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Japanese Yen

The yen (Japanese: 円; symbol: ¥; code: JPY) is the official currency of Japan. It is the third-most traded currency in the foreign exchange market, after the United States dollar (USD) and the euro. It is also widely used as a third reserve currency after the USD and the euro. The New Currency Act of 1871 introduced Japan's modern currency system, with the yen defined as 1.5 g (0.048 troy ounces) of gold, or 24.26 g (0.780 troy ounces) of silver, and divided decimally into 100 sen or 1,000 rin. The yen replaced the previous Tokugawa coinage as well as the various hansatsu paper currencies issued by feudal han (fiefs). The Bank of Japan was founded in 1882 and given a monopoly on controlling the money supply. Following World War II, the yen lost much of its pre-war value as Japan faced a debt crisis and hyperinflation. Under the Bretton Woods system, the yen was pegged to the USD alongside other major currencies. After this system was abandoned in 1971 with the Nixon shock, the short-lived Smithsonian Agreement temporarily reinstated a fixed exchange rate. However, since the end of that system in February 1973, the yen has been a floating currency. The Ministry of Finance and the Bank of Japan have sometimes intervened in the currency market in recent years, to try to slow down exchange rate movements. There were intermittent interventions from 1998 to 2003 and from 2010 to 2011 to curb excessive and speculative appreciation of the yen, and again in 2022 and 2024 to slow down speculative selling of the currency. The first two interventions were coordinated with respective countries, and the IMF has repeatedly stated that Japan is "committed to a flexible exchange rate".

Indonesian Rupiah

The rupiah (symbol: Rp; currency code: IDR) is the official currency and sole legal tender in Indonesia. It is issued and managed by Bank Indonesia, while its banknotes and coins are produced by the state-owned Perum Peruri. The name derives from the Sanskrit rupya, meaning "wrought silver". One rupiah is legally divided into 100 sen, although regular currency is issued only in whole-rupiah denominations. The republican government introduced Oeang Republik Indonesia (ORI) in October 1946 during the Indonesian National Revolution, when Japanese and Dutch-issued currencies were still circulating. Regional rupiahs were later used in the Riau Islands and West Irian, before being replaced by the national currency in 1964 and 1971. The government redenominated the rupiah in 1965 at a rate of 1,000 old rupiah to one new rupiah, and Bank Indonesia became the sole issuer of banknotes and coins in 1968. Indonesia used multiple exchange rates, fixed rates and managed depreciation before allowing the rupiah to float during the 1997 Asian financial crisis. The currency fell to about Rp16,800 per US dollar in June 1998 and later recovered, but has remained subject to periods of sharp depreciation under the floating system. Proposals to remove three zeroes from its denominations have not been implemented, while Bank Indonesia is separately developing a proposed digital rupiah through Project Garuda.