CAD/JPY – Live and Historical Rates
The Canadian Dollar and the Japanese Yen are two geographically very distinct currencies, that do not form a major Fx pair, despite the fact that the Yen is a major currency indeed. The CAD on the other hand isn’t. The currency chart above illustrates how many JPY one needs to buy a CAD.
Supported by the 10th largest economy in the world, the CAD is essentially a reflection of the country’s close ties to the US. Over 80% of Canadian exports go to the US, which is where around 50% of its imports originate, too. Interestingly though, Canada is still under the authority of the British monarchy. A floating currency since 1970, the CAD hasn’t really been tampered with control-wise since 1988. The authority that would undertake any such interference is obviously the Bank of Canada. The Canadian Dollar is the 7th most traded currency in the world.
Introduced in 1871, the Japanese Yes started out as a unit of the dollar. The currency replaced by the Yen was the mon-based Tokugawa coinage of the Edo period. The first great devaluation of the Yen came in 1873, only two years after its introduction, ushered in by the devaluation of silver, which represented its standard. Since the US dollar adhered to the gold standard, the devaluation of silver didn’t impact it. The value of the Yen thus fell to USD 0.50, where it remained till 1931, as Japan adopted the gold standard too. After 1931, the gold standard was abandoned. In 1973, the yen became a floating currency. Due to its favorable interest rates, the yen has traditionally been used by Fx traders for carry trades.
Given how both Japan and Canada have the US as their biggest trading partner, the biggest influence upon the pair is exercised by the US economy.