The Kawasaki C-2 (previously XC-2 and C-X ) is a mid-size, twin- turbofan engine , long range, high speed military transport aircraft developed and manufactured by Kawasaki Aerospace Company . In June 2016, the C-2 formally entered service with the Japan Air Self-Defense Force (JASDF). There are ongoing efforts to sell it overseas to countries such as New Zealand and the United Arab Emirates .
75-604: The aircraft is to supplant and replace the older Kawasaki C-1 turbofan transport that has been in service since the 1970s. After researching foreign aircraft such as the C-130J Super Hercules , C-17 Globemaster III , and Airbus A400M , the Japanese Ministry of Defense concluded that there were no aircraft in production that possessed the capabilities that the JASDF required. In response to this need,
150-483: A 2,300 m Take-off Field Length at a 141 tonnes (310,851 lb 155.42 short ton) take-off weight, ability to fly international airroutes (Requirement: Mach 0.8+; JDA ruled out C-17 as a candidate by its lower cruising speed. Conventional cargo aircraft cannot cruise at optimum altitude on commercial airroutes because of their lower cruising speed and are often assigned to lower altitude by ATC .), in-flight aerial refuelling and forward looking infrared systems. The C-2
225-805: A C-2 appeared at the Australian International Airshow and was pitched to the Royal New Zealand Air Force for its Future Air Mobility Capability (FAMC) program, which is slated to replace New Zealand's fleet of C-130H aircraft. In June 2019 the Royal New Zealand Air Force selected the C-130J-30 Super Hercules to replace its C-130H fleet. On November 18, 2021, the C-2 was promoted at the Dubai Airshow to interested countries, including
300-549: A competitive export market, and tried to ensure a low exchange rate for the yen through a trade surplus . The Plaza Accord of 1985 temporarily changed this situation; the exchange rate fell from its average of ¥239 per dollar in 1985 to ¥128 in 1988 and led to a peak rate of ¥80 against the US$ in 1995, effectively increasing the value of Japan's GDP in dollar terms to almost that of the United States. Since that time, however,
375-429: A post-war recession. Coins worth 1 and 5 rin were eventually officially taken out of circulation at the end of 1953 and demonetized. Color The issuance of yen banknotes began in 1872, two years after the currency was introduced. Denominations have ranged from 1 yen to 10,000 yen; since 1984, the lowest-valued banknote is the 1,000 yen note. Before and during World War II , various bodies issued banknotes in yen, such as
450-465: A rise in the value of the yen would hurt export growth by making Japanese products less competitive and would damage the industrial base. The government, therefore, continued to intervene heavily in foreign-exchange marketing (buying or selling dollars), even after the 1973 decision to allow the yen to float. Despite intervention, market pressures caused the yen to continue climbing in value, peaking temporarily at an average of ¥271 per US$ in 1973, before
525-485: A smaller 50 yen. In 1982, the first cupronickel 500 yen coin was introduced. Alongside the 5 Swiss franc coin , the 500 yen coin is one of the highest-valued coin to be used regularly in the world, with a value of US$ 4.42 as of December 2016 . Because of its high face value , the 500 yen coin has been a favorite target for counterfeiters, resulting in the issuance in 2000 of the second nickel-brass 500 yen coin with added security features. Continued counterfeiting of
600-498: A variety of factors. Firstly, Japan's prolonged low-interest-rate policy (to tackle domestic deflation ) has created a yield differential with other countries—notably the US—that have high interest rates (to tackle domestic inflation ), prompting investors to seek higher returns in foreign currencies. This interest rate differential directly affects the price of the Yen and serves as one of
675-417: A yen called "rin" were first introduced in 1873. One rin coins were very small, measuring 15.75 mm in diameter and 0.3 mm in thickness, and co-circulated with mon coins of the old currency system. Their small size was eventually their undoing, and the rin was abandoned in 1884 due to unpopularity. Five rin coins worth one-two hundredth of a yen also used a bronze alloy. These were successor coins to
750-501: Is installed to reduce the challenges involved in flying at low altitudes or close to mountainous terrain. The C-2 is equipped with a full glass cockpit , fly-by-wire flight controls, a high-precision navigation system, and self protection systems. On 26 January 2010, the maiden flight of the XC-2 took place from Gifu Air Field , Chūbu region , Japan; this first flight was reportedly carried out without any problems occurring. Prior to
825-783: Is low compared to other programs; for example, the development contract for the Boeing P-8 Poseidon was $ 3.89 billion in 2004. Several powerplants were considered for the C-X, including the Rolls-Royce Trent 800 , the General Electric CF6-80C2L1F and the Pratt & Whitney PW4000 . In May 2003, Ishikawajima-Harima Heavy Industries (IHI) announced its support of General Electric's CF6-80C2L1F engine, having formed an arrangement to locally manufacture
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#1732791441417900-573: Is powered by a pair of General Electric CF6-80C2K turbofan engines. While sharing fuselage components with the Kawasaki P-1, the fuselage of the C-2's is substantially larger to accommodate a vast internal cargo deck, which is furnished with an automated loading/unloading system to reduce workloads on personnel and ground equipment. The forward fuselage and horizontal stabilizer is made of an internally-designed composite material , KMS6115. A tactical flight management system and head-up display
975-462: Is so large that it is expected to double the money supply, but this move has sparked concerns that the authorities in Japan are deliberately devaluing the yen to boost exports. However, the commercial sector in Japan worried that the devaluation would trigger an increase in import prices, especially for energy and raw materials. Since 2022, the yen has depreciated significantly against its peers, due to
1050-640: The 1964 games . The largest issuance by denomination and total face value were 10 million gold coins of ¥100,000 denomination for the 60th anniversary of reign of the Shōwa Emperor in 1986, totalling ¥1 trillion and utilizing 200,000 kg fine gold. ¥500 commemorative coins have been regularly issued since 1985. In 2008 commemorative ¥500 and ¥1,000 coins were issued featuring Japan's 47 prefectures. Even though all commemorative coins can be spent like ordinary (non-commemorative) coins, they do not normally circulate, and ¥100,000 coins are treated with caution due to
1125-809: The Airbus A400M Atlas and the Ilyushin Il-76 , and thus has few competitors on the world market. In response to plans by the Japanese government to lower historic defense export restrictions , Kawasaki began actively promoting the C-2 to foreign customers in 2015. The C-2 appeared at the Dubai Airshow in November 2017. In July 2018 a C-2 appeared at the Royal International Air Tattoo . In February 2019,
1200-533: The Japanese asset price bubble and continued to do so afterwards, reaching a low of ¥134 to US$ in February 2002. The Bank of Japan's policy of zero interest rates has discouraged yen investments, with the carry trade of investors borrowing yen and investing in better-paying currencies (thus further pushing down the yen) estimated to be as large as $ 1 trillion . In February 2007, The Economist estimated that
1275-577: The Meiji period and later are printed on Japanese banknotes. The reason for this is that from the viewpoint of preventing forgery, it is desirable to use a precise photograph as an original rather than a painting for a portrait. Series E banknotes were introduced in 2004 in ¥1000, ¥5000, and ¥10,000 denominations. Series F banknotes were introduced on 3 July 2024. They were announced on 9 April 2019 by Finance Minister Tarō Asō . The ¥1000 bill features Kitasato Shibasaburō and The Great Wave off Kanagawa ,
1350-774: The Ministry of Finance and the Imperial Japanese National Bank. The Allied forces also issued some notes shortly after the war. Since then, the Bank of Japan has been the exclusive note issuing authority. The bank has issued five series after World War II. Japan is generally considered a cash-based society, with 38% of payments in Japan made by cash in 2014. Possible explanations are that cash payments protect one's privacy, merchants do not have to wait for payment, and it does not carry any negative connotation like credit. At present, portraits of people from
1425-547: The [je] pronunciation. Walter Henry Medhurst , who had neither been to Japan nor met any Japanese people, having consulted mainly a Japanese-Dutch dictionary, spelled some "e"s as "ye" in his An English and Japanese, and Japanese and English Vocabulary (1830). In the early Meiji era, James Curtis Hepburn , following Medhurst, spelled all "e"s as "ye" in his A Japanese and English dictionary (1867); in Japanese, e and i are slightly palatalized, somewhat as in Russian. That
1500-532: The foreign exchange market , after the United States dollar and the euro . It is also widely used as a third reserve currency after the US dollar 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
1575-518: The pattern stage . The first gold yen coins consisted of 2, 5, and 20 yen coins which were struck throughout 1870. Five yen coins were first struck in gold for the Japanese government in 1870 at the San Francisco Mint . During this time a new mint was being established at Osaka , which did not receive the gold bullion needed for coinage until the following year. Gold bullion was delivered from private Japanese citizens, foreigners, and
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#17327914414171650-636: The "yen" as Japan's modern unit of currency on June 27, 1871. This Act formally stipulated the adoption of the decimal accounting system of yen (1, 圓 ), sen ( 1 ⁄ 100 , 錢 ), and rin ( 1 ⁄ 1000 , 厘 ). The new currency was gradually introduced beginning from July of that year. Japanese yen denominated paper currency was also conceived with the coins in 1870 as Meiji Tsuho notes by Italian engraver Edoardo Chiossone . These were released as fiat currency in denominations of 1, 2, 5, 10, 50, and 100 yen along with subsidiary notes of 10, 20, and 50 sen in 1872. Almost concurrently,
1725-431: The 1990s to redenominate the yen by introducing a new unit or new yen, equal to 100 yen, and nearly worth one U.S. dollar. This has not happened to date, since the yen remains trusted globally despite its low unit value, and due to the huge costs of reissuing new currency and updating currency-reading hardware. The negative impact of postponing upgrades to various computer software until redenomination occurs, in particular,
1800-488: The C-2's production cost, which is a concern both the Ministry of Defense and potential export customers have mentioned to them in the past. The Kawasaki C-2 is a long range twin-engine transport aircraft. In comparison with the older C-1 that it replaces, the C-2 can carry payloads up to four times heavier, such as MIM-104 Patriot surface-to-air missile batteries and Mitsubishi H-60 helicopters, and possesses six times
1875-517: The Chinese had traded silver in mass called sycees , and when Spanish and Mexican silver coins arrived from the Philippines , the Chinese called them "silver rounds" ( Chinese : 銀圓 ; pinyin : yínyuán ) for their circular shapes. The coins and the name also appeared in Japan. While the Chinese eventually replaced 圆 ; 圓 with 元 , the Japanese continued to use the same word, which
1950-657: The Japanese MOD commenced the production of plans to develop an indigenously designed and manufactured transport aircraft. In 1995, Kawasaki appealed to the Japanese Defense Agency (JDA) to issue funding for the development of a domestically built C-X transport aircraft. In 2000, the JDA began forming its requirement for the replacement military airlifter; early determinations for the proposed project included that it would be powered by turbofan engines, possess
2025-525: The Japanese Ministry of Defense announced that development of the C-2 was completed. Kawasaki has also studied the development of a civil-orientated version of the C-2 with ambitions to sell the type to commercial operators. In this variant, tentatively designated as the YC-X, little modification is envisioned from the C-2, making use of transferable technologies from the military airlifter, although
2100-409: The Japanese government. Initially the government opted for silver, which would become the standard unit of value leaving gold coinage as a subsidiary. While gold coinage couldn't be produced domestically in 1870, the mint at Osaka could produce silver coins which included denominations of 5, 10, 20, and 50 sen. None of these coins dated "1870" circulated until the Meiji government officially adopted
2175-421: The Ministry of Finance, seeking to introduce a modern monetary system into Japan. Ōkuma eventually proposed that coins, which were previously square, be made into circles, and that the names of the traditional currencies, ryō (両), bu (分) and shu (朱), be unified into yen (円), which was accepted by the government. Other rejected proposals included physical weight units of "Fun" and "Momme" which never made it past
2250-528: The P-1). During structural testing, deformation of the XP-1 / XC-2 horizontal stabiliser was found, as well as cracking in the XC-2 undercarriage trunnion structure and parts of the fuselage; the cracking problem was reportedly difficult to address. The C-X program was embroiled in further controversy when allegations that bribery had been involved in the purchase of five General Electric CF6-80C2 engines, used to power
2325-539: The RC-2 electronic intelligence (ELINT) aircraft into service at Iruma Air Base , some of which will replace the NAMC YS-11 EB and possibly -EA for electronic warfare tasks. Kawasaki has been reportedly keen to seek sales of the C-2 to overseas customers in addition to the domestic market. In the strategic airlift role, the C-2 is one of only a few aircraft in production that can perform its role; others include
Kawasaki C-2 - Misplaced Pages Continue
2400-473: The UAE. The C-2 fleet has no recorded hull losses or associated fatalities as of May 2024. Data from Flight International Acquisition, Technology & Logistics Agency : C-2 Cargo Aircraft General characteristics Performance Related development Aircraft of comparable role, configuration, and era Related lists Kawasaki C-1 Too Many Requests If you report this error to
2475-582: The United States' actions in 1971. Following the United States' measures to devalue the dollar in the summer of 1971, the Japanese government agreed to a new, fixed exchange rate as part of the Smithsonian Agreement , signed at the end of the year. This agreement set the exchange rate at ¥308 per US$ . However, the new fixed rates of the Smithsonian Agreement were difficult to maintain in the face of supply and demand pressures in
2550-532: The United States, the National Security Council of Japan dispatched one C-2 carrier from Iruma Air Base to assist with the 2021 Afghanistan airlift , following the Fall of Kabul . The RC-2s had been in development since 2015. On 6 February 2018, 2nd prototype "18-1202" was converted to "RC-2" as an electronic intelligence platform at Gifu Air Field . In October 2020, the JASDF introduced
2625-493: The Wikimedia System Administrators, please include the details below. Request from 172.68.168.226 via cp1108 cp1108, Varnish XID 259720939 Upstream caches: cp1108 int Error: 429, Too Many Requests at Thu, 28 Nov 2024 10:57:21 GMT Japanese yen The yen ( Japanese : 円 , symbol : ¥ ; code : JPY ) is the official currency of Japan . It is the third-most traded currency in
2700-492: The aerospace division of Kawasaki Heavy Industries , had been selected by the JDA as the prime contractor to develop the C-X. Kawasaki developed the C-X in parallel with the P-X , which it had also been selected to develop. As a cost saving measure, major airframe parts and system components were shared between the two aircraft. They use the same basic wing structure, although it is installed at different sweep angle and dihedral on
2775-575: The aircraft, were made by prosecutors. In 2008, according to the Chunichi Shimbun , the C-2 was set to cost about ¥ 10 billion (equivalent to ¥ 10.29 billion or US$ 94.43 million in 2019). Postponement of the F-X program and the need to increase funding of the F-15J fleet modernisation program have necessitated the implementation of a one-year delay in the C-X program. In 2014, the aircraft
2850-582: The currency. The sharp fall in the value of the currency has led some companies, including Modec , to stop presenting their financial statements in Japanese yen. However, this weakness has had some benefits for Japan's tourism industry, as the low exchange rate makes its purchasing power attractive for travellers, particularly those from foreign nations. The name, "Yen", derives from the Japanese word 圓 ( en , [eɴ] ; "round") , which borrows its phonetic reading from Chinese yuan , similar to North Korean won and South Korean won . Originally,
2925-597: The discovery of counterfeits. The 1 yen coin is made out of 100% aluminum and can float on water if placed correctly. Subsidiary coins of "sen" (one hundredth of a yen) were initially introduced in 1870 with a silver alloy in denominations of 5, 10, 20 and 50 sen. Copper sen coins in denominations of half, 1, and 2 came three years later, as Japan acquired the technology needed to mint them. The removal of silver from sen coinage began in 1889, when Cupronickel 5 sen coins were introduced. By 1920, this included cupro-nickel 10 sen and reduced-size silver 50 sen coins. Production of
3000-441: The dollar. In light of the dollar's reduction in value from ¥360 to ¥308 just before the reversion, an unannounced "currency confirmation" took place on October 9, 1971, wherein residents disclosed their dollar holdings in cash and bank accounts; dollars held that day amounting to US$ 60 million were entitled for conversion in 1972 at a higher rate of ¥360. In the 1970s, Japanese government and business people were very concerned that
3075-510: The drivers behind its depreciation. Widely held expectations of yen depreciation can become self-fulfilling prophecies, affecting the currency's exchange rate. To counter this, the BOJ conducted currency interventions of more than JPY 9 trillion selling the dollar and buying the yen in the September–October 2022 and April–May 2024 periods respectively. Numerous proposals have been made since
Kawasaki C-2 - Misplaced Pages Continue
3150-469: The equally valued half sen coin which had been previously minted until 1888. The decision to bring back an equally valued coin was in response to rising inflation caused by World War I which led to an overall shortage of subsidiary coins. The mintage period for five rin coins was brief as they were discontinued after only four years of production due to their sharp decline in monetary value. The overall demand for subsidiary coinage ended as Japan slipped into
3225-467: The establishment of a centralized banking system. The Bank of Japan hence commenced operations on October 10, 1882, with the authority to print banknotes that could be exchanged for the old Government and National Bank Notes. By May 1883, another act provided the redemption and retirement of national bank notes. The National Bank Act was amended again in March 1896, providing for the dissolution of
3300-520: The first flight, the aircraft was re-designated as the C-2 . On 30 March 2010, the first aircraft was delivered to the Japanese Ministry of Defence. On 24 February 2016, 1st prototype "08-1201" was redelivered from reinforced body exchange programme, and 2nd prototype "18-1202" is undergoing the programme from May. In March 2016, the JASDF announced that the C-2 airlifter had formally entered operational service. On 30 June 2016, 1st production model "68-1203"
3375-519: The foreign-exchange market. In early 1973, the rates were abandoned, and the major nations of the world allowed their currencies to float . After World War II the United States-administered Okinawa issued a higher-valued currency called the B yen from 1946 to 1958, which was then replaced by the U.S. dollar at the rate of $ 1 = 120 B yen. Upon the reversion of Okinawa to Japan in 1972 the Japanese yen then replaced
3450-618: The former entity. During this unstable period, the confusion caused by this form of exchange caused economic turmoil. The gold (counting money) system of eastern Japan and the silver (weighing money) system of the western Japan were not unified, and the difference in the gold-silver ratio caused a large amount of gold to flow overseas at the end of the Tokugawa shogunate. Emperor Meiji responded to this by appointing Ōkuma Shigenobu as head of Japan's monetary reform program. He worked with Inoue Kaoru , Itō Hirobumi , and Shibusawa Eiichi to run
3525-481: The government established a series of national banks modeled after the system in the United States which issued national bank notes. Massive inflation from the Satsuma Rebellion in 1877 caused a glut of non-redeemable fiat currency notes. The issuance of national fiat banknotes was ultimately suspended in 1880 by then prime minister Matsukata Masayoshi . New policies were put into place which included
3600-424: The impact of the 1973 oil crisis was felt (this was retroactively called endaka , although the term was only coined in 1985). The increased costs of imported oil caused the yen to depreciate to a range of ¥290 per US$ to ¥300 per US$ between 1974 and 1976. The re-emergence of trade surpluses drove the yen back up to ¥211 in 1978. This currency strengthening was again reversed by the second oil shock in 1979 , with
3675-619: The intended payload is likely to be increased from the C-2's 26-ton maximum to 37 tons. In 2007, it was stated that the development of a civilian derivative of the C-2 has been given a lower priority than the completion of the military airlifter. In late 2012, Kawasaki was in the process of consulting potential customers on the topic of the YC-X for transporting outsize cargo ; based upon customer feedback, Kawasaki forecast an estimated demand for up to 100 freighters capable of handling bulky cargoes between 2020 and 2030. On March 20, 2023, Kawasaki representatives said that they are looking into lowering
3750-518: The latter ceased in 1938, after which a variety of base metals were used to produce 1, 5 and 10 sen coins during the Second World War . While clay 5 and 10 sen coins were produced in 1945, they were not issued for circulation. As with the Rin, coins in denominations of less than 1 yen became invalid at the end of 1953 and were demonetized due to inflation. Bronze coins worth one-one thousandth of
3825-485: The latter resulted in the issuance in 2021 of the third bi-metallic 500 yen coin with more improvements in security features. Due to the great differences in style, size, weight and the pattern present on the edge of the coin they are easy for people with visual impairments to tell apart from one another. Commemorative coins have been minted on various occasions in base metal, silver and gold. The first of these were silver ¥100 and ¥1,000 Summer Olympic coins issued for
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#17327914414173900-519: The national banks on the expiration of their charters. This amendment also prohibited national bank notes from circulating after December 31, 1899. In that year, Japan adopted a gold exchange standard , defining the yen as 0.75 g fine gold or US$ 0.4985. This exchange rate remained in place until Japan left the gold standard in December 1931, after which the yen fell to $ 0.30 by July 1932 and to $ 0.20 by 1933. It remained steady at around $ 0.30 until
3975-498: The powerplant. That same year, the CF6-80C2L1F was selected to power the type. In August 2003, it was announced that the C-X project had passed a preliminary JDA design review, allowing for prototype manufacturing to proceed. During the construction of the first prototype, there was a problem discovered with some American-made rivets which delayed the roll-out to 4 July 2007 along with its cousin aircraft P-X (since designated as
4050-491: 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. To stabilize the Japanese economy , the exchange rate of the yen was fixed at ¥360 per US$ as part of the Bretton Woods system . When that system
4125-509: The range to reach Hawaii from Japan, and carry double the payload of the C-130. In May 2001, the MOD formally issued a request for proposals in regards to the new transport aircraft, referred to as the C-X program; at the time, the MOD planned to procure 40 aircraft to replace its aging Kawasaki C-1 and C-130 Hercules fleets. In December 2001, it was announced that Kawasaki Aerospace Company ,
4200-408: The range. The C-2 is being developed to meet the following requirements of the Ministry of Defense: a minimum payload of 26 tonnes, 120 metric ton (264,552 lb 132.275 short ton ) take-off weight, ability to takeoff/land on short runways, (Requirement: 500m, almost same as C-1, e.g. Tachikawa —900 m, Kamigoto —800 m, Hateruma —800 m), a maximum payload of 37,600 kg whilst taking off from
4275-475: The start of the Pacific War on December 7, 1941, at which time it fell to $ 0.23. The sen and the rin were eventually taken out of circulation at the end of 1953. No true exchange rate existed for the yen between December 7, 1941, and April 25, 1949; wartime inflation reduced the yen to a fraction of its prewar value. After a period of instability, on April 25, 1949, the U.S. occupation government fixed
4350-490: The two versions, with different high lift devices and powerplant attachments. Common components include the cockpit windows, outer wings, horizontal stabilizer, and other systems. Internal shared parts include the auxiliary power unit , cockpit panel, flight control system computer, anti-collision lights, and gear control unit. As of 2007, the total development cost for the two aircraft has been ¥ 345 billion (equivalent to ¥ 360.07 billion or US$ 3.3 billion in 2019), which
4425-473: The value of the yen at ¥360 per USD through a United States plan, which was part of the Bretton Woods system , to stabilize prices in the Japanese economy . That exchange rate was maintained until 1971, when the United States abandoned the gold standard, ending a key element of the Bretton Woods system, and setting in motion changes that eventually led to floating exchange rates in 1973. By 1971,
4500-406: The value of the yen. From its average of ¥239 per US$ in 1985, the yen rose to a peak of ¥128 in 1988, virtually doubling its value relative to the dollar. After declining somewhat in 1989 and 1990, it reached a new high of ¥123 to US$ in December 1992. In April 1995, the yen hit a peak of under 80 yen/US$ , temporarily making Japan's economy nearly the size of that of the US. The yen declined during
4575-416: The war, brass 50 sen, 1 and 5 yen were introduced between 1946 and 1948. The current-type holed brass 5 yen was introduced in 1949, the bronze 10 yen in 1951, and the aluminum 1 yen in 1955. In 1955 the first unholed, nickel 50 yen was introduced. In 1957, silver 100 yen pieces were introduced, followed by the holed 50 yen coin in 1959. These were replaced in 1967 by the current cupro-nickel 100 yen along with
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#17327914414174650-494: The world price of the yen has greatly decreased, falling to an average of almost ¥158 per dollar and ¥171 per euro in July 2024. The Bank of Japan maintains a policy of zero to near-zero interest rates and the Japanese government has previously had a strict anti-inflation policy. From late 2020 to first half 2024, the yen depreciated against the dollar by about 60%, giving rise to serious concern in Japan about long-term prospects for
4725-501: The year of mintage, which is not shown in Gregorian calendar years, but instead in the regnal year of the current emperor's reign , with the first year of an era called gannen ( 元年 ) . Imperial portraits have never appeared on Japanese coins, as the image of the emperor remains sacred. In 1897, the silver 1 yen coin was demonetized and the sizes of the gold coins were reduced by 50%, with 5, 10 and 20 yen coins issued. After
4800-412: The yen dropping to ¥227 per US$ by 1980. During the first half of the 1980s, the yen failed to rise in value, though current account surpluses returned and grew quickly. From ¥221 per US$ in 1981, the average value of the yen actually dropped to ¥239 per US$ in 1985. The rise in the current account surplus generated stronger demand for yen in foreign-exchange markets, but this trade-related demand for yen
4875-428: The yen had become undervalued. Japanese exports were costing too little in international markets, and imports from abroad were costing the Japanese too much. This undervaluation was reflected in the current account balance , which had risen from the deficits of the early 1960s, to a then-large surplus of US$ 5.8 billion in 1971. The belief that the yen, and several other major currencies, were undervalued motivated
4950-634: The yen was 15% undervalued against the dollar, and as much as 40% undervalued against the euro. However, this trend of depreciation reversed after the global economic crisis of 2008 . Other major currencies, except the Swiss franc , have been declining relative to the yen. On April 4, 2013, the Bank of Japan announced that they would expand their asset purchase program by $ 1.4 trillion in two years. The Bank of Japan hopes to bring Japan from deflation to inflation, aiming for 2% inflation. The number of purchases
5025-473: The yen weak relative to the dollar and fostered the rapid rise in the Japanese trade surplus that took place in the 1980s. In 1985, a dramatic change began. Finance officials from major nations signed an agreement (the Plaza Accord ) affirming that the dollar was overvalued (and, therefore, the yen undervalued). This agreement, and shifting supply and demand pressures in the markets, led to a rapid rise in
5100-487: The ¥5000 bill features Tsuda Umeko and Wisteria flowers, and the ¥10,000 bill features Shibusawa Eiichi and Tokyo Station . The Ministry decided to not redesign the ¥2000 note due to low circulation. The EURion constellation pattern is present in the Series D, E and F banknotes. Beginning in December 1931, Japan gradually shifted from the gold standard system to the managed currency system. The relative value of
5175-436: Was abandoned in 1971, the yen became undervalued and was allowed to float. The yen had appreciated to a peak of ¥271 per US$ in 1973, then underwent periods of depreciation and appreciation due to the 1973 oil crisis , arriving at a value of ¥227 per US$ by 1980. Since 1973, the government of Japan has maintained a policy of currency intervention, so the yen is under a managed float regime . The Japanese government focused on
5250-422: Was also cited. The Japan Mint has issued legal tender coins from 1871 to the present. The obverse side of all coins shows the coin's value in kanji characters as well as the country name (through 1945, Dai Nippon ( 大日本 , "Great Japan") ; after 1945, Nippon-koku ( 日本国 , "State of Japan") (except for the current 5-yen coin with the country name on the reverse). The reverse side of all coins shows
5325-530: Was delayed again following the failure of the rear cargo door during pressure tests. The delay will increase the program cost by ¥ 40 billion (equivalent to ¥ 41.79 billion or US$ 383.35 million in 2019) to 260 billion yen in addition to delays to the program. In March 2016, it was reported that the C-2 program faced delays of five years from its initial schedule due to technical problems, while development costs were then estimated to hit ¥264.3 billion, ¥80 billion more than initially projected. On 27 March 2017,
5400-558: Was delivered to Air Development and Test Wing at Gifu Air Field. On 20 October 2016, the maiden flight of 2nd production model "68-1204" was held. On 28 March 2017, first three C-2s were dispatched to 403rd Tactical Airlift Squadron at Miho Air Base . In November 2017 a C-2 deployed to the Japan Self-Defense Force Base Djibouti in Africa for the first time. On 23 August 2021, at the request of
5475-533: Was given the shinjitai form 円 in reforms at the end of World War II. The spelling and pronunciation "yen" is standard in English , because when Japan was first encountered by Europeans around the 16th century, Japanese /e/ ( え ) and /we/ ( ゑ ) both had been pronounced [je] and Portuguese missionaries had spelled them "ye". By the middle of the 18th century, /e/ and /we/ came to be pronounced [e] as in modern Japanese, although some regions retain
5550-445: Was offset by other factors. A wide differential in interest rates, with United States interest rates much higher than those in Japan, and the continuing moves to deregulate the international flow of capital , led to a large net outflow of capital from Japan. This capital flow increased the supply of yen in foreign-exchange markets, as Japanese investors changed their yen for other currencies (mainly dollars) to invest overseas. This kept
5625-556: Was the first full-scale Japanese-English/English-Japanese dictionary, which had a strong influence on Westerners in Japan and probably prompted the spelling "yen". Hepburn revised most "ye"s to "e" in the 3rd edition (1886) to mirror the contemporary pronunciation, except "yen". Although the Edo Shogunate collapsed with the Meiji Restoration and a new government was born, the monetary system still took over that of
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