Banknotes of the Japanese yen
The banknotes of the Japanese yen are part of the physical form of Japan's currency. The issuance of the yen banknotes began in 1872, two years after the currency was introduced. Throughout its history, the denominations have ranged from 0.05 yen to 10,000 yen.
Japanese economic miracle
Though heavily destroyed by the nuclear bombardment in Hiroshima and Nagasaki, and other Allied air raids on Japan, Japan was able to recover from the trauma of WWII, and managed to become the second largest economic entity of the world (after the United States) by the 1960s (Soviet Union excluded). However, after three decades, Japan had experienced the so-called "recession in growth", as the United States had been imposing economic protection policy in oppressing Japanese production and forcing the appreciation of the Japanese yen. In preventing further oppression, Japan greatly improved its technological advances and raised the value of the yen, since to devalue, the yen would have brought further risk and a possible depressing effect on trade. The appreciation of the yen led to significant economic recession in the 1980s. To alleviate the influence of recession, Japan imposed a series of economical and financial policy to stimulate the domestic demand. Nevertheless, the bubble economy that took place in the late 1980s and early 1990s and the subsequent deflationary policy destroyed the Japanese economy. After the deflationary policy, the Japanese economy has been through a time of low increase period which has lasted until today. For more detailed information regarding this period, see Economic history of Japan and Lost Decade (Japan).