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History of the Japanese Yen

The Japanese yen, also denoted by JPY, is the official currency of Japan and was established by the New Currency Act of 1871 when Japan moved to the Gold Standard. It was at that time that the Meiji government introduced the currency to replace the complex and often confusing system that was implemented during the Edo Period, during which a variety of coins existed but a fixed exchange rate did not. The yen stayed pegged at 1 US dollar to 360 JPY in April 1949 until the Bretton Woods system collapsed in 1971. At that point the Japanese government decided to change to a system of floating exchange rates rather than one that referenced other currencies as a way to determine value. The change came about with some resistance, but it proved beneficial to the Japanese economy and remains in place today.

Historical British Pound Sterling to Japanese Yen Conversion Rates

The conversion rate from the British pound sterling to Japanese yen remained remarkably steady at around .00099 GBP to JPY until 1967. The rate then experienced a slight increase in value, but nothing too significant. However, this trend of inline continued for the most part over the next 35+ years, which ended up being was very dramatic with the conversion rate increasing all the way up to .005 GBP to JPY over the course of almost four decades. Rates hit a steady rate around that value in 1993 and have remained there ever since. The pattern seemed to be that the currency rate would increase by .001 GBP to JPY every decade, leading it to the rate that it now rests at. An expanding economy and overall growth of the nation are likely the leading causes for this increase.

Convert GBP to JPY - Recent Currency Exchange Rates

WOver the last ten years, the Japanese yen reached an all-time high of .006 GBP to JPY in 2000 after almost 40 years of steady incline. However, since that point the currency exchange rate has begun to decrease slowly but steadily. In 2007, the conversion rate reached .0042 GBP to JPY, which was its worst value since 1991. Most economists estimate that the yen is actually 15% undervalued against the US dollar and by as much as 40% against the euro, which is likely due to the fact that the Bank of Japan's policy discourages yen investments. Like other currencies, the value of the Japanese yen has declined as of late 2008 due to the global economic crisis, but is expected to make a comeback when situations improve.

Today's Japanese Yen exchange rates

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Currently we are only accepting payments in Pounds Sterling from UK residents.