free yen; convertible yen
Historical term for yen that became convertible to other currencies in 1960, marking a step in Japan's postwar financial liberalization.
In 1960, the free yen was introduced, and the convertibility of the yen was recognized.
Compound of 自由 (free) and 円 (yen), referring to the 1960 policy that allowed yen to be freely exchanged for other currencies.