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Yen Is Accepted Here

For more information about money withdrawing in Japan, be sure to check out the Yucho Access website. With over 21,000 post offices nationwide, Yucho services are very convenient for money exchange.

Established in 1871, the yen is the official unit of currency for Japan. First issued as a bank note in 1885, it has been valued according to the silver standard, the gold standard, and the US dollar. However, in 1973, the yen moved to a floating exchange rate system and started to climb steadily in value against the dollar. From 1949 to 1971, the yen was valued at 360 yen to the dollar, but due to changes in the world economic picture, it has changed. For example, the average rate in 2003 was 115.93 yen per dollar, according to the 2004 CIA World Factbook.

Coins come in denominations of one yen, five yen, 10 yen, 50 yen, 100 yen, and 500 yen, while bills are issued as 1,000 yen, 2,000 yen (rare), 5,000 yen, and 10,000 yen. Money can be exchanged at foreign exchange banks and other authorized money dealers.

Please note that some Japanese ATMs do not accept foreign credit cards. You can use international ATMs found in post offices, which are very conveniently located throughout the country. Some department stores and airports also have ATMS that will accept foreign credit cards.

Visitors will be happy to know that major credit cards, such as VISA and MasterCard are accepted within most major cities, but it is recommended that you bring cash with you when you travel into the rural countryside, as it is more convenient. Travelers checks are also accepted in various places throughout Japan.

There is a 5 percent consumption tax levied on most products in Japan and tipping is not expected in most bars or restaurants.

Vending machines usually accept coins in 10 yen, 50 yen, 100 yen, and 500 yen and as 1,000 yen bills. Some newer vending machines will accept higher denominations. 

Similar to the US currency, the yen contains images of famous things in Japan's history. In 2002, the bank notes were redesigned to help prevent monetary counterfeiting.  However, with the new notes, famous people are appearing on them. For example, the 1,000 yen note features Natsume Soseki, a writer in the 1800s, while the 5,000 yen note features Nitobe Inazo, a famous educator during the Meiji period. Recently issued, the new 2,000 yen note features an image of Shureimon, the gate of Shuri Castle in Okinawa. This particular yen was issued to commemorate the G8 Summit in Japan in July 2000.