The common name of the currency used in Japan is the yen. The yen is represented by the symbol ¥ and is one of the most traded currencies worldwide. Japan has a long history with its currency, with the modern yen being introduced in 1871 during the Meiji era as part of a broader modernization effort. The yen is subdivided into 100 sen, although the sen is no longer in common use. The currency is used for all transactions across Japan, from everyday purchases to international trade. It plays a vital role in both the domestic and global financial markets.