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USD/JPY exchange rate: 1:53
It is a good idea to be familiar with Japanese currency before visiting. Japan is still by and large a cash-based society, despite the fact that it is a developed nation with many technological advancements. And so we wanted to give you an Intro to Japanese Money.
The video starts with the host of the Gaijin Survival Guide in front of a bank, introducing the topic of the video by saying it is a good idea to understand the currency of any country you visit or live in.
Contrary to popular belief, Japan's economy is very much cash based. Businesses in larger cities such as Tokyo nowadays generally have card machines. However, it is still best to be familiar with the cash money.
He goes on to explain that the Japanese monetary system is based on the "yen," as pronounced by gaijin. The Japanese pronounce it as "en." The Japanese use six coins: a 1 yen coin, a 5 yen coin, a 10 yen coin, a 50 yen coin, a 100 yen coin, and a 500 yen coin. It is roughly the equivalent of a penny, a nickel, a dime, a 50¢ coin, a dollar coin, and a 5 dollar coin.
There are also 3 bills: a 1,000 yen bill, a 5,000 yen bill, and a 10,000 yen bill. These bills are roughly equivalent to a 10 dollar, 50 dollar, and 100 dollar bill.
The current exchange rate is then stated as 91 cents for every 100 yen.
The symbols for Japanese money differ depending on if the Japanese are using it or if the international community is using it.
The Japanese use: 円
While internationally, this symbol is used: ¥
The yen is then told to be the third most traded currency on the foreign exchange market, after the Euro and the dollar.
Thanks for watching our Intro to Japanese Money!