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USD/JPY exchange rate 1971–2023. The yen (Japanese: 円, symbol: ¥; code: JPY) is the official currency of Japan.It is the third-most traded currency in the foreign exchange market, after the United States dollar and the euro. [2]
US Dollar (37) Euro (28) Composite (8) Other (9) No separate legal tender (16) Ecuador El Salvador Marshall Islands Micronesia Palau Panama Timor-Leste Andorra Monaco San Marino Vatican City Kosovo Montenegro Kiribati Nauru Tuvalu; Currency board (11) Djibouti Hong Kong ; ECCU Antigua and Barbuda Dominica
Later, it was thought that this was the root cause of postwar inflation, and Japanese government enacted the Public Finance Act of Japan in response. The act established a balanced fiscal policy by prohibiting: 1) the issuance of government bonds to cover national debt, and, 2) the Bank of Japan from buying government bonds.
Japan's foreign exchange reserves remain a cornerstone of the country's economic policy, ensuring liquidity and stability in a highly interconnected global economy. With a strong focus on maintaining a robust and diversified portfolio of assets, these reserves help shield Japan from external shocks while supporting the value of the yen.
Here, EUR is the base currency and USD is the quote currency (counter currency). This means that 1 Euro can be exchangeable to 1.25 US Dollars. The most traded currency pairs in the world are called the Majors. They involve the currencies euro, US dollar, Japanese yen, pound sterling, Australian dollar, Canadian dollar, and the Swiss franc.
The economy of Japan is a highly developed mixed economy, often referred to as an East Asian model. [24] It is the fourth-largest economy in the world by nominal GDP behind the United States, China, and Germany, and the fifth-largest by purchasing power parity (PPP), below India and Russia but ahead of Germany. [25]
Japanese yen continued to be strengthened against US dollar, touching a new high of 128.25JPY/USD by December. [11] Nikkei 225 broke the 20,000 level mark by January 30, 1987, and recorded a new high of 26,118 on September 1, 1987. Nikkei 225 slipped back to 21,564 by December 28, 1987, due to economic uncertainties after the Black Monday of NYSE.
The Plaza Accord was a joint agreement signed on September 22, 1985, at the Plaza Hotel in New York City, between France, West Germany, Japan, the United Kingdom, and the United States, to depreciate the U.S. dollar in relation to the French franc, the German Deutsche Mark, the Japanese yen and the British pound sterling by intervening in currency markets.