Japan’s official currency is the yen (; code: JPY; Japanese: 円). After the US dollar and the euro, it is the third most traded currency on the foreign exchange market. Following the US dollar and the euro, it is also extensively utilized as a third reserve currency. Japan’s current monetary system was established by the New Currency Act of 1871. The yen is divided decimally into 100 sen and 1,000 rin, and is defined as 1.5 g (0.048 troy ounces) of gold or 24.26 g (0.780 troy ounces) of silver.