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The US dollar is allowed to float against the Japanese yen for the first time

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.

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 (0.048 troy ounces) of gold, or 24.26 g (0.780 troy ounces) 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 (fiefs). 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.

Historical Significance

The yen is the official currency of Japan.

Events Before

  1. Charles "Chub" Feeney becomes the President of Major League Baseball's National League

    Charles Stoneham "Chub" Feeney (August 31, 1921 – January 10, 1994) was an Irish-American front office executive in Major League Baseball.

  2. Colonel Chukwuemeka Odumegwu Ojukwu flees Biafra into exile, leaving his deputy, Philip Effiong, to surrender to the Nig

    Colonel Chukwuemeka Odumegwu Ojukwu flees Biafra into exile, leaving his deputy, Philip Effiong, to surrender to the Nigerian Army, effectively ending the Nigerian Civil War

  3. Movie rating system modifies "M" rating to "PG"

    Movie rating system modifies "M" rating to "PG"

  4. Biographical film "Patton" directed by Franklin J. Schaffner and starring George C. Scott premieres in New York (Academy

    Biographical film "Patton" directed by Franklin J. Schaffner and starring George C. Scott premieres in New York (Academy Awards Best Picture 1971)

  5. South Africa cricket team completes a 4-0 series drubbing of Australia in South Africa in the country's last official in

    South Africa cricket team completes a 4-0 series drubbing of Australia in South Africa in the country's last official international cricket Test for 22 years

Events After

  1. International Book Year begins

    International Book Year begins

  2. LA Lakers defeat the Atlanta Hawks 134-90 for their 33rd straight win, the longest winning streak in major professional

    LA Lakers defeat the Atlanta Hawks 134-90 for their 33rd straight win, the longest winning streak in major professional sports

  3. Bernice Gera wins an anti-discrimination case against the National Baseball Congress, filed on March 15, 1971, allowing

    Bernice Gera wins an anti-discrimination case against the National Baseball Congress, filed on March 15, 1971, allowing her to umpire

  4. Bloody Sunday: 27 unarmed civilians are shot (14 are killed) by the British Army during a civil rights march in Derry, N

    Bloody Sunday: 27 unarmed civilians are shot (14 are killed) by the British Army during a civil rights march in Derry, Northern Ireland; the highest death toll from a single shooting incident during 'The Troubles'

  5. Bob Douglas is the first African American elected to the Basketball Hall of Fame

    The Naismith Memorial Basketball Hall of Fame, located in Springfield, Massachusetts, honors players who have shown exceptional skill at basketball, all-time great coaches, referees, and other major…

More from the 1970s

death

Erroll Garner dies

Erroll Garner dies

birth

Chai Jing is born

Chai Jing, Chinese journalist and environmental activist, known for chinese journalist and environmental activist, was born on 1976-01-01. Chai Jing is a Chinese journalist.

Charles "Chub" Feeney becomes the President of Major League Baseball's National League

Charles Stoneham "Chub" Feeney (August 31, 1921 – January 10, 1994) was an Irish-American front office executive in Major League Baseball.

Cigarette advertisements are banned from broadcast media in the US

Cigarette advertisements are banned from broadcast media in the US

Frequently Asked Questions

What happened on August 28, 1971?
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.
Why is The US dollar is allowed to float against the Japanese yen for the first time significant?
The yen is the official currency of Japan.

Explore More

August 28 in HistoryYear 1971