The currency in South Korea is the South Korean won, abbreviated as KRW. The won has been in use since 1945, replacing the Korean yen. One won is further subdivided into 100 jeon, though the jeon is now rarely used in everyday transactions. The South Korean won is issued by the Bank of Korea and features various denominations of both coins and banknotes. The currency plays a crucial role in South Korea's vibrant economy, which is one of the largest in Asia, heavily influenced by industries such as technology, automotive, and pop culture, including K-pop.