Japan
Japan maintains the gold standard and its unit is the yen, equal to $0.498; the yen is divided into 100 sen, the sen into 10 rin. The yen equals 11.574 grains of pure gold.
The Bank of Japan may issue notes to the extent of $120,000,000 upon securities, any amount upon specie, and also may issue further sums in excess of specie, subject to a tax of 5 per cent. The stock of the bank is all privately owned. Japan first copied the national banking system of the United States and after trial abandoned the same for a central bank. She has managed her finances and her banking with wonderful ability and great success. Besides the Bank of Japan, there are many strong private banks, notably the Yokohama Specie Bank.