The Japanese yen (sign: ¥ code: JPY) is the official currency of Japan. It is the third most traded currency in the foreign exchange market after the United States dollar and the Euro.It is also widely used as a reserve currency after the U.S. dollar, the euro and the pound sterling. As is common when counting in East Asia, large quantities of yen are often counted in multiples of 10,000 in the same way as values in Western countries are often quoted in thousands.
The issuance of the yen banknotes began in 1872, two years after the currency was introduced. Throughout its history, the denominations have ranged from 10 yen to 10000 yen.
Before and during World War II, various bodies issued banknotes in yen, such as the Ministry of Finance and the Imperial Japanese National Bank. The Allied forces also issued some notes shortly after the war. Since then, the Bank of Japan has been the exclusive note issuing authority. The bank has issued five series after World War II. Series E, the current series, consists of ¥1000, 2000, ¥5000, and ¥10000. The ¥2000 bills are rare these days, and often not accepted as a means of payment, not even in dispensing machines.
On 9 April 2019, Finance Minister Taro Aso announced new designs for the ¥1000, ¥5000, and ¥10000 notes scheduled in 2024.