The Japanese yen is the official currency of Japan, symbolized by ¥. It was introduced in 1871 and is one of the most traded currencies in the world. The yen is subdivided into 100 smaller units called sen, although sen coins are no longer in circulation. The Bank of Japan is responsible for issuing and managing the yen. The currency plays a significant role in the global economy, often serving as a safe-haven asset during times of financial uncertainty. The exchange rate of the yen can fluctuate based on various economic factors, including interest rates and trade balances.