Japanese Yen
The Japanese Yen is the official currency of Japan. Its currency code is JPY, and its symbol is ¥. The Bank of Japan, the country's central bank, is responsible for issuing and regulating the Japanese Yen.
Convertible:Yes
Transferable:Yes
Exchange rate regime:Floating
Available currency pairs
Transaction types
FX
Spot
Delivery date
T+1; T+2
Liquidity
High
FX
Forward
Maximum maturity
24 months
Liquidity
High
Did you know?
The main objective of Japan's monetary policy, as implemented by the Bank of Japan, is to achieve price stability, thereby contributing to the sound development of the national economy.
For many years, Japan has been grappling with deflation, or falling prices, which can dampen economic growth. The Bank of Japan introduced a policy of "Quantitative and Qualitative Monetary Easing with Yield Curve Control" in 2016, aiming to achieve an inflation target of 2%.
Key Features of JPY
The Japanese Yen is divided into 100 sen, although no longer in circulation. Coins come in denominations of 1, 5, 10, 50, 100, and 500 yen. Banknotes are issued in denominations of 1,000, 2,000, 5,000, and 10,000 yen.
Japanese yen banknotes and coins feature a variety of designs, including notable figures from Japanese culture and history. For instance, the 10,000 yen note carries a portrait of Yukichi Fukuzawa, a famous Japanese educator and writer.
Expert Opinion
Financial experts regard the Japanese Yen as a significant global reserve currency. It's considered a "safe-haven" currency, meaning that investors and traders may flock to the yen in times of global economic uncertainty or crisis due to Japan's stability and economic strength.
JPY Regulations
The Bank of Japan is responsible for regulating the Japanese Yen, including the issuance of new notes and coins, setting monetary policy, and overseeing the country's financial system to ensure stability. The Financial Services Agency (FSA) maintains Japan's financial stability by overseeing the banking, securities, exchange, and insurance sectors.
Important information
Payments in JPY to Japan
Key considerations to bear in mind
Payment instructions should contain the beneficiary's IBAN, name, and address.
Payment Processing Time
The time taken for a payment to reach the recipient's bank account can vary. Domestic transfers within Japan are typically processed quickly, while international transfers may take a few business days. Consider the processing time when planning your payment to ensure timely delivery. The iBanFirst Payment Tracker can help you track those payments, and ensure a smooth and efficient payment experience.
Fees and Charges
Banks and financial institutions may apply fees and charges when processing international payments. These fees can vary, so it is advisable to check with your bank to understand the charges associated with your transaction. Check out iBanFirst’s Savings Calculator to estimate how much you could save on your next international payment.
Keep in mind
Bank holidays
01
January
New Year's Day
11
February
Foundation Day
23
February
Emperor's Birthday
29
April
Shōwa Day
03
May
Constitution Memorial Day
04
May
Greenery Day
05
May
Children's Day
11
August
Mountain Day
03
November
Culture Day
23
November
Thanksgiving Day
Coming of Age Day
Second Monday in January
Spring Equinox Day
Around 20 March
Marine Day
Third Monday in July
Respect for the Elderly Day
Third Monday in September
Autumn Equinox Day
Around 23 September
Health and Sport Day
Second Monday in October
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