Japanese Yen Casinos

The Japanese Yen is the official currency of Japan and it is highly regarded worldwide and is the third most traded currency in the foreign exchange markets, following the US dollar and the Euro. Rather strangely the yen is also one of the currencies used in Zimbabwe after the Zimbabwean dollar was suspended.  The currency was officially adopted in 1871 by the Meiji government at the time and before this point Japan had been using a combination of different currencies which included Mexican pesos and Spanish dollars.

The name yen is taken for the Japanese word for ‘a round object’ which makes sense when you consider the shape of a coin. Initially one yen was divided into 100 sen and 1000 rin but soon due to inflation both these smaller denominations became practically worthless and they were no longer considered official tender as of 1953. The ISO currency code for the yen is JPY and outside of Japan itself the symbol used for the currency is ¥ and this kanji symbol is pronounced simply with the phonetic sound for ‘y’.

The History of the Japanese Yen

Japan was very closely connected with Spain and nations in the Spanish empire and so the Spanish dollar became the usual currency in this region and throughout Southeast Asia. The Spanish silver dollar remained the leading currency for many years although other such as silver dollars minted in Hong Kong were also accepted as legal tender but towards the end of the 19th century things changed. In 1871 the Japanese government minted and adopted their own silver dollar based currency and this was the beginning of the yen.

The first coins that were minted were the 1 rin, ½, 1 and 2 sen which were all minted in copper and also the 5, 10, 20, 50 sen and 1 yen minted in silver and finally the 2, 5, 10 and 20 yen which were minted in gold. Two years after the coins were introduced the yen was released in banknote form and denominations of yen notes have changed considerably over the years with everything from 10 to 10,000 yen notes available. The current yen notes in circulation are the 1,000, 2,000, 5,000 and 10,000.

There was considerable devaluation in the price of silver in 1873 and this in turn saw the value of the yen fall as it was so closely tied to silver. By 1897 one yen was worth half of a US dollar and during the Second World War things got even more desperate as the yen all but collapsed. In 1949 a single US dollar was worth a huge 360 yen. The value of the yen was slowly but surely stabilised and by 1995 recovery had been achieved to such a level that the economy of Japan was almost on par with the US.

Japanese Yen Conversion Rates

Today one Japanese yen is worth around £0.006 or $0.008. Conversely £1 is worth ¥162.55 and $1 is worth ¥113.

Japan does not allow gambling within its borders and it has been illegal there since 1907. There is a belief that casinos may soon be allowed in Japan but this hasn’t changed to date and as regular casinos being banned their online counterparts are too. This doesn’t stop players from enjoying online casinos in other jurisdictions and there are many casino sites which allow gambling accounts which are funded by Japanese yen although you will find most gameplay is conducted in dollars, Euro or pound sterling.

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