In the beginning, these banks reserved the rights to print currency in the nation until the Bank of Japan (BOJ) was created in 1882, with the monopoly to monitor and control the supply of money in the nation.
Value of the Yen’s appreciation over time
However, World War II affected the value of the Yen, so in order to balance the national economy, the exchange rate was fixed to 360 Yen to 1 USD in the Bretton Woods Agreement. When the above scheme was abolished in 1971, its value dropped; however, it was approved to float. The Yen again reached a high value of 271 Yen for each dollar in 1973. It again faced deflation and appreciation after the 1973 oil crisis and reached a value of 227 Japanese Yen for every USD by the year 1980.
Japan encountered economic success in 2017 due to its Central Bank liquidity, spending by the government, and the global demand for the nation’s exports. The US dollar became stronger, and the consistently improving economy of Japan has boosted the appreciation of the Yen further.
According to Kavan Choksi Japan, in 2018, CNBC declared that the JPY is one of the top-performing currencies of the year. When it came to power, it has been projected to surpass the USD.
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