DEFINITION of 'Euroyen'
Japanese yen-denominated deposits held in banks outside Japan. Euroyen refers to all yen deposits held external to Japan, and does not specifically refer to yen deposits held in the European Union or Europe. It also refers to yen traded in the Eurocurrency market.
BREAKING DOWN 'Euroyen'
An example of Euroyen would be yen deposits held in U.S. banks, or banks in Asia. Like all eurocurrencies, Euroyen deposits fall outside the regulatory purview of the central bank that issued the currency, the Bank of Japan in this case. Therefore, Euroyen deposits may offer slightly higher interest rates than those available for yen deposits in Japan.