Yen is the official currency of which country?
Japan
Yen Currency: Identifying Japan's Official Tender
The question asks to identify the country where the Yen is the official currency.
The Yen (symbol: ¥) is the official currency of Japan. It is the third most traded currency in the foreign exchange market, following the United States dollar and the Euro. The Yen is often referred to by its symbol '¥' or the ISO currency code 'JPY'.
Understanding Other Currencies in the Options
To clarify why Japan is the correct answer, let's look at the currencies of the other countries listed:
- South Korea: The official currency is the Won (₩ or KRW).
- Philippines: The official currency is the Peso (₱ or PHP).
- China: The official currency is the Renminbi (¥ or CNY), often referred to as the Yuan. While China uses the same symbol '¥' as Japan, the currencies are distinct (CNY vs JPY).
Therefore, based on the commonly recognized official currencies, the Yen (JPY) is exclusively the currency of Japan among the choices provided.
Important Questions from Money and Banking
Which one of the following is likely to be the most inflationary in its effects?
Which one of the following effects of creation of black money in India has been the main cause of worry to the Government of India?
Consider the following statements :
The effect of devaluation of a currency is that it necessarily
1. improves the competitiveness of the domestic exports in the foreign markets
2. increase the foreign value of domestic currency
3. improves the trade balance
Which of the above statements is/are correct?
Indian Government Bond Yields are influenced by which of the following?
1. Actions of the United States Federal Reserve
2. Actions of the Reserve Bank of India
3. Inflation and short-term interest rates
Select the correct answer using the code given below.
With reference to “Urban Cooperative Banks" in India, consider the following statements :
1. They are supervised and regulated by local boards set up by the State Governments.
2. They can issue equity shares and preference shares.
3. They were brought under the purview of the Banking Regulation Act, 1949 through an Amendment in 1966
Which of the statements given above is/are correct?
