The official currency of Japan is Japanese Yen also called JPY. In forex market its rank is three in the list of most traded currency subsequent to U.S dollar and the euro. In Asia it is most greatly traded currency.
The Japanese financial system is the universal third greatest national system and most important in Asia. Japan is a main exporter all over the world. Japan has to trade in heavy quantity with the United States, Europe, Asia and other countries so that’s why transnational businesses have to exchange local currency into Japanese yen on daily basis.
Yen is also a well-liked currency for the currency trader because of low interest rates in Japan. Due to these features, USD/JPY is greatly traded in forex exchange.
USD/JPY offers low bid-ask spreads and outstanding buying and selling chances. It is very good pair for newcomers to trade and also admirable by practiced traders.
1 U.S dollar = 108.67 JPY