The yen (Japanese: universal, Hepburn: yen, symbol: yen; code: YPY; abbreviated as YPY) is Japan’s official currency. Between the US dollar and the Dollar, it is the third most exchanged asset on the foreign exchange market.  This is often commonly regarded as a reserve currency following the US dollar, the Pound, and the UK. Sterling pound. The creation of the Yen was a part of Japan’s economy’s reform policy by the Meiji administration. It postulated the country-wide adoption of a standardized currency, modeled after the European decimal currency scheme. The Modern Currency Act of 1871 abolished this and created the Yen as the modern decimal currency, specified as 1. 5 g (0. 048 troy ounces) of gold, or 24. 26 g (0. 780 troy ounces) of silver.