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
Dr. Urjit Patel, who has been appointed recently as Governor of Reserve Bank of India, was holding which position immediately prior to this appointment?
As per the RBI guidelines, which one of the following is the minimum tenure of Masala Bonds that an Indian company can issue offshore?
______ is a tax system that collects a greater share of income from those with high incomes than from those with lower incomes.
In which year had India's ratio of public debt to GDP gone up to a record 84.2%?
______ is an economic scenario where a peculiar combination of low growth and rising inflation leads to high unemployment.
