The official currency of Japan – Yen is the third most traded currency in the foreign exchange market. Translated from Japanese “Yen” means –circle or a round object. Before Yen Japanese used the monetary system of the Tokugawa era and Yen replaced it on May 10th, 1871. During and after the WWII Yen did not have any value, it was only in 1971 when Yen made a comeback, ever since then year by year Yen has climbed up the currency market. The authority over the monetary system in Japan belongs to The Bank of Japan.
About Japanese Yens
In 1954 Yen was divided in 100 sen and into 1,000 rin. Currently there are 1, 5, 10, 50, 100 and 500 yen coins and 1,000, 2,000, 5,000 and 10,000 yen notes in circulation. Each obverse and reverse of the banknotes shows an important cultural figure in Japanese history. The 1,000 Yen note features Hideyo Noguchi who was a Japanese bacteriologist, 5,000 Yen note – Ichiyo Higuchi the Japanese author, 2,000- Shureimon- the gate in the Shuri, Naha and 10,000 note – Fukuzawa Yukichi – Japanese author, teacher, and translator.
In 2019 Japanese Ministry of Finance came out with a new Yen Banknote design that will roll out in 2024, the new designs feature Mount Fuji and Hokusai’s famous – Great Wave. After being inspired by the new banknote design a Japanese artist Ponkichi came out with his own design for 500 Yen banknote called – Shiba Inu currency. The banknote created by Ponkichi became so popular that there are currently t-shirts, mugs, and other items available for sale with his design, unfortunately, this design will not become an official banknote.
How to get yens in Japan?
We always recommend bringing allowed amounts of cash to Japan as your credit card might get charged for transactions made abroad. You can exchange the currency at your local bank in your home country for better exchange rates. If you have chosen to exchange in your home country try to avoid 2000 Yen banknotes, many businesses and vending machines will not accept these notes because they are rarely used, try exchanging for 5000, 1000 and 10,000 Yen notes.
If you have not exchanged currency in your home country you can also do it at the airport kiosks or exchange offices in Japan, bear in mind that the exchange rates in these offices charge a high commission. It is also possible to withdraw cash at any ATM in Japan if you have chosen this path you might get a service charge for this transaction.
Payment methods in Japan
Japan is known to be one of the safest countries in the world, you will not need to worry about carrying cash or purchasing items with your credit card. Japanese prefer using cash at all times even with the new technology and paying methods Japanese prefer sticking to what they know. As the hub of technology, Japan has also adapted to bitcoin and many other virtual currencies.
Konbinis – pay after you shop. This payment method is very popular amongst Japanese, it allows shoppers purchasing items and paying later at the post office, ATM, or online.
Contactless mobile wallet – a smart card used to pay contactless, this method is less popular as the cards are not accepted everywhere.
Linepay – an app that allows you to pay for your purchases and transfer money to private entities.
Japanese have created many modern ways of paying, but remember that cash will always be preferred.
