Japanese Yen (JPY) Exchange Rates on 21st October 2019 (21/10/2019)

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Exchange rates for Japanese Yen (JPY)

Updated: 2019-10-21
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JPY GBP 0.0058 JPY to GBP 173.616 GBP to JPY
JPY BGN 0.0142 JPY to BGN 70.5357 BGN to JPY
JPY HRK 0.0551 JPY to HRK 18.1499 HRK to JPY
JPY CZK 0.1995 JPY to CZK 5.0118 CZK to JPY
JPY DKK 0.0538 JPY to DKK 18.5865 DKK to JPY
JPY HUF 2.2711 JPY to HUF 0.4403 HUF to JPY
JPY KZT 1.6999 JPY to KZT 0.5883 KZT to JPY
JPY LVL 0.0051 JPY to LVL 196.9202 LVL to JPY
JPY LTL 0.025 JPY to LTL 40.0671 LTL to JPY
JPY MKD 0.4437 JPY to MKD 2.2535 MKD to JPY
JPY MDL 0.1336 JPY to MDL 7.4872 MDL to JPY
JPY NOK 0.0596 JPY to NOK 16.7782 NOK to JPY
JPY PLN 0.0303 JPY to PLN 32.9614 PLN to JPY
JPY RON 0.0319 JPY to RON 31.3153 RON to JPY
JPY RUB 0.3508 JPY to RUB 2.8508 RUB to JPY
JPY SEK 0.0666 JPY to SEK 15.0138 SEK to JPY
JPY CHF 0.0087 JPY to CHF 114.3908 CHF to JPY
JPY TRY 0.0206 JPY to TRY 48.634 TRY to JPY
JPY UAH 0.1212 JPY to UAH 8.2485 UAH to JPY
Updated: 2019-10-21
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JPY ARS 0.0785 JPY to ARS 12.7413 ARS to JPY
JPY BOB 0.0645 JPY to BOB 15.4951 BOB to JPY
JPY BRL 0.0214 JPY to BRL 46.7697 BRL to JPY
JPY CAD 0.0103 JPY to CAD 96.8848 CAD to JPY
JPY KYD 0.0077 JPY to KYD 130.5675 KYD to JPY
JPY CLP 5.5026 JPY to CLP 0.1817 CLP to JPY
JPY COP 18.451 JPY to COP 0.0542 COP to JPY
JPY CRC 5.0614 JPY to CRC 0.1976 CRC to JPY
JPY DOP 0.408 JPY to DOP 2.4511 DOP to JPY
JPY SVC 0.0817 JPY to SVC 12.2402 SVC to JPY
JPY FJD 0.0172 JPY to FJD 57.9987 FJD to JPY
JPY HNL 0.1975 JPY to HNL 5.0623 HNL to JPY
JPY JMD 1.0512 JPY to JMD 0.9513 JMD to JPY
JPY MXN 0.1235 JPY to MXN 8.0988 MXN to JPY
JPY ANG 0.0167 JPY to ANG 59.813 ANG to JPY
JPY PYG 40.1082 JPY to PYG 0.0249 PYG to JPY
JPY PEN 0.0267 JPY to PEN 37.5011 PEN to JPY
JPY TTD 0.0593 JPY to TTD 16.8657 TTD to JPY
JPY USD 0.0093 JPY to USD 107.0652 USD to JPY
JPY UYU 0.2263 JPY to UYU 4.4187 UYU to JPY
JPY VEF 0.0587 JPY to VEF 17.0277 VEF to JPY
Updated: 2019-10-21
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JPY AUD 0.0103 JPY to AUD 97.3518 AUD to JPY
JPY BDT 0.7233 JPY to BDT 1.3825 BDT to JPY
JPY BND 0.0118 JPY to BND 84.7607 BND to JPY
JPY CNY 0.0573 JPY to CNY 17.4658 CNY to JPY
JPY INR 0.5684 JPY to INR 1.7593 INR to JPY
JPY IDR 110.864 JPY to IDR 0.009 IDR to JPY
JPY MYR 0.0298 JPY to MYR 33.5313 MYR to JPY
JPY MVR 0.1436 JPY to MVR 6.9658 MVR to JPY
JPY NPR 0.9111 JPY to NPR 1.0976 NPR to JPY
JPY NZD 0.0114 JPY to NZD 87.4392 NZD to JPY
JPY PKR 0.9555 JPY to PKR 1.0466 PKR to JPY
JPY PGK 0.0231 JPY to PGK 43.2544 PGK to JPY
JPY PHP 0.4102 JPY to PHP 2.438 PHP to JPY
JPY SCR 0.1212 JPY to SCR 8.2497 SCR to JPY
JPY SGD 0.0117 JPY to SGD 85.7406 SGD to JPY
JPY KRW 9.6828 JPY to KRW 0.1033 KRW to JPY
JPY LKR 1.2168 JPY to LKR 0.8218 LKR to JPY
JPY TWD 0.2806 JPY to TWD 3.5644 TWD to JPY
JPY THB 0.3006 JPY to THB 3.3271 THB to JPY
Updated: 2019-10-21
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JPY BHD 0.0035 JPY to BHD 283.9177 BHD to JPY
JPY EGP 0.0668 JPY to EGP 14.9689 EGP to JPY
JPY HKD 0.0724 JPY to HKD 13.8139 HKD to JPY
JPY ILS 0.0339 JPY to ILS 29.4966 ILS to JPY
JPY JOD 0.0066 JPY to JOD 151.0942 JOD to JPY
JPY KWD 0.0027 JPY to KWD 373.662 KWD to JPY
JPY LBP 14.1316 JPY to LBP 0.0708 LBP to JPY
JPY OMR 0.0036 JPY to OMR 278.1276 OMR to JPY
JPY QAR 0.034 JPY to QAR 29.3998 QAR to JPY
JPY SAR 0.035 JPY to SAR 28.5447 SAR to JPY
JPY AED 0.0343 JPY to AED 29.1477 AED to JPY
JPY YER 2.0072 JPY to YER 0.4982 YER to JPY
Updated: 2019-10-21
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JPY DZD 0.7556 JPY to DZD 1.3235 DZD to JPY
JPY KES 0.8303 JPY to KES 1.2043 KES to JPY
JPY MUR 0.2961 JPY to MUR 3.3775 MUR to JPY
JPY MAD 0.0805 JPY to MAD 12.429 MAD to JPY
JPY NAD 0.1024 JPY to NAD 9.7636 NAD to JPY
JPY NIO 0.2448 JPY to NIO 4.0857 NIO to JPY
JPY NGN 1.5206 JPY to NGN 0.6576 NGN to JPY
JPY SLL 40.8148 JPY to SLL 0.0245 SLL to JPY
JPY ZAR 0.1025 JPY to ZAR 9.754 ZAR to JPY
JPY TZS 15.537 JPY to TZS 0.0644 TZS to JPY
JPY TND 0.0165 JPY to TND 60.66 TND to JPY
JPY UGX 24.3308 JPY to UGX 0.0411 UGX to JPY
JPY XOF 4.7434 JPY to XOF 0.2108 XOF to JPY
JPY ZMK 49.1602 JPY to ZMK 0.0203 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
XE.com Live Currency Converter for JPY

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