HomeJPY / NOK • Currency
Japanese Yen to Norwegian Krone
0.0694
0.95%
-0.00067 Today
Jul 3, 3:04:24 PM UTC · Disclaimer
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Exchange Rate
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0.070
The yen is the official currency of Japan. It is the third-most traded currency in the foreign exchange market, after the United States dollar and the euro. It is also widely used as a third reserve currency after the US dollar and the euro. The New Currency Act of 1871 introduced Japan's modern currency system, with the yen defined as 1.5 g of gold, or 24.26 g of silver, and divided decimally into 100 sen or 1,000 rin. The yen replaced the previous Tokugawa coinage as well as the various hansatsu paper currencies issued by feudal han. The Bank of Japan was founded in 1882 and given a monopoly on controlling the money supply. Following World War II, the yen lost much of its pre-war value as Japan faced a debt crisis and hyperinflation. Under the Bretton Woods system, the yen was pegged to the US dollar alongside other major currencies. After this system was abandoned in 1971 with the Nixon Shock, the short-lived Smithsonian Agreement temporarily reinstated a fixed exchange rate. However, since the end of that system in February 1973, the yen has been a floating currency. Wikipedia
The krone, plural kroner, is the currency of the Kingdom of Norway. It was traditionally known as the Norwegian crown in English; however, this has fallen out of common usage. It is nominally subdivided into 100 øre, although the last coins denominated in øre were withdrawn in 2012. The krone was the thirteenth-most-traded currency in the world by value in April 2010, down three positions from 2007. It is considered to be one of the world's G10 currencies, a group of the most traded currencies in the world. The Norwegian krone is also informally accepted in many shops in Sweden and Finland that are close to the Norwegian border, and also in some shops in the Danish ferry ports of Hirtshals and Frederikshavn. Norwegians spent 14.1 billion NOK on border shopping in 2015 compared to 10.5 billion NOK spent in 2010. Border shopping is a fairly common practice amongst Norwegians, though it is seldom done on impulse. Money is spent mainly on food articles, alcohol, and tobacco, in that order, usually in bulk or large quantities. This is due to considerably higher taxes and fees on tobacco and alcohol purchased domestically in Norway. Wikipedia
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