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71-477: Most electronic calculators before the EL-8 were intended for desktop use. Sharp's predecessor to the EL-8, the battery-powered QT-8B, was just a portable version of a compact desk calculator. The EL-8 was much smaller, small enough to be used in one's hand: 164 mm (6.46 in) long, 102 mm (4.02 in) wide, and 70 mm (2.76 in) thick, and weighing 0.72 kg (1.59 lb) with batteries. Although it

142-464: 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 the national banks on

213-540: 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 was the first full-scale Japanese-English/English-Japanese dictionary, which had

284-651: A car, then car restorers and collectors consider those to be the OEM parts. Other-brand parts would be considered aftermarket, such as Champion spark plugs, DieHard batteries, Kinsler fuel injectors, and BMP engine blocks and heads. Many auto parts manufacturers sell parts through multiple channels, for example to car makers for installation during new-vehicle construction, to car makers for resale as automaker-branded replacement parts, and through general merchandising supply chains. Any given brand of part can be OEM on some vehicle models and aftermarket on others. Microsoft

355-480: A company that produces parts and equipment that may be marketed by another manufacturer. However, the term is ambiguous, with several other common meanings. It sometimes means the maker of a system that includes other companies' subsystems, an end-product producer, an automotive part that is manufactured by the same company that produced the original part used in the automobile's assembly, or a value-added reseller . When referring to auto parts, OEM typically refers to

426-492: A different requirement regarding installation media from Direct OEMs. While a clean retail media of Windows can be installed and activated on these devices with OEM keys (most commonly using the SLP key that's embedded in to the system firmware already), actual OEM recovery media that was created by the PC manufacturer (not system-builder, nor retail Windows versions) typically only works on

497-542: 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 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

568-578: 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 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

639-429: 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

710-465: 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

781-522: 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 the establishment of

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852-485: 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

923-634: 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 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

994-578: 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 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

1065-495: 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

1136-435: A variety of manufacturers ( Dell , HP , ASUS , Acer , Lenovo , Wistron , Inventec , Supermicro , Compal Electronics , Quanta Computer , Foxconn , Pegatron , Jabil , Flex , etc.). These OEMs commonly use a procedure known as System Locked Pre-installation , which pre-activates Windows on PCs that are to be sold via mass distribution. These OEMs also commonly bundle software that is not installed on stock Windows on

1207-417: 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

1278-471: Is a popular example of a company that issues its Windows operating systems for use by OEM computer manufacturers via the bundling of Microsoft Windows . OEM product keys are priced lower than their retail counterparts, especially as they are purchased in bulk quantities, although they use the same software as retail versions of Windows. They are primarily for PC manufacturer OEMs and system builders, and as such are typically sold in volume licensing deals to

1349-410: 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

1420-545: 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 the [je] pronunciation. Walter Henry Medhurst , who had neither been to Japan nor met any Japanese people, having consulted mainly

1491-473: Is tied to the PC motherboard which it is initially installed on, and there is typically no transferring the key between PCs afterward. This is in contrast to retail keys, which may be transferred, provided they are only activated on one PC at a time. A significant hardware change will trigger a reactivation notice, just as with retail. Direct OEMs are officially held liable for things such as installation/recovery media, and as such were commonly provided until

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1562-640: 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

1633-409: 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 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;

1704-525: The Facit 1111 and the Addo-X 9364 . These have the same internals as the EL-8, but the case and keycaps are different. Japanese yen The yen ( Japanese : 円 , symbol : ¥ ; code : JPY ) 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

1775-523: 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

1846-526: 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 ,

1917-752: 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

1988-511: 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 was given the shinjitai form 円 in reforms at the end of World War II. The spelling and pronunciation "yen"

2059-431: 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,

2130-482: 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 the Japanese government. Initially the government opted for silver, which would become the standard unit of value leaving gold coinage as

2201-569: The QT-8D, the tubes are Iseden "itron" tubes with the same distinctive "handwritten" digit style and the same half-height "0". However, unlike the QT-8D, the EL-8 digit tubes only have eight segments to form digits , and the EL-8's extra tube is positioned at the top right corner of the display instead of at its right end. A separate lamp serves as a power indicator. Power is supplied by an integrated rechargeable battery pack or by an external battery charger , which also serves as an AC adapter to allow

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2272-463: 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 the previous Tokugawa coinage as well as the various hansatsu paper currencies issued by feudal han (fiefs). The Bank of Japan

2343-620: 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

2414-501: The calculator to operate from AC power . The battery pack (model EL-84) contains six nickel-cadmium AA batteries connected in series , giving a total voltage of 7.2  volts and, with the original batteries, a total capacity of 450  mAh . (Present-day nickel-cadmium AA batteries have much greater capacity.) Battery life with the original batteries is about three hours, which gives an average power usage of about one watt . The battery charger (model EL-81) supplies power to

2485-461: The calculator's charging input at voltages of 8.7 and 9.6  volts ; the combined input power rating is about 3.2 watts . The EL-8's battery pack is much smaller than that of the QT-8B, and this was critical in reducing the EL-8's size and weight. However, these smaller batteries have much less capacity, and in order to maintain reasonable battery life, power usage had to be drastically cut. This

2556-597: 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

2627-441: 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

2698-507: 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

2769-446: The driving voltage can be lower and a separate high-voltage supply is not needed. In addition to the display improvements, the EL-8 also has a more efficient clock generator circuit for its logic than the QT-8B. Together, these changes reduced the EL-8's power usage to less than a third of that of the QT-8B. Sharp also produced a version of the EL-8 without batteries called the EL-8A . This

2840-469: 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

2911-518: 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, 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

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2982-492: 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

3053-505: 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

3124-406: The images of Windows that will be deployed with their PCs (appropriate hardware drivers , anti-malware and maintenance software, various apps, etc.). Individuals may also purchase OEM "system-builder" licenses for personal use (to include virtual hardware ), or for sale/resale on PCs which they build. Per Microsoft's EULA regarding PC manufacturers and system-builder OEM licenses, the product key

3195-424: 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

3266-412: The late-2000s. These were phased out in favor of recovery partitions located on the primary storage drive of the PC (and available for order from the manufacturer upon request) for the user to repair or restore their systems to the factory state. This not only cut down on costs, but was also a consequence of the gradual obsolescence and phasing out of optical media from 2010 onward. System builders also have

3337-507: 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

3408-485: 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

3479-448: 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, the Chinese had traded silver in mass called sycees , and when Spanish and Mexican silver coins arrived from

3550-490: The manufacturer of the original equipment, that is, the parts which are then subsequently assembled and installed during the construction of a new vehicle. In contrast, aftermarket parts are those made by companies other than the OEM, which might be installed as replacements or enhancements after the car comes out of the factory. For example, if Ford used Autolite spark plugs , Exide batteries, Bosch fuel injectors , and Ford's own engine blocks and heads when building

3621-407: The same set of four Rockwell -manufactured large-scale integrated circuits . Likewise, its keyboard has the same layout, including the combined ×÷ key, and it also uses magnetic reed switches . The display, like that of the QT-8D, is an 8-digit vacuum fluorescent display with nine individual tubes: eight digit tubes and a single extra tube for the minus sign and overflow indicator. As with

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3692-536: 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 the Ministry of Finance, seeking to introduce

3763-469: 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

3834-471: The tubes are kept lit constantly. No switching is required and no load resistors are needed, so much less power is used. Furthermore, because each tube in the QT-8B is only lit for a fraction of the time, the tubes need a high momentary brightness in order to get a reasonable average brightness, so they must be driven with a high voltage, requiring a separate high-voltage power supply. Since the EL-8 tubes are kept constantly lit, they don't have to be as bright, so

3905-521: 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,

3976-406: 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

4047-416: 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

4118-496: 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

4189-412: 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

4260-428: 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

4331-549: The yen is determined in foreign exchange markets by the economic forces of supply and demand . The supply of the yen in the market is governed by the desire of yen holders to exchange their yen for other currencies to purchase goods , services , or assets . The demand for the yen is governed by the desire of foreigners to buy goods and services in Japan and by their interest in investing in Japan (buying yen-denominated real and financial assets). OEM An original equipment manufacturer ( OEM ) generally refers to

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4402-626: 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

4473-467: 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

4544-483: 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

4615-422: 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

4686-483: Was done by various improvements in the electronics, especially in the display. The QT-8B's display tubes are driven by discrete transistors ; to reduce the number of transistors needed, only one tube is lit at a time, and the circuitry cycles through the tubes in rapid sequence. The rapid switching from tube to tube requires load resistors which absorb a lot of power. In the EL-8, the display tubes are driven by integrated circuits containing multiple transistors, and all of

4757-490: 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 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

4828-402: 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, the government established

4899-482: Was offered at a lower price, about US$ 300 (equivalent to US$ 2,007 in 2021). Since this version lacks batteries, it is somewhat lighter and requires an AC adapter for power. The power connector is also slightly different, having an extra contact. In addition to its own EL-8 and EL-8A, Sharp also built OEM versions of the EL-8 for the Swedish office machine company Facit and its subsidiary Addo , which sold them as

4970-445: 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

5041-404: Was still too bulky to easily fit in a pocket, it was an important step toward the development of the pocket calculator. The EL-8's original price in Japan was 84,800 Japanese yen . The retail price in 1971 was US$ 345 (equivalent to US$ 2,308 in 2021). The operation and performance of the EL-8 are identical to its predecessor calculators, the QT-8D and QT-8B, because its logic circuits use

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