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Japanese Yen (JPY) Exchange Rates on 23rd May 2024 (23/05/2024)

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Exchange rates for Japanese Yen (JPY)

Updated: 2024-05-23
Convert from Convert to 1 JPY Conversion in currency Conversion
JPY JPY GBP GBP 0.005 JPY to GBP 199.5439 GBP to JPY
JPY JPY BGN BGN 0.0115 JPY to BGN 86.7852 BGN to JPY
JPY JPY HRK HRK 0.0445 JPY to HRK 22.4589 HRK to JPY
JPY JPY CZK CZK 0.1456 JPY to CZK 6.8702 CZK to JPY
JPY JPY DKK DKK 0.0439 JPY to DKK 22.7548 DKK to JPY
JPY JPY HUF HUF 2.2778 JPY to HUF 0.439 HUF to JPY
JPY JPY KZT KZT 2.8276 JPY to KZT 0.3537 KZT to JPY
JPY JPY LVL LVL 0.0039 JPY to LVL 259.1584 LVL to JPY
JPY JPY MKD MKD 0.3626 JPY to MKD 2.7579 MKD to JPY
JPY JPY MDL MDL 0.1128 JPY to MDL 8.8616 MDL to JPY
JPY JPY NOK NOK 0.0682 JPY to NOK 14.6557 NOK to JPY
JPY JPY PLN PLN 0.0251 JPY to PLN 39.8069 PLN to JPY
JPY JPY RON RON 0.0293 JPY to RON 34.1211 RON to JPY
JPY JPY RUB RUB 0.5754 JPY to RUB 1.7378 RUB to JPY
JPY JPY SEK SEK 0.0684 JPY to SEK 14.6235 SEK to JPY
JPY JPY CHF CHF 0.0058 JPY to CHF 171.4376 CHF to JPY
JPY JPY TRY TRY 0.2054 JPY to TRY 4.8678 TRY to JPY
JPY JPY UAH UAH 0.2541 JPY to UAH 3.9356 UAH to JPY
Updated: 2024-05-23
Convert from Convert to 1 JPY Conversion in currency Conversion
JPY JPY ARS ARS 5.6772 JPY to ARS 0.1761 ARS to JPY
JPY JPY BOB BOB 0.0441 JPY to BOB 22.6599 BOB to JPY
JPY JPY BRL BRL 0.0329 JPY to BRL 30.4251 BRL to JPY
JPY JPY CAD CAD 0.0087 JPY to CAD 114.5886 CAD to JPY
JPY JPY KYD KYD 0.0053 JPY to KYD 187.89 KYD to JPY
JPY JPY CLP CLP 5.7328 JPY to CLP 0.1744 CLP to JPY
JPY JPY COP COP 24.4297 JPY to COP 0.0409 COP to JPY
JPY JPY CRC CRC 3.2745 JPY to CRC 0.3054 CRC to JPY
JPY JPY DOP DOP 0.3748 JPY to DOP 2.6683 DOP to JPY
JPY JPY SVC SVC 0.0559 JPY to SVC 17.8954 SVC to JPY
JPY JPY FJD FJD 0.0145 JPY to FJD 69.1775 FJD to JPY
JPY JPY HNL HNL 0.1578 JPY to HNL 6.336 HNL to JPY
JPY JPY JMD JMD 0.9963 JPY to JMD 1.0037 JMD to JPY
JPY JPY MXN MXN 0.1062 JPY to MXN 9.4132 MXN to JPY
JPY JPY ANG ANG 0.0115 JPY to ANG 86.8837 ANG to JPY
JPY JPY PYG PYG 48.0491 JPY to PYG 0.0208 PYG to JPY
JPY JPY PEN PEN 0.0238 JPY to PEN 41.9333 PEN to JPY
JPY JPY TTD TTD 0.0433 JPY to TTD 23.073 TTD to JPY
JPY JPY USD USD 0.0064 JPY to USD 156.7622 USD to JPY
JPY JPY UYU UYU 0.2454 JPY to UYU 4.0754 UYU to JPY
JPY JPY VEF VEF 23107.5238 JPY to VEF 0 VEF to JPY
Updated: 2024-05-23
Convert from Convert to 1 JPY Conversion in currency Conversion
JPY JPY AUD AUD 0.0096 JPY to AUD 103.9158 AUD to JPY
JPY JPY BDT BDT 0.7481 JPY to BDT 1.3366 BDT to JPY
JPY JPY BND BND 0.0086 JPY to BND 116.1114 BND to JPY
JPY JPY CNY CNY 0.0462 JPY to CNY 21.6382 CNY to JPY
JPY JPY INR INR 0.5312 JPY to INR 1.8825 INR to JPY
JPY JPY IDR IDR 102.4027 JPY to IDR 0.0098 IDR to JPY
JPY JPY MYR MYR 0.0301 JPY to MYR 33.244 MYR to JPY
JPY JPY MVR MVR 0.0986 JPY to MVR 10.1467 MVR to JPY
JPY JPY NPR NPR 0.8507 JPY to NPR 1.1755 NPR to JPY
JPY JPY NZD NZD 0.0104 JPY to NZD 95.9377 NZD to JPY
JPY JPY PKR PKR 1.7776 JPY to PKR 0.5625 PKR to JPY
JPY JPY PGK PGK 0.0248 JPY to PGK 40.2909 PGK to JPY
JPY JPY PHP PHP 0.3715 JPY to PHP 2.6918 PHP to JPY
JPY JPY SCR SCR 0.0865 JPY to SCR 11.5669 SCR to JPY
JPY JPY SGD SGD 0.0086 JPY to SGD 116.1188 SGD to JPY
JPY JPY KRW KRW 8.6933 JPY to KRW 0.115 KRW to JPY
JPY JPY LKR LKR 1.9155 JPY to LKR 0.5221 LKR to JPY
JPY JPY TWD TWD 0.2056 JPY to TWD 4.8636 TWD to JPY
JPY JPY THB THB 0.233 JPY to THB 4.292 THB to JPY
Updated: 2024-05-23
Convert from Convert to 1 JPY Conversion in currency Conversion
JPY JPY BHD BHD 0.0024 JPY to BHD 415.9594 BHD to JPY
JPY JPY EGP EGP 0.2985 JPY to EGP 3.3503 EGP to JPY
JPY JPY HKD HKD 0.0498 JPY to HKD 20.0797 HKD to JPY
JPY JPY ILS ILS 0.0234 JPY to ILS 42.6689 ILS to JPY
JPY JPY JOD JOD 0.0045 JPY to JOD 221.1339 JOD to JPY
JPY JPY KWD KWD 0.002 JPY to KWD 510.7596 KWD to JPY
JPY JPY LBP LBP 570.9441 JPY to LBP 0.0018 LBP to JPY
JPY JPY OMR OMR 0.0025 JPY to OMR 407.2906 OMR to JPY
JPY JPY QAR QAR 0.0232 JPY to QAR 43.0518 QAR to JPY
JPY JPY SAR SAR 0.0239 JPY to SAR 41.7959 SAR to JPY
JPY JPY AED AED 0.0234 JPY to AED 42.6796 AED to JPY
JPY JPY YER YER 1.5974 JPY to YER 0.626 YER to JPY
Updated: 2024-05-23
Convert from Convert to 1 JPY Conversion in currency Conversion
JPY JPY DZD DZD 0.8592 JPY to DZD 1.1639 DZD to JPY
JPY JPY KES KES 0.8334 JPY to KES 1.1999 KES to JPY
JPY JPY MUR MUR 0.2933 JPY to MUR 3.4094 MUR to JPY
JPY JPY MAD MAD 0.0632 JPY to MAD 15.8143 MAD to JPY
JPY JPY NAD NAD 0.1167 JPY to NAD 8.5711 NAD to JPY
JPY JPY NIO NIO 0.2351 JPY to NIO 4.2543 NIO to JPY
JPY JPY NGN NGN 9.1221 JPY to NGN 0.1096 NGN to JPY
JPY JPY SLL SLL 133.7667 JPY to SLL 0.0075 SLL to JPY
JPY JPY ZAR ZAR 0.1166 JPY to ZAR 8.5735 ZAR to JPY
JPY JPY TZS TZS 16.5537 JPY to TZS 0.0604 TZS to JPY
JPY JPY TND TND 0.0199 JPY to TND 50.2202 TND to JPY
JPY JPY UGX UGX 24.3432 JPY to UGX 0.0411 UGX to JPY
JPY JPY XOF XOF 3.8654 JPY to XOF 0.2587 XOF to JPY
JPY JPY ZMK ZMK 57.4195 JPY to ZMK 0.0174 ZMK to JPY

Japanese Yen (JPY)

Sign ¥
1 Yen is subdivided into 10 dimes, 100 cents or 1000 mills.

JPY is the currency code for the Japanese yen. Symbolized with the "�", the JPY is the third most widely held international reserve currency and the fourth most traded currency in open foreign currency markets. Underlying monetary policy and issuance of the JPY is managed by the Japanese central bank, the Bank of Japan (BOF). The BOJ was established in 1882 using a Belgian banking model and was given monopoly powers over controlling monetary policy and the circulation of the JPY.

Coins used:
¥1, ¥5, ¥10, ¥50, ¥100, ¥500

Banknotes used:
¥1000, ¥2000, ¥5000, ¥10000

Central Bank
Bank of Japan
The monetary policy of the BOJ is under continuous scrutiny and criticism as the BOJ holds as its model a system of credit control and managed commercial growth using credit quotas placed on commercial banks. This control system is much different than the mandate of many market economies and more similar to the command and control system of the Chinese central bank. This system has not only been criticized for its role in the credit and development bubble of the 1980's, where the JPY soared in value, but it has also been criticized for the BOJ's refusal to take action to stimulate growth and development into the 21st century. In 1997 the Bank of Japan Act gave the BOJ greater independence and yet attempted to reign in that independence with a gently worded clause in the act stating the BOJ should consult with the government on monetary policy and economic growth given their goals were "harmonious". This gentle attempt failed and the BOJ has retained the same policies of the past without regard to repeated calls for allowing economic stimulus. The value of the JPY has historically made significant moves with its losing almost all value at the end of World War II. But by 1949 the JPY was fixed against the USD and by extension the Bretton Woods system that was in place at the time. When the USD was removed from Bretton Woods, the JPY was still tied to the USD and a new agreement was drafted at a new USD/JPY exchange rate. This rate did not last long as open market supply and demand forced the abandonment of the pegging to the USD and by 1973 the BOJ removed all connections of the JPY to the USD and has since allowed it to float freely. Throughout the rest of the 1970's the JPY continued to show strength against the USD with two primary setbacks being the oil crises of 1974, 1976, and 1979. In the early 1980's all signs were that there was a large appetite for the JPY worldwide, yet the valuation remained relatively stable. This was due to a variety of factors, namely Japan's ties to the United States and interest rate disparities between the two. This connection was completely broken when in 1985 the French Plaza Accord shifted worldwide currency markets against the USD and not the JPY. Over the next 4 years the JPY nearly doubled in value relative to the USD reaching a high in 1995 almost three times the value relative to the USD ten years earlier in 1985. The JPY bubble quickly corrected to 1989 levels as the BOJ battled a post development bubble and debt crisis with the BOJ lowering interest rates near to zero. This crisis finally saw some improvement 13 years later in 2008 when the worldwide credit bubble burst, a bubble in which the JPY had not participated. This left few major currencies with the underlying strength to counter the trend of depreciation, among these the JPY and CHF remain strong. Though this temporary reprieve in the weakness of the JPY and the Japanese economy as a whole was welcome, it has yet to bring the JPY out of its long term disfavor. This has led to the continued argument that the BOJ must take action to stimulate the economy, not simply sit back with its command and control quotas waiting for growth to spontaneously erupt. This reluctance at stimulus may be due to the long term shame the BOJ has held for allowing the 1980's bubble to occur and therefore they are reluctant to once again take any step that would lead them to blame for another crisis. At the same time their policy of JPY stability and zero interest rates has yet to drive innovation, productivity, and markets into a new cycle of growth. As a result of this unexplained reluctance, no doubt rooted in their previous failure, is the cause of the prolonged economic stagnation. The BOJ continued insistence on low interest rates is clearly not enough stimulus if there are not any business or innovators willing to borrow. This has led economists to define a new type of recession that is not simply attached to a decrease in GDP or lack of growth, but as a situation where no one is willing to take risk, borrow, and grow until their individual balance sheets are strong enough to warrant such a move. Therefore for the JPY to make a new move upward, economic balance sheet stimulus is needed in the Japanese commercial sectors. If they hold the JPY this could be accomplished with improved JPY pricing, but is more likely to occur as monetary policies are enacted to repair the balance sheets of companies still reeling from the after affects of the 1980's bubble and the resultant depressed asset values that remain on their balance sheets. In this instance it would be better to somehow address these issues and take them off the table, allowing for forgiveness and repair in order to stimulate the Japanese economy and as a result stimulate the JPY. As of yet any type of move in this direction has not been indicated by the BOJ. In 2010 the BOJ has taken certain steps to even triple the liquidity available to banks and yet the JPY and underlying economy remained stagnant. This move by the BOJ was initially seen as a positive maneuver, but once again it has taught the markets a two fold lesson. The first is that unlimited liquidity is useless without any businesses willing to borrow or invest and that the BOJ may have taken the move in order to silence critics, knowing that there would be no takers of their capital and that this move would giving the appearance of an effort at stimulus.

Other References
Wikipedia article on Japanese Yen

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