Course ZAR(South African Rand)-JPY(Japanese Yen) for today
Quotes ZAR/JPY for today .
South African Rand
As a trading center, multiple currencies circulated throughout South Africa. The first official currency used was the Guilder. During the late 17th century, the Rixdollar was used and was the first South African currency to include paper notes. During British occupation, in 1826, the Cape Colony was put on a sterling basis, though other currencies, including Spanish Dollars, US Dollars, French Francs, and Indian Rupees continued to circulate. In 1921, the Reserve Bank of South Africa was established as the central bank. In 1961, the South African Rand replaced the Pound under a decimalized system. The ratio was 2 ZAR to 1 GBP.
- Central bank: The South African Reserve Bank
- “Rand” refers to Witwatersrand, the ridge where Johannesburg stands that contains most of the country’s gold deposits.
- South Africa is a middle-income, emerging market with abundant natural resources and well-developed infrastructure.
- South Africa is the world’s largest producer of platinum, gold, and chromium. In addition to these and other metals, it exports machinery, equipment, diamonds.
- Relatively high interest rates make ZAR a popular carry trade currency.
Importance of the Japanese Yen The Japanese Yen is the third most traded currency in the world, and the most heavily traded currency in Asia. Due to its relatively low interest rates, the Japanese Yen is often used in carry trades with the Australian Dollar and the US Dollar. A carry trade is a strategy in which a currency with low interest rate is sold in order to buy a currency with a higher interest rate.
- Central bank: The Bank of Japan
- Since its defeat in World War II, Japan has become one of the world's largest and most technologically advanced manufacturers of motor vehicles, electronic equipment, machine tools, and so on.
- The JPY has appreciated against USD since the 1970s, making Japan’s manufactured goods more costly and less competitive.
- The Bank of Japan keeps interest rates at near-zero, making JPY a popular “carry trade” currency against other higher-yielding currencies.