Japan Currency (Yen) Guide: Exchange Rate & Payment Methods

Japanese coins include images such as cherry blossoms, Mount Fuji, and various birds, as well as patterns that showcase Japan's unique aesthetic taste. Whether you are planning a Japan tour or are simply interested in the Japanese yen, here's a comprehensive guide that provides detailed information on denominations, exchange rates, payment methods, and more. Let's uncover these secrets!

The official currency of Japan is the Japanese Yen, abbreviated as JPY, with the symbol ¥. 1 yen equals 100 sen, but sen is rarely used in daily life except for stock market prices. Banknotes in Japan are available in denominations of 1000, 5000, and 10,000 yen, with 2000 being rare, whereas coins come in 1, 5, 10, 50, 100, and 500 yen denominations.

Is It 1000 Yen A Lot in Japan

1,000 Japanese yen is a relatively small amount, approximately equal to 6 dollars, 6 euros, or 5 pounds. However, it can still buy something sufficient to cover basic daily necessities, simple food, and transportation expenses in Japan.

For instance, you can enjoy a delicious simple meal, such as a bowl of traditional ramen noodles or fragrant fried rice, two bottles of beer, six bottles of coke, or 1 gallon of milk. If you like afternoon tea, consider a cup of coffee with a delicate snack. If you want to experience local transportation, 1,000 yen can buy a short-distance ordinary train ticket, such as the journey between Tokyo and Yokohama. You can also buy about 3 to 5 one-way bus tickets, or about 3 to 6 one-way subway tickets in Tokyo.

Japanese YenJapanese Yen

The following table shows the exchange rate between Japanese Yen (JPY) and a variety of major currencies, including US Dollar (USD), British Pound (GBP), Australian Dollar (AUD), Euro (EUR), Chinese Yuan (CNY), and Korean Won (KRW). The data provided in this table is for reference only. (Updated in July, 2024)

Foreign Currency ValueValue in Japanese Yen
1 US Dollar161 Yen
1 British Pound207 Yen
1 Australian Dollar109 Yen
1 Euro175 Yen
1 Chinese Yuan22.19 Yen
100 Korean Won11.65 Yen

Whether you should exchange yen in advance depends on your departure location, as exchange rates for yen vary between countries. On the one hand, if you come from the Americas, it's advisable to exchange yen upon arrival in Japan, taking advantage of the real-time exchange rates available. It's also wise to prepare a small amount of yen in advance as a backup to ensure a smooth trip in Japan.

On the other hand, if you're from Asia, Europe, or Australia, it's recommended to exchange Japanese yen locally before departure. This approach helps reduce uncertainties related to exchange rate fluctuations and potential additional charges. By exchanging yen beforehand, not only ensure convenient payment during your trip but also maximize the advantages of favorable exchange rates.

It's recommended to pay with yen during your Japan journey. Japan is a highly cash-based society, and most merchants and service providers accept payments in Japanese yen. Foreign currency payments may be accepted in a few popular tourist areas or some large shopping malls, but this is not common and may involve additional fees or exchange rate losses. Therefore, it's wise to pay in Japanese yen when traveling in Japan so that transactions can be easily completed in various situations.

Cash

Cash payment is still very common, although Japan is highly developed in technology and you can pay with digital payments in most places. Even in large cities, many merchants, markets, and traditional shops are happy to accept cash, especially when tasting local specialties, and visiting ancient temples and historical sites. Whether buying delicious snacks at the market or buying amulets at the temple, cash payment is a quick and convenient way.

Credit or Debit Cards

Using a card (such as Visa, Mastercard, and American Express) is a convenient way to record your spending and is relatively safe. It's easy to carry and offer flexibility for online shopping, restaurant spending, and larger purchases. This payment method is suitable for most scenarios like large stores, department stores, restaurants, and hotels. Additionally, some famous tourist attractions, museums, and theme parks usually accept credit cards to pay for tickets.

IC Cards

IC cards are commonly used in Japan as a convenient payment tool for paying transportation fees and small purchases. You can hold the card close to the card reader to complete the payment, without signing or entering a password, which is fast.

Not only pay on subways, buses, trams, and some taxi fees, but you can also buy snacks, drinks, and daily necessities at convenience stores (such as 7-Eleven, Lawson, etc.) and vending machines. In addition, some fast food restaurants, coffee shops, and chain restaurants accept IC cards for payment.

Digital Payments

Various digital wallets in Japan, such as Nanaco and Edy, are widely used in convenience stores, restaurants, departments, and subway stations. In addition, QR code payment is also becoming popular, through services such as Origami Pay and PayPay, which can complete payment conveniently and quickly. Mobile payment services such as Apple Pay and Google Pay bind credit cards or use pre-deposit to make payments.

ATMs

ATMs are widely distributed in major cities, towns, train stations, airports, and convenience stores (such as 7-Eleven, Lawson, FamilyMart, etc.) in Japan, and are very easy to find. Most ATMs offer multiple language options, and the operation is simple and easy to understand. The system will display the current exchange rate and possible handling fees (approx. 1-3%). After you confirm, you can complete the transaction and get Japanese yen cash.

Exchanging Currencies

It's very convenient to use an exchange currency service to exchange money into yen in Japan. These services can usually be found at large banks, foreign exchange counters, airports, major train stations, and some large shopping malls, especially in popular tourist cities and major transportation hubs. Exchange counters are usually clearly marked (such as "Foreign Exchange" or "Currency Exchange") to make them easy to identify and find, and they are usually open longer hours in places such as airports and train stations to accommodate the needs of travelers arriving at different times.

Traveler's Checks

Using traveler's checks to exchange foreign currency for yen is a relatively safe and convenient option in Japan, although its use has declined. You can find such services at currency exchange counters in major banks, international hotel chains, certain business districts, airports, major train stations, and large shopping malls.

Tipping

Tipping is not a common cultural practice in Japan, which may be seen as awkward or inappropriate. Japanese service industries usually include fees such as service charges and consumption tax in the price of the meal, so you pay the full amount when checking out. Common ways to express gratitude include treating the waiter with courtesy and respect, or expressing satisfaction and appreciation when returning. You can also consider non-material ways, such as praising in a review or giving a simple gift.

Handling Cash

Make sure you hand the cash to the recipient neatly, which is common to hand over cash with both hands, as this is seen as a sign of respect and politeness. If you receive change, also accept it with both hands and show your gratitude.

Consumption Tax

Currently, Japan's consumption tax rate is 10%, applying to the purchase of almost all goods and services, including clothing, electronic products, food, accommodation and transportation tickets. The price of the goods already includes the consumption tax, and there is no need to pay additional tax at checkout. Some food, medical, and educational services may enjoy tax exemption or tax reduction policies.

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