The current BoJ chairman is Mr Kuroda Haruhiko. The nine-member Policy Board determines the overall monetary policy of Japan and sets the policy rate. The issuance of the Japanese Yen is controlled by the Central Bank of Japan.
The currency comprises about 6% of all reserve currency globally as calculated by IMF, ranking just behind the US Dollar and the Euro. According to the Bank of International Settlements, the Yen is the third most traded currency in the foreign exchange market. Its FX abbreviation is JPY.Īs one of the largest economies in the world, the Japanese Yen is highly valued by other countries. When that system broke down, the Japanese Yen was ushered into a free-float regime. The currency was constructed at the end of WW2 at Y360 to the dollar under the Bretton Wood System. The Japanese Yen is the national currency of Japan.
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