The JPY/INR pair is not a major currency pair. The Japanese Yen is one of the most traded currencies in the world and it is certainly a major. The Indian Rupee, on the other hand, is not.
Before the Yen, feudal Japan had a high number of incompatibly denominated currencies circulating in the fiefdoms that then made up the country. The Meiji government decided to modernize the Japanese economy. As part of its efforts, it also introduced the Yen, the first uniform currency in Japan.
The government modeled the yen after the European decimal system. The law that instituted the Yen was the 1871 New Currency Act. Initially, individual Japanese prefectures retained the right to print money. The Bank of Japan took over in 1882, assuming monopoly over money issuance in the country.
The Second World War wrought disaster upon the country and its currency. The Yen shed most of the value it had had before the war. It was eventually pegged to the USD within the framework of the Bretton Woods System.
Since 1971, the Yen has been a floating currency.
The Japanese Yen is the world’s third most-traded currency, behind the USD and the EUR. It is also a major reserve currency.
In 1973, a USD cost some JPY 301. In April 1995, the Yen had appreciated to just JPY 83.53 per USD. In October 2016, a USD was worth JPY 103.81.
One of the oldest currencies in the world, the Indian Rupee has undergone scores of changes and tweaks. Given the cash-based nature of the Indian economy, the government needs to protect the INR against counterfeiting.
The INR is the world’s 16th most traded currency. It makes up about 1.7 percent of the daily Forex trading volumes.
After 1816, the silver-backed Indian Rupee found itself losing out against all gold-backed currencies. In 1850, one GBP was valued at 10 INR. By 1914, the exchange rate was 15 INR for a GBP. Between the two World Wars, the INR had improved to 13.3 INR per GBP. For the duration of the Bretton woods agreement, it remained pegged to the GBP at this value. In 1966, a USD was worth INR 7.5. By 2000, the exchange rate had climbed to 44.2. In 2018, one USD was worth 72.10 INR.
Japan is a major direct investor in the Indian Economy. Since the value of the INR depends in part on foreign capital inflows, this fact is significant for the JPY/INR exchange rate evolution.