The Currency of Tokyo
Like any other city in the world, Tokyo has its own currency. But what currency do they use? Understanding the currency system of a foreign country is crucial when traveling, especially with money matters. This article will provide you with information about the currency used in Tokyo, its history, denominations, and how to exchange currency as a visitor.
The Official Currency of Japan
The official currency of Japan is the yen (JPY). It is the third-most-traded currency in the foreign exchange market after the US dollar and the euro. The Bank of Japan is responsible for issuing and regulating the yen banknotes and coins. Typical banknotes come in denominations of 1,000, 2,000, 5,000, and 10,000 yen, while coins come in 1, 5, 10, 50, 100, and 500 yen.
The History of Japanese Currency
The history of Japanese currency dates back to the 8th century when commodity money was first used. It was in the form of grains of rice and was widely used up to the 14th century. In the 1600s, Japan switched to a monetary system similar to that of China, using copper coins. During the Tokugawa period in the 17th century, a more sophisticated monetary system was established, using gold, silver, and copper coins. The yen replaced the old currency in 1871, as Japan modernized its economy following the Meiji Restoration.
The Tokyo Currency: Yen
As the capital of Japan, Tokyo uses the same currency as the rest of the country. The yen, also written as ¥, is the only currency accepted in Tokyo. If you plan to visit Tokyo, make sure you bring enough yen with you or know how to exchange your currency conveniently once you arrive.
Yen Denominations and Coins
Yen banknotes come in 1,000, 2,000, 5,000, and 10,000 yen denominations. The 1,000 yen banknote is the most commonly used, while the 2,000 yen banknote is relatively rare. Yen coins come in 1, 5, 10, 50, 100, and 500 yen denominations. The 1 yen coin is made of aluminum, while the 5 yen coin is made of brass, and the 50 yen coin is made of silver. The most commonly used coin is the 100 yen coin, which is made of cupronickel.
Currency Exchange in Tokyo
To exchange your currency to yen, you can use banks, post offices, or currency exchange offices in Tokyo. Banks are typically open from 9:00 am to 3:00 pm on weekdays, while post offices are open until 5:00 pm. Currency exchange offices have more flexible hours, but they may charge higher exchange rates and fees. You can also exchange currency at the airport or your hotel, but these options may be more expensive.
Where to Find Exchange Services
You can find currency exchange services in Tokyo’s major tourist areas, such as Shinjuku, Shibuya, and Ginza. Many international airports, train stations, and shopping centers also have currency exchange booths. Look for signs that say "money exchange" or "currency exchange" to find these locations.
How to Exchange Currency in Tokyo
To exchange currency in Tokyo, bring your passport and the currency you wish to exchange. The exchange rate varies depending on the currency and the exchange service used. Some banks and post offices may require you to fill out an application form, while others may only need your passport. Make sure to compare exchange rates and fees before you exchange your currency.
ATMs and Credit Cards in Tokyo
ATMs are widely available in Tokyo, and many accept foreign debit and credit cards. However, some may charge additional fees, so check with your bank before you travel. Credit cards are also widely accepted in Tokyo, but it is still wise to carry some cash for smaller transactions.
Tips for Handling Tokyo Currency
When handling yen in Tokyo, remember to count your change carefully, as it is easy to confuse the different coin denominations. Also, try to carry small denominations of yen for convenience. Tipping is not customary in Japan, so do not leave a gratuity unless it is explicitly offered.
Conclusion: Understanding the Yen
Understanding the currency system of Tokyo is essential for any visitor. The yen, as the official currency of Japan, is widely used in the country, including Tokyo. Knowing how to exchange currency, the denominations of yen, and where to find exchange services are crucial for a stress-free trip.
Resources for Tokyo Currency Information
For more information about the yen and currency exchange in Tokyo, you can visit the Bank of Japan website or the Japan National Tourism Organization website. You can also ask your hotel or tourist information center for advice on currency exchange and handling yen.
