The Japanese Yen is the official currency of Japan. It is one of the most traded currencies in the foreign exchange market only trailing behind the United States dollar and the euro. It was adopted by the Meiji government on May 10, 1871, as a more modern Japanese currency system. The Japanese Yen is also a reserve currency alongside other currencies like U.S. Dollar, the Euro, and the British pound. The currency is made up of 100 sen, or 1000 rin and is denoted by ¥. It trades with the currency code JPY. The Japanese Yen is commonly used as a funding currency for carry trades as it's viewed as a low yielding currency. The most actively traded currency combinations involving the JPY include the USDJPY and EURJPY.
The Japanese Yen is issued in coins and bills and is managed by the Bank of Japan. The coins are issued in ¥1, ¥5, ¥10, ¥50, ¥100 and ¥500 denominations while the bills are in ¥1,000, ¥2,000, ¥5,000 and ¥10,000 denominations. Due to the massive trade flows between Japan and other Asian markets, it is considered a proxy for Asian economic strength. Any disruptions within Japan's Asian partners can influence the Japanese economy and ultimately the exchange rate of the yen.
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