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The Japanese Yen is the official currency of Japan. Despite only being used in Japan, the Yen is the third most traded currency behind the USD and Euro in the world due to Japans massive international economy. In fact, the Japanese Yen accounts for 19% of the daily foreign exchange market turnover. In addition to this, the Japanese Yen is also widely used as a reserve currency following the US dollar, the Euro, and Pound Stirling. With all these attributes, the Japanese Yen is a very strong and stable currency. For this reason and others, many online trading brokerages accept the Japanese Yen for deposits into an investors trading account.
show moreThe sign/symbol used to represent the Japanese Yen is “¥”. The symbol is not only used to represent the Japanese Yen but also the Chinese Yuan currencies. The sign means “circle” and was adapted as the name for these currencies because of the shape of a coin, a circle. Another representation of the Japanese Yen is the abbreviation/code which is (JPY) or (JP ¥). The Yen currency has a couple denominations being 1/100th of Yen which is called Sen, and 1/1000th of a Yen which is called Rin. When trading or depositing the Japanese Yen, it is very important to know which “¥” currency is being stated, so you that you know which currency you are dealing with in your online trading account.
For traders who are interested in trading with online brokerages who are based out of Japan and the Japanese Yen is used as their primary currency, the trader must exchange their currency for deposits. However, before going through with this, it is important to know if traders from your country are accepted on the online trading brokerage from Japan. If you are accepted, you can simple deposit your foreign currency funds and have them exchanged directly through the deposit portal. You will be charged a small fee either by the broker or the exchange integration, or both. An alternative method to exchanging funds through the brokerage is to use a third party online exchange. Most online exchanges can exchange the Japanese Yen as it is a very popular currency. These exchanges will charge a small fee for the conversion as well.
For depositing funds into an online trading brokerage or other kind of trading/betting site, you’ll need to find a banking method that works for you. Luckily for consumers dealing in Japanese Yen, there are various options you can choose from. For instance, with Japanese Yen currency bank accounts, traders can usually deposit funds directly from their bank account via bank transfer, Interac online, or debit and credit cards. However, this may vary depending on where the brokerage is located and where your bank account is based out of. If these methods are not available, funds can be loaded into an e-wallet and then transferred this way. Many e-wallets accept the Japanese Yen or can even convert funds into Japanese Yen for you.
