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71-524: The Hokkaidō Colonization Office was established in 1869, as the new Meiji government sought to take advantage of the natural resources of the island. The American engineer Horace Capron , invited to Hokkaidō by the government for this purpose, determined the presence of a sizable coal deposit in the upper reaches of the Horonai River . Another American engineer, Benjamin Smith Lyman , was invited to plan

142-539: A competitive export market, and tried to ensure a low exchange rate for the yen through a trade surplus . The Plaza Accord of 1985 temporarily changed this situation; the exchange rate fell from its average of ¥239 per dollar in 1985 to ¥128 in 1988 and led to a peak rate of ¥80 against the US$ in 1995, effectively increasing the value of Japan's GDP in dollar terms to almost that of the United States. Since that time, however,

213-499: A larger ship. The government decided Lyman's plan was cheaper, and in March 1878, they invited yet another American engineer, to begin land surveys in preparation for construction. Crawford quickly determined that much of the land, being swampy, was not suitable for rails, stations, or other buildings, and that the river would freeze over in winter, rendering this shipping plan feasible for only around 150 days each year. His suggestion to extend

284-429: A post-war recession. Coins worth 1 and 5 rin were eventually officially taken out of circulation at the end of 1953 and demonetized. Color The issuance of yen banknotes began in 1872, two years after the currency was introduced. Denominations have ranged from 1 yen to 10,000 yen; since 1984, the lowest-valued banknote is the 1,000 yen note. Before and during World War II , various bodies issued banknotes in yen, such as

355-465: A rise in the value of the yen would hurt export growth by making Japanese products less competitive and would damage the industrial base. The government, therefore, continued to intervene heavily in foreign-exchange marketing (buying or selling dollars), even after the 1973 decision to allow the yen to float. Despite intervention, market pressures caused the yen to continue climbing in value, peaking temporarily at an average of ¥271 per US$ in 1973, before

426-485: A smaller 50 yen. In 1982, the first cupronickel 500 yen coin was introduced. Alongside the 5 Swiss franc coin , the 500 yen coin is one of the highest-valued coin to be used regularly in the world, with a value of US$ 4.42 as of December 2016 . Because of its high face value , the 500 yen coin has been a favorite target for counterfeiters, resulting in the issuance in 2000 of the second nickel-brass 500 yen coin with added security features. Continued counterfeiting of

497-495: A variety of factors. Firstly, Japan's prolonged low-interest-rate policy (to tackle domestic deflation ) has created a yield differential with other countries—notably the US—that have high interest rates (to tackle domestic inflation ), prompting investors to seek higher returns in foreign currencies. This interest rate differential directly affects the price of the Yen and serves as one of

568-564: A venture. He hoped the expenses could be compensated for somewhat by the rents and taxes paid by the citizenry. Murata's scheme was approved in 1888, and he formed the Hokuyūsha (Northern Property Company) to manage the railroad contracts. For the next fifteen years, the Hokuyūsha paid the Horonai Railroad 5000 yen every year in return for using their trains and rails, and took on the responsibility of maintenance and all other fees; this revived

639-417: A yen called "rin" were first introduced in 1873. One rin coins were very small, measuring 15.75 mm in diameter and 0.3 mm in thickness, and co-circulated with mon coins of the old currency system. Their small size was eventually their undoing, and the rin was abandoned in 1884 due to unpopularity. Five rin coins worth one-two hundredth of a yen also used a bronze alloy. These were successor coins to

710-458: Is so large that it is expected to double the money supply, but this move has sparked concerns that the authorities in Japan are deliberately devaluing the yen to boost exports. However, the commercial sector in Japan worried that the devaluation would trigger an increase in import prices, especially for energy and raw materials. Since 2022, the yen has depreciated significantly against its peers, due to

781-601: Is the official currency of Japan . It is the third-most traded currency in the foreign exchange market , after the United States dollar and the euro . It is also widely used as a third reserve currency after the US dollar and the euro. The New Currency Act of 1871 introduced Japan's modern currency system, with the yen defined as 1.5 g (0.048 troy ounces) of gold, or 24.26 g (0.780 troy ounces) of silver, and divided decimally into 100 sen or 1,000 rin . The yen replaced

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852-640: The 1964 games . The largest issuance by denomination and total face value were 10 million gold coins of ¥100,000 denomination for the 60th anniversary of reign of the Shōwa Emperor in 1986, totalling ¥1 trillion and utilizing 200,000 kg fine gold. ¥500 commemorative coins have been regularly issued since 1985. In 2008 commemorative ¥500 and ¥1,000 coins were issued featuring Japan's 47 prefectures. Even though all commemorative coins can be spent like ordinary (non-commemorative) coins, they do not normally circulate, and ¥100,000 coins are treated with caution due to

923-470: The 7170 series . Hokkaid%C5%8D Colonization Office The Hokkaidō Development Commission ( 開拓使 , Kaitakushi ) , sometimes referred to as Hokkaidō Colonization Office or simply the Kaitakushi , was a government agency in early Meiji Japan. Tasked with the administration, economic development, and securing of the northern frontier in what, at the time of establishment, was known as Ezo , it

994-778: The Honshū network. Fifteen kilogram per metre iron rails were used, with a minimum of wood and gravel on the rail bed. Though the Temiya factory and railyard were established by now, the stations in Otaru (now Minami-Otaru Station) and Sapporo were still temporary constructs; Asari , Asakawa , and Kotoni Stations were made " flag stops ", in the American style. Two steam locomotives were imported from H. K. Porter, Inc along with eight passenger cars from Harlan and Hollingsworth , both American firms. These locomotives, dubbed Benkei and Yoshitsune , were

1065-523: The Japanese asset price bubble and continued to do so afterwards, reaching a low of ¥134 to US$ in February 2002. The Bank of Japan's policy of zero interest rates has discouraged yen investments, with the carry trade of investors borrowing yen and investing in better-paying currencies (thus further pushing down the yen) estimated to be as large as $ 1 trillion . In February 2007, The Economist estimated that

1136-573: The Meiji period and later are printed on Japanese banknotes. The reason for this is that from the viewpoint of preventing forgery, it is desirable to use a precise photograph as an original rather than a painting for a portrait. Series E banknotes were introduced in 2004 in ¥1000, ¥5000, and ¥10,000 denominations. Series F banknotes were introduced on 3 July 2024. They were announced on 9 April 2019 by Finance Minister Tarō Asō . The ¥1000 bill features Kitasato Shibasaburō and The Great Wave off Kanagawa ,

1207-752: The Ministry of Finance and the Imperial Japanese National Bank. The Allied forces also issued some notes shortly after the war. Since then, the Bank of Japan has been the exclusive note issuing authority. The bank has issued five series after World War II. Japan is generally considered a cash-based society, with 38% of payments in Japan made by cash in 2014. Possible explanations are that cash payments protect one's privacy, merchants do not have to wait for payment, and it does not carry any negative connotation like credit. At present, portraits of people from

1278-593: The [je] pronunciation. Walter Henry Medhurst , who had neither been to Japan nor met any Japanese people, having consulted mainly a Japanese-Dutch dictionary, spelled some "e"s as "ye" in his An English and Japanese, and Japanese and English Vocabulary (1830). In the early Meiji era, James Curtis Hepburn , following Medhurst, spelled all "e"s as "ye" in his A Japanese and English dictionary (1867); in Japanese, e and i are slightly palatalized, somewhat as in Russian. That

1349-510: The pattern stage . The first gold yen coins consisted of 2, 5, and 20 yen coins which were struck throughout 1870. Five yen coins were first struck in gold for the Japanese government in 1870 at the San Francisco Mint . During this time a new mint was being established at Osaka , which did not receive the gold bullion needed for coinage until the following year. Gold bullion was delivered from private Japanese citizens, foreigners, and

1420-636: The "yen" as Japan's modern unit of currency on June 27, 1871. This Act formally stipulated the adoption of the decimal accounting system of yen (1, 圓 ), sen ( 1 ⁄ 100 , 錢 ), and rin ( 1 ⁄ 1000 , 厘 ). The new currency was gradually introduced beginning from July of that year. Japanese yen denominated paper currency was also conceived with the coins in 1870 as Meiji Tsuho notes by Italian engraver Edoardo Chiossone . These were released as fiat currency in denominations of 1, 2, 5, 10, 50, and 100 yen along with subsidiary notes of 10, 20, and 50 sen in 1872. Almost concurrently,

1491-431: The 1990s to redenominate the yen by introducing a new unit or new yen, equal to 100 yen, and nearly worth one U.S. dollar. This has not happened to date, since the yen remains trusted globally despite its low unit value, and due to the huge costs of reissuing new currency and updating currency-reading hardware. The negative impact of postponing upgrades to various computer software until redenomination occurs, in particular,

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1562-506: The Chinese had traded silver in mass called sycees , and when Spanish and Mexican silver coins arrived from the Philippines , the Chinese called them "silver rounds" ( Chinese : 銀圓 ; pinyin : yínyuán ) for their circular shapes. The coins and the name also appeared in Japan. While the Chinese eventually replaced 圆 ; 圓 with 元 , the Japanese continued to use the same word, which

1633-536: The Hokkaidō Development Commission the following year. Initially in 1882 the commission was superseded by the three prefectures ( ja ) of Hakodate, Sapporo, and Nemuro. In 1886 these were consolidated into the single Hokkaidō Agency ( 北海道庁 ) . The Development Commission encouraged settlers to come, an offer taken up by tondenhei in their thousands, albeit at the expense of the Ainu . Outlays in

1704-409: The Japanese government. Initially the government opted for silver, which would become the standard unit of value leaving gold coinage as a subsidiary. While gold coinage couldn't be produced domestically in 1870, the mint at Osaka could produce silver coins which included denominations of 5, 10, 20, and 50 sen. None of these coins dated "1870" circulated until the Meiji government officially adopted

1775-472: The Ministry of Finance, seeking to introduce a modern monetary system into Japan. Ōkuma eventually proposed that coins, which were previously square, be made into circles, and that the names of the traditional currencies, ryō (両), bu (分) and shu (朱), be unified into yen (円), which was accepted by the government. Other rejected proposals included physical weight units of "Fun" and "Momme" which never made it past

1846-564: The United States' actions in 1971. Following the United States' measures to devalue the dollar in the summer of 1971, the Japanese government agreed to a new, fixed exchange rate as part of the Smithsonian Agreement , signed at the end of the year. This agreement set the exchange rate at ¥308 per US$ . However, the new fixed rates of the Smithsonian Agreement were difficult to maintain in the face of supply and demand pressures in

1917-582: The currency. The sharp fall in the value of the currency has led some companies, including Modec , to stop presenting their financial statements in Japanese yen. However, this weakness has had some benefits for Japan's tourism industry, as the low exchange rate makes its purchasing power attractive for travellers, particularly those from foreign nations. The name, "Yen", derives from the Japanese word 圓 ( en , [eɴ] ; "round") , which borrows its phonetic reading from Chinese yuan , similar to North Korean won and South Korean won . Originally,

1988-597: The discovery of counterfeits. The 1 yen coin is made out of 100% aluminum and can float on water if placed correctly. Subsidiary coins of "sen" (one hundredth of a yen) were initially introduced in 1870 with a silver alloy in denominations of 5, 10, 20 and 50 sen. Copper sen coins in denominations of half, 1, and 2 came three years later, as Japan acquired the technology needed to mint them. The removal of silver from sen coinage began in 1889, when Cupronickel 5 sen coins were introduced. By 1920, this included cupro-nickel 10 sen and reduced-size silver 50 sen coins. Production of

2059-441: The dollar. In light of the dollar's reduction in value from ¥360 to ¥308 just before the reversion, an unannounced "currency confirmation" took place on October 9, 1971, wherein residents disclosed their dollar holdings in cash and bank accounts; dollars held that day amounting to US$ 60 million were entitled for conversion in 1972 at a higher rate of ¥360. In the 1970s, Japanese government and business people were very concerned that

2130-507: The drivers behind its depreciation. Widely held expectations of yen depreciation can become self-fulfilling prophecies, affecting the currency's exchange rate. To counter this, the BOJ conducted currency interventions of more than JPY 9 trillion selling the dollar and buying the yen in the September–October 2022 and April–May 2024 periods respectively. Numerous proposals have been made since

2201-764: The end of the year, the Horonai Railway came to be contracted by the head of the Rails & Coal Mine Office, Murata Tsutsumi , to aid in the completion of the Ikunshunbetsu Line . This operation would not be profitable for the Horonai Railway, but Murata took these risks on himself, and explained to the Hokkaidō Government Office that this work was necessary in order to get the Ikushunbetsu coal mine operational, and that initial expenditures were necessary in such

Horonai Railway - Misplaced Pages Continue

2272-590: The entire day. However, it was soon decided that the railway was not doing well. In the six years from 1880 to 1885, it produced roughly one-third of the anticipated profit for that period. The construction bureau turned over control of the railroad, and the coal mine, to the Hokkaidō Government Office in January 1886. The following year, the two were split into separate offices, and the railroad began to be administered from Temiya instead of Sapporo, but before

2343-469: The equally valued half sen coin which had been previously minted until 1888. The decision to bring back an equally valued coin was in response to rising inflation caused by World War I which led to an overall shortage of subsidiary coins. The mintage period for five rin coins was brief as they were discontinued after only four years of production due to their sharp decline in monetary value. The overall demand for subsidiary coinage ended as Japan slipped into

2414-478: The establishment and operations of a new coal mine. Capron suggested the construction of rails from Horonai to the port of Muroran , as part of a plan to ship the coal from there; meanwhile, Lyman's plan involved the construction of rails instead to Horomuibuto (today Ebetsu ), and intended to use a system of river boats on the Ishikari River for shipping the coal to Otaru , where they could be transferred to

2485-415: The establishment of a centralized banking system. The Bank of Japan hence commenced operations on October 10, 1882, with the authority to print banknotes that could be exchanged for the old Government and National Bank Notes. By May 1883, another act provided the redemption and retirement of national bank notes. The National Bank Act was amended again in March 1896, providing for the dissolution of

2556-697: The face of increasing Russian interest in the region. Following the Meiji Restoration , in the fourth month of 1868, the new government established the Hakodate Saibansho ( 箱館裁判所 ) , a judicial office in Hakodate that subsumed the functions of the erstwhile Hakodate bugyō . In the aftermath of the Battle of Hakodate , and following on from the return of the domains , the Development Commission

2627-461: The first of what would later be termed the 7100 series of locomotives. Each locomotive in the series would be named after a figure from Japanese history. The following year, Emperor Meiji made his way to Hokkaidō on his national tour, rode the line from Otaru to Sapporo, and gave his approval. In February 1882, the Colonization Office was abolished, and the railway and coal mine came under

2698-505: The foreign-exchange market. In early 1973, the rates were abandoned, and the major nations of the world allowed their currencies to float . After World War II the United States-administered Okinawa issued a higher-valued currency called the B yen from 1946 to 1958, which was then replaced by the U.S. dollar at the rate of $ 1 = 120 B yen. Upon the reversion of Okinawa to Japan in 1972 the Japanese yen then replaced

2769-613: The former entity. During this unstable period, the confusion caused by this form of exchange caused economic turmoil. The gold (counting money) system of eastern Japan and the silver (weighing money) system of the western Japan were not unified, and the difference in the gold-silver ratio caused a large amount of gold to flow overseas at the end of the Tokugawa shogunate. Emperor Meiji responded to this by appointing Ōkuma Shigenobu as head of Japan's monetary reform program. He worked with Inoue Kaoru , Itō Hirobumi , and Shibusawa Eiichi to run

2840-473: The government established a series of national banks modeled after the system in the United States which issued national bank notes. Massive inflation from the Satsuma Rebellion in 1877 caused a glut of non-redeemable fiat currency notes. The issuance of national fiat banknotes was ultimately suspended in 1880 by then prime minister Matsukata Masayoshi . New policies were put into place which included

2911-424: The impact of the 1973 oil crisis was felt (this was retroactively called endaka , although the term was only coined in 1985). The increased costs of imported oil caused the yen to depreciate to a range of ¥290 per US$ to ¥300 per US$ between 1974 and 1976. The re-emergence of trade surpluses drove the yen back up to ¥211 in 1978. This currency strengthening was again reversed by the second oil shock in 1979 , with

Horonai Railway - Misplaced Pages Continue

2982-562: The island's capital, branch offices were initially set up in 1872 in Hakodate , Nemuro , Urakawa , Sōya , and Karafuto, replaced by those in Hakodate and Nemuro in 1876. These administrative units would in 1882 become Sapporo, Hakodate, and Nemuro Prefectures. The Development Commission was first headed by Nabeshima Naomasa , former daimyō of Saga Domain , although he soon resigned on grounds of age, Higashikuze Michitomi taking his place. Former Deputy Director ( 次官 ) Kuroda Kiyotaka

3053-524: The jurisdiction of the construction bureau. The Sapporo-Ebetsu route was opened provisionally in June, and by November the line was completely operational from Temiya to Horonai. The official opening ceremonies were held on September 17, 1883, and were attended by members of the royal family, the military, and Inoue Masaru , chief of the Railroad Office. Passenger service was run for free to the local citizens for

3124-507: The latter ceased in 1938, after which a variety of base metals were used to produce 1, 5 and 10 sen coins during the Second World War . While clay 5 and 10 sen coins were produced in 1945, they were not issued for circulation. As with the Rin, coins in denominations of less than 1 yen became invalid at the end of 1953 and were demonetized due to inflation. Bronze coins worth one-one thousandth of

3195-485: The latter resulted in the issuance in 2021 of the third bi-metallic 500 yen coin with more improvements in security features. Due to the great differences in style, size, weight and the pattern present on the edge of the coin they are easy for people with visual impairments to tell apart from one another. Commemorative coins have been minted on various occasions in base metal, silver and gold. The first of these were silver ¥100 and ¥1,000 Summer Olympic coins issued for

3266-514: The national banks on the expiration of their charters. This amendment also prohibited national bank notes from circulating after December 31, 1899. In that year, Japan adopted a gold exchange standard , defining the yen as 0.75 g fine gold or US$ 0.4985. This exchange rate remained in place until Japan left the gold standard in December 1931, after which the yen fell to $ 0.30 by July 1932 and to $ 0.20 by 1933. It remained steady at around $ 0.30 until

3337-484: The previous Tokugawa coinage as well as the various hansatsu paper currencies issued by feudal han (fiefs). The Bank of Japan was founded in 1882 and given a monopoly on controlling the money supply. Following World War II , the yen lost much of its pre-war value. To stabilize the Japanese economy , the exchange rate of the yen was fixed at ¥360 per US$ as part of the Bretton Woods system . When that system

3408-596: The rail lines from Horomui Futoshi to Otaru, and to build rails straight to the piers, was approved by the Settlement Envoy, Kuroda Kiyotaka . Construction began in January 1880; a test run was done in October from Temiya to Zenibako , and regular operations began at the end of November, running from Temiya to Sapporo . While the first railways in Japan, in the Keihin and Hanshin regions, were designed on English models, this

3479-497: The railroad's revenues. The route from Horonaibuto (today Mikasa Station ) to Ikushunbetsu began operations in 1886, and though coal prices dropped soon afterwards, this contract and the ensuing relationship between the Railroad and Murata's ventures helped recoup all the costs of the initial construction. The Horonai railroad operated eight steam locomotives: six of the 7100 series, and two, called "Murata No. 1" and "Murata No. 2," of

3550-469: The start of the Pacific War on December 7, 1941, at which time it fell to $ 0.23. The sen and the rin were eventually taken out of circulation at the end of 1953. No true exchange rate existed for the yen between December 7, 1941, and April 25, 1949; wartime inflation reduced the yen to a fraction of its prewar value. After a period of instability, on April 25, 1949, the U.S. occupation government fixed

3621-609: The ten years from 1872 totalled some twenty million yen , spending included that on the island's road and railway infrastructure, the opening of coal mines, new farming methods, and a range of other enterprises included those relating to beer ( the precursor to the Sapporo Beer Company ), fishing, canneries , hemp, sugar, and lumber. The commission also founded Sapporo Agricultural College , now Hokkaido University . Establishing its head office in Sapporo , which it helped develop as

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3692-466: The value of the yen at ¥360 per USD through a United States plan, which was part of the Bretton Woods system , to stabilize prices in the Japanese economy . That exchange rate was maintained until 1971, when the United States abandoned the gold standard, ending a key element of the Bretton Woods system, and setting in motion changes that eventually led to floating exchange rates in 1973. By 1971,

3763-406: The value of the yen. From its average of ¥239 per US$ in 1985, the yen rose to a peak of ¥128 in 1988, virtually doubling its value relative to the dollar. After declining somewhat in 1989 and 1990, it reached a new high of ¥123 to US$ in December 1992. In April 1995, the yen hit a peak of under 80 yen/US$ , temporarily making Japan's economy nearly the size of that of the US. The yen declined during

3834-416: The war, brass 50 sen, 1 and 5 yen were introduced between 1946 and 1948. The current-type holed brass 5 yen was introduced in 1949, the bronze 10 yen in 1951, and the aluminum 1 yen in 1955. In 1955 the first unholed, nickel 50 yen was introduced. In 1957, silver 100 yen pieces were introduced, followed by the holed 50 yen coin in 1959. These were replaced in 1967 by the current cupro-nickel 100 yen along with

3905-490: The world price of the yen has greatly decreased, falling to an average of almost ¥158 per dollar and ¥171 per euro in July 2024. The Bank of Japan maintains a policy of zero to near-zero interest rates and the Japanese government has previously had a strict anti-inflation policy. From late 2020 to first half 2024, the yen depreciated against the dollar by about 60%, giving rise to serious concern in Japan about long-term prospects for

3976-496: The year of mintage, which is not shown in Gregorian calendar years, but instead in the regnal year of the current emperor's reign , with the first year of an era called gannen ( 元年 ) . Imperial portraits have never appeared on Japanese coins, as the image of the emperor remains sacred. In 1897, the silver 1 yen coin was demonetized and the sizes of the gold coins were reduced by 50%, with 5, 10 and 20 yen coins issued. After

4047-412: The yen dropping to ¥227 per US$ by 1980. During the first half of the 1980s, the yen failed to rise in value, though current account surpluses returned and grew quickly. From ¥221 per US$ in 1981, the average value of the yen actually dropped to ¥239 per US$ in 1985. The rise in the current account surplus generated stronger demand for yen in foreign-exchange markets, but this trade-related demand for yen

4118-428: The yen had become undervalued. Japanese exports were costing too little in international markets, and imports from abroad were costing the Japanese too much. This undervaluation was reflected in the current account balance , which had risen from the deficits of the early 1960s, to a then-large surplus of US$ 5.8 billion in 1971. The belief that the yen, and several other major currencies, were undervalued motivated

4189-626: The yen was 15% undervalued against the dollar, and as much as 40% undervalued against the euro. However, this trend of depreciation reversed after the global economic crisis of 2008 . Other major currencies, except the Swiss franc , have been declining relative to the yen. On April 4, 2013, the Bank of Japan announced that they would expand their asset purchase program by $ 1.4 trillion in two years. The Bank of Japan hopes to bring Japan from deflation to inflation, aiming for 2% inflation. The number of purchases

4260-467: The yen weak relative to the dollar and fostered the rapid rise in the Japanese trade surplus that took place in the 1980s. In 1985, a dramatic change began. Finance officials from major nations signed an agreement (the Plaza Accord ) affirming that the dollar was overvalued (and, therefore, the yen undervalued). This agreement, and shifting supply and demand pressures in the markets, led to a rapid rise in

4331-483: The ¥5000 bill features Tsuda Umeko and Wisteria flowers, and the ¥10,000 bill features Shibusawa Eiichi and Tokyo Station . The Ministry decided to not redesign the ¥2000 note due to low circulation. The EURion constellation pattern is present in the Series D, E and F banknotes. Beginning in December 1931, Japan gradually shifted from the gold standard system to the managed currency system. The relative value of

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4402-436: Was abandoned in 1971, the yen became undervalued and was allowed to float. The yen had appreciated to a peak of ¥271 per US$ in 1973, then underwent periods of depreciation and appreciation due to the 1973 oil crisis , arriving at a value of ¥227 per US$ by 1980. Since 1973, the government of Japan has maintained a policy of currency intervention, so the yen is under a managed float regime . The Japanese government focused on

4473-561: Was again simply the Kaitakushi . In line with the 1875 Treaty of Saint Petersburg , Japanese territory in Sakhalin was ceded to Russia, the Kuriles passing to Japan and falling under the jurisdiction of the Kaitakushi . A scandal ( ja ) in 1881 relating to the sale of Commission assets at a heavy loss to a consortium of the Director's associates, including Godai Tomoatsu , led to the abolition of

4544-422: Was also cited. The Japan Mint has issued legal tender coins from 1871 to the present. The obverse side of all coins shows the coin's value in kanji characters as well as the country name (through 1945, Dai Nippon ( 大日本 , "Great Japan") ; after 1945, Nippon-koku ( 日本国 , "State of Japan") (except for the current 5-yen coin with the country name on the reverse). The reverse side of all coins shows

4615-715: Was appointed the third, and as it transpired final, Director ( 長官 ) in 1874. The last found positions for many former samurai from Satsuma Domain , resulting in accusations of a Satsuma clique. Some seventy-five foreign advisors were also hired between 1869 and 1879, including forty-five Americans, five Russians, four Englishmen, four Germans, three Frenchmen, and one Dutchman. Amongst these were Thomas Antisell , Louis Boehmer , William P. Brooks , Horace Capron , William S. Clark , Edwin Dun , Benjamin Smith Lyman , David P. Penhallow , and William Wheeler . Yen The yen ( Japanese : 円 , symbol : ¥ ; code : JPY )

4686-613: Was established in 1869 and disbanded in 1882. During the Edo period , the Matsumae Domain was responsible for overseeing Japanese territory and trade with the local Ainu in Ezo (the area covered by the term extending beyond what is now Hokkaidō into Karafuto and the Chishima Islands ), other than for two periods (1799–1821, and again from 1855), when the bakufu assumed direct control in

4757-555: Was established in the seventh month of Meiji 2 (1869). Later that year, it oversaw the naming of Hokkaidō and Karafuto . From its establishment in the second month of 1870 until its disbandment in the eighth month of 1871, the Karafuto Kaitakushi ( 樺太開拓使 ) operated independently of the Kaitakushi , which came to be referred to as the Hokkaidō Kaitakushi ( 北海道開拓使 ) , before its functions were reabsorbed into what

4828-528: Was given the shinjitai form 円 in reforms at the end of World War II. The spelling and pronunciation "yen" is standard in English , because when Japan was first encountered by Europeans around the 16th century, Japanese /e/ ( え ) and /we/ ( ゑ ) both had been pronounced [je] and Portuguese missionaries had spelled them "ye". By the middle of the 18th century, /e/ and /we/ came to be pronounced [e] as in modern Japanese, although some regions retain

4899-445: Was offset by other factors. A wide differential in interest rates, with United States interest rates much higher than those in Japan, and the continuing moves to deregulate the international flow of capital , led to a large net outflow of capital from Japan. This capital flow increased the supply of yen in foreign-exchange markets, as Japanese investors changed their yen for other currencies (mainly dollars) to invest overseas. This kept

4970-482: Was the first full-scale Japanese-English/English-Japanese dictionary, which had a strong influence on Westerners in Japan and probably prompted the spelling "yen". Hepburn revised most "ye"s to "e" in the 3rd edition (1886) to mirror the contemporary pronunciation, except "yen". Although the Edo Shogunate collapsed with the Meiji Restoration and a new government was born, the monetary system still took over that of

5041-505: Was the first railway in Japan to be designed by Americans. Though the American engineers suggested the use of 914 mm ( 3 ft ) gauge track, as was standard in the United States, Kuroda thought ahead and it was decided that use of the British standard of 1,067 mm ( 3 ft 6 in ) would allow the Hokkaidō system to be compatible with, and perhaps in the future connected to,

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