What is ‘JPY‘?
JPY refers to the Japanese Yen, the official currency of Japan. It is one of the major currencies in the global financial market and is widely traded on foreign exchange markets.
The JPY is symbolized by the ¥ sign and is subdivided into 100 sen or 1,000 rin. It is known for its stability and is often considered a safe-haven currency. The Bank of Japan is responsible for issuing and regulating the Japanese Yen.
Example of ‘JPY‘
An example of the JPY in forex would be a currency pair such as USD/JPY, which represents the exchange rate between the US Dollar (USD) and the Japanese Yen (JPY). In this currency pair, the USD is the base currency, and the JPY is the quote currency.
The exchange rate indicates how much JPY is needed to buy one USD. For example, if the exchange rate is 110.50, it means that 110.50 JPY is required to purchase one USD.