A number of people who live in the European Union (EU) and Japan send money in both directions regularly. In 2016, around U.S. $82 million was sent from Germany to Japan as remittances. In the same year, around U.S. $117 was sent from Japan to France as remittances. Bilateral trade of goods between the EU and Japan accounted for close to €130 billion in 2016.
In January 2018, the EUR/JPY currency pair was the eighth most liquid currency pair in the world, accounting for around 5.56% of the total market share.
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While the name “euro” as the European Union’s currency was finalized in December 1995, its introduction as the region’s official currency took place on 1 January, 1999. It was not until January 2002 that circulation of euro-denominated banknotes and coins began.
As of September 2018, 19 of the 28 EU member states had adopted the euro as their official currency. They include:
Some overseas territories of European Union member states use the euro as legal tender, as do Kosovo and Montenegro. Cuba has used the euro as a trading currency since 1998, and Syria followed suit in 2006.
The global forex market turnover share of the euro in April 2016 stood at more than 31%. It is currently the world’s second most commonly traded currency and it is also on the second spot of global reserve currencies.
|Nicknames||Quid, aereo, pavo, ege|
|Bank notes||EUR 5, EUR 10, EUR 20, EUR 50, |
EUR 100, EUR 200, EUR 500
|Coins||1c, 2c, 5c, 10c, 20c, 50c, EUR 1, EUR 2|
Japan adopted the yen as its official currency in 1871. Its use is also found in Zimbabwe, alongside currencies such as the euro, the pound sterling, the U.S. dollar, the Australian dollar, the South African rand, the Indian rupee, the Chinese renminbi, and the Botswana pula.
The Japanese yen is Asia’s most liquid and most heavily traded currency. In April 2016, it accounted for over 21.5% of the global forex market turnover, making it the world’s third most commonly traded currency. It is also the third most favored reserve currency globally.
In 1971, after the U.S. dollar’s devaluation, Japan moved to a fixed exchange rate of U.S. $1 = ¥308. This did not stay in place for long because pressure surrounding the forex market’s supply and demand resulted in a number of countries, Japan included, moving away from the fixed rate regimen to the free-floating system.
|Sub unit||1/100 - sen|
1/1000 - rin
|Bank notes||JPY 1000, JPY 2000, JPY 5000, JPY 10,000|
|Coins||JPY 1, JPY 5, JPY 10, JPY 50, JPY 100, JPY 500|
Euro / Japanese Yen Historical Rates
The EUR/JPY currency pair has experienced considerable volatility since the introduction of the euro in 1999. In January 1999, the yen was trading at around ¥132 against the euro. By October 2000, it was trading at around ¥92.5 against the euro. Over the next few years, the euro continued to consistently gain value against the yen. By July 2008, the yen was trading at around ¥168 against the euro.
While the global financial crisis of 2008 did not augur well for the euro, the yen remained largely unaffected. By February 2009, the value of the yen dropped to around ¥123 against the euro. The predominately steady upward trend for the yen was to continue for some time. By August 2012, it was trading at around ¥98 against the euro.
The “Abenomics” plan introduced by Japan’s Prime Minister Shinzo Abe in 2012, with the aim of bolstering the country’s economy, did little good for the value of the yen against the euro. Since then, the value of the yen has largely hovered between ¥110 and ¥145 against the euro.
EUR/JPY in the last five years
|EUR 1 =|
|1 July, 2013||JPY 130.19|
|1 July, 2014||JPY 137.63|
|1 July, 2015||JPY 136.19|
|1 July, 2016||JPY 114.06|
|1 July, 2017||JPY 130.56|
EUR/JPY in the last five months
|EUR 1 =|
|1 April, 2018||JPY 132.06|
|1 May, 2018||JPY 127.23|
|1 June, 2018||JPY 129.33|
|1 July, 2018||JPY 130.80|
|1 August, 2018||JPY 128.87|
What Affects EUR/JPY Rates?
Significant political decisions can have a bearing on how the EUR/JPY currency pair performs, as was seen because of the 2012 Abenomics plan. Japan’s role in international trade and exports also tends to affect EUR/JPY rates.
How major EU indices and Japan’s Nikkei 225 stock market performs may have a bearing on the EUR/JPY currency pair. Some of the other factors that may affect this currency pair include the trade relationship between the EU and Japan, energy prices, natural disasters, government intervention, gross domestic product (GDP), as well as inflation levels.
If you plan to send money from anywhere in the European Union to Japan or in the opposite direction, pay close attention to the EUR/JPY exchange rate offered by different service providers. Bear in mind that the fees you need to pay also require your attention when you compare your options.