Knowing Japanese Currency: Japanese Yen Exchange Rate

by ebazaar 7 September 2009 No Comment

For your point of information, and in case you didn’t know, in Japan, everything is paid using their own currency that is Yen (¥). The current economic development, as at July 2009 saw that the Japanese yen extending gains against the US dollar in the currency market, which means yen is slightly much more expensive as compared to the dollar.

The average current conversion on the Japanese yen to US dollar as at September 2009 is about:-

1 US Dollar = 93.05700 Japanese Yen

click here to get the latest conversion rate. – (Currency converter for 164 currency)

Which means, if you buy 1 UD Dollar, it will cost you about 93 Japanese Yen. The selling price will obviously be much lower than that, around 92 Japanese yen. This show that the Japanese yen has rose in value over a period of time, because I still remember it being around ¥120-125 for every 1 US Dollar in the early 2001.

japanese-yenThe denominations for coins are ¥1, ¥5, ¥10, ¥50, ¥100 and ¥500; where as the denominations for notes are ¥1000, ¥2000, ¥5000 and ¥10,000. I was told that if you’re traveling in Japan, it is useful to bring along with you the coins since it’s accepted by all the vending machines (take note that there are various kind of vending machines…), telephone booth and luggage locker which you can find at terminals and stations.

Most things in Japan are paid in cash. There is not much of credit cards used by the Japanese but of course, you can pay using credit cards in department stores and larger shops which often accept them. It’s because it’s rather safe to be walking around with a considerable large sum of money in Japan. Japan is one of the country with low crime rate. Purchases will be accompanied separately from the item of purchase by a 5% sales tax (not much different in other countries as well…)

When it comes to money changing, and if it’s in US Dollar, Euro or Chinese Yuan, you can easily find money changer around big cities. Even most major hotels provide a money changing service counter. But it is more advisable to go for Post Office for it generally offer a better exchange rate than at airports or banks, and there is no comission charged. Another option is to use Debit Cards (MasterCard, Visa, Cirrus, AmEx etc) at most Post Office Cash machine, and they even speak english, so no worry. However, these convenient cash point closed down around 7pm on weekdays and half day on weekends. They sometime even charge extra for uses on weekends so maybe you should withdraw plenty on weekdays or bring along initially a lot of money instead!

post-office-in-japan

Post offices are usually with the sign in square as shown in picture above.

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