Japan uses the yen as its official currency. It is denoted by the symbol X.
Similar to the Chinese symbol for their yuan.
The yen is an interesting currency because it does not sub-divide: it is simply the yen.
Coins begin at 1 yen, with coins currently circulated in denominations of 1,5,10,50, 100 and 500 yens.
Notes are issued in denominations of 1,000, 2,000, 5,000 and 10,000 yen. In fact the 2,000 notes are not in wide circulation, so it is mainly the 1,5 and 10,000 yen notes that you will see.
The yen is denoted as ¥, which is written as per the Roman alphabet.
The yen was introduced in the year 1872, by the Japanese Meijii Government. It was brought in to emulate European currencies and thus make Japanese trading more competitive.
The yen suffered a somewhat tumultuous period, really throughout the 20th Century and constantly needed to be underpinned as a result of it losing value or suffering as a result of economic setbacks.
By 1971, the yen was severely undervalued and as a result, the Government took the radical step of devaluing the currency.
However, the yen failed to rise substantially and Japan was still faced with significant problems in terms of its currency. These continued until in 1985 the Plaza Accord pact was signed. This was a pact which was signed by some of the leading financial officials, which stated that the dollar was actually overvalued and as a result the yen was significantly undervalued. Whilst this may sound too simple to work, it did in fact work, due to various laws of economic reasoning behind it. Despite a shaky start the yen continued to make progress in terms of how it was valued and this continued up until 1995.
Since 1995, the yen has experienced a more rocky ride and its currency is not as strong as it once was. Indeed, its whole economy looks much more fragile than it used to.
However, that being said, the yen is a popular currency and after the US dollar, it is traded on international levels to a very high degree. In fact it is the currency that is the 3rd most traded in the entire world, which results in its fortunes being closely watched by countries all around the world.
Given how geographically remote from the rest of the world, Japan really is, it is remarkably easy to locate yen: perhaps a symbol of just how much the world has shrunk over the last couple of decades.
Unlike many countries, most ATM machines will not accept foreign credit cards. So you should not simply expect to land in Japan and be able to take money out at everywhere you see an ATM, because the reality is that you won't be able to do this. You need to plan ahead and if you think that using an ATM will be the easiest way for you to get money out, then you will need to find out where they are located and then plan, so that you have enough money to see you through periods when you will not be near an ATM.
Major airports will have ATMs where you can use foreign cards. Citibank ATMs will usually accept a foreign card.
Post Offices, of which there are a good number will usually have an ATM that will take a foreign card. One point to remember is that your PIN cannot be more than 6 digits. If it is then you won't be able to use the ATM. Whilst you may now assume that there will be no problem getting hold of your money, remember that the ATM may be located in the Post Office. If this is the case, then you will have to get to the Post Office before it shuts.. if you don't then you may be stuck for money.
Even if the ATM is located on the outside of the bank, you may still find that it is closed at night, simply because many of them do and are not geared up to be used after early evening. So, to be on the safe side always try to ensure that you get to an ATM before the end of the working day, so that you will know for definite that it will be open. And as well, many (but not all) ATM machines are also out of action at the weekend, so money should be taken out prior to the end of business on Friday. Given that Japan is a very technologically advanced country and is so fond of technology, it seems strange that they don't use cash machines at the weekend. But such are the quirks of life in Japan.
Throughout Japan, there are 7/11 stores that have ATMs that will also accept foreign cards. There are around 12,000 in Japan, but whilst this sounds a lot, they can be quite spread out and if the nearest one is forty miles away and it is 11 pm at night, then this information may not seem entirely useful.
You will be able to exchange money at any moderately sized and above bank in Japan. You can either change cash, or cash travellers cheques.
One important thing to be aware of is that you really should exchange US dollars or even Euros, since if you exchange British pounds you will get a very poor exchange rate. Conclusive proof that the British pound is now of a lesser statue than the euro! Often the banks are exceptionally busy, no matter what time of the day you visit.
Travellers cheques will be accepted in banks and you will also receive a much better exchange rate on these, so they are a good option to think about, in terms of how you will get hold of cash in Japan.
The only downside to these cheques is that you obviously need both the cheques and your ID when you go to the bank to cash them, so you are carrying all your valuable documents at once. It's usually best to have some kind of money belt with you, if you are going to be using cheques, just to make sure that your valuables are kept safe. Even though Japan is relatively safe, it is easy to misplace things or leave a document out to put away later and then you can simply lose it.
When in Japan it is important to make sure that you have cash with you, because the Japanese are not as fond of credit cards as the British are and they use cash much more readily. This preference for cash, means that fewer places accept credit cards, so the circle is perpetuated and cash is still king.
Some people may pay for items on their mobile phone. The mobile phone acts as the credit card, and at the end of the month you get your 'credit' bill as well as your bill for credit card use. This makes it a very easy way of making sure that you always have access to funds. Although people who are quite addicted to their mobile phones may find it easy to pay for everything using their credit card phone, thus running up big bills.
People tend to carry large amounts of cash with them in Japan, so it is not something that you should worry about and the more cash you have, the easier it will be to get out and about within Japan and to pay for items.
In addition, there are lots of vending machines in Japan that seem to sell just about anything, but for these you will also need to have cash.
Japan is not a tremendously cheap country to visit or to travel around in, but on the other hand, it does offer relatively good value for money and everything seems to range from budget to luxury, thereby offering most travelers a great deal of choice in just about everything.
Accommodation can be expensive though, simply due to the fact that Japan does experience significant overcrowding in parts.
Japan is made up of four main islands, all of which have various sights and attractions to pull you. Most people who have made the effort to get to Japan, try to take in Tokyo, with all its hustle and bustle, as well as Hiroshima, which of course was the victim of the atomic bomb. The Peace garden in Hiroshima is a memorial to those people who were killed in this bomb attack and is quite an amazing place to visit, since it is very much a living memorial. Hiroshima lives with the legacy of the bomb and this makes it a very sobering place to visit, but also one that does give visitors hope for the future.
Nagasaki, which also experienced the bomb, is also a good place to visit, if only to see how it has been rebuilt and moved forward, after the bomb practically destroyed it.
Many people also like to take a trip to Sendai, which is a less well-known city, but it is known as the city of forests, due to the huge number of trees that seem to line each and every street. It is also much less frenetic than Tokyo and can offer the perfect antidote to Tokyo. Travelling there also helps you to get to see some of the country itself.
Japan, is known as the Land of the Rising Sun and it is very much an Eastern country. It is different to the West. Very different. The people are much more culturally different, than you may anticipate, the architecture and buildings are very different and the Japanese seem to have their own way of doing just about everything. Their culture is riddled with various practices and traditions, which can seem very confusing to a Westerner.
This is a country that offers travelers a real chance to see another way of living and of being. Yes there are similarities and these are increasing, as the world seems to shrink. But there are still vast cultural differences, so for this reason, Japan is definitely worth a visit.