Business Expert Kavan Choksi Shares Some Interesting Facts on The Japanese Yen
Business Expert Kavan Choksi Shares Some Interesting Facts on The Japanese Yen
The Japanese Yen has an exciting history and is one of the most widely popular currencies across the globe. If you have plans to travel to Japan shortly, you need to use the Yen to make your transactions. Traders too in the Forex market should have good knowledge about the Yen as it has been one of the most stable currencies in the world for the last few decades.
Kavan Choksi- The emergence of the Yen in Japan
Business expert Kavan Choksi says the Japanese Yen has an exciting history and is one of the oldest currencies across the globe. Its origins date back to the year 1871 when Japan had a monetary system that was highly complex and confusing to its people. The Yen came into circulation in 1871 in Japan, and by 1897, the international gold standard was also embraced as the currency of the country. This was an era of stabilization for the Japanese economy, and the emergence of the Yen was a good sign. Over the years, its value in the international market has risen, and today it is the third biggest national currency traded in the forex market.
How did the “Yen” get its name?
Yen means “round object” in Japanese, and some experts believe that it got its name from the ideally perfect minted round coins that surfaced in the economy when it was first introduced. Local people in Japan call it “Okane,” which means money. JPY is the currency code of the Yen in the forex market, and its official symbol is ¥, which is also used to represent the Chinese Yuan.
Denominations of the Yen banknotes
You get the Yen in the denominations of 1,000, 2000, 5,000, 10,000, etc., and some people in Japan do not know about all the features of these banknotes. For instance, if you take a look at the 5000 Yen banknote, you will find the painting of “The Kakitsubata Flowers” by ŌgataKōrin. Multiple printing methodologies and security features are deployed for the Japanese Yen making it one of the most stable currencies in the world today.
Prominent features of the Japanese currency Yen to notice
One of the most exciting features of the Yen is that it cannot be counterfeited by any method or process at all. The Government of Japan deploys a unique hologram, intaglio link, and other stringent protective measures to prevent the Yen from being counterfeited by criminals. Another unique feature of the Yen is when you bring a note under a UV light; it glows as it has special luminescent ink on it. The Yen is difficult for criminals to scan as the Government makes a constant endeavor to improve its design, print, and security over time.
Business expert Kavan Choksi says that the Yen has been stable for many decades. However, it has seen some highs and lows too. Japan is now in Phase 3 of industrialization and the target market for several nations to make investments in it. Its currency Yen is one of the most influential currencies in the economy and is widely traded by investors in the Forex market regularly.
