The official currency of Japan, the yen plays a major role in the world economy. It is also the third most traded currency in the global market, standing right behind the US dollar and the euro.
It was on June 27th, 1871 that the yen became the country’s currency, as part of the developmental process initiated during the Meiji period. This marked the beginning of Japan’s modernization and entry to the global space. The move also made sure that the yen was the single currency used throughout the country.
The issuance of the yen banknotes began in 1872, a year after the currency was introduced. The Bank of Japan, founded in 1882, has been managing the production and circulation of the yen ever since.
Today, the country is powerful economically. The trade flow between Japan and other Asian countries is so strong, that any disturbance of the Japanese economy is believed to affect other countries too.
