"Kin", the kanji for gold or money, was chosen as character of the year in 2012 in Japan on Wednesday.

Kanji of the Year is a Chinese character representing the social conditions in Japan or World of the year which is announced by the Japan Kanji Aptitude Testing Foundation, based in the ancient Japanese city of Kyoto, on the "Kanji's day", December 12.

The final selection result was announced at a ceremony held in Kiyomizu-dera (Pure Water Temple) where the head priest calligraphed on large size Japanese paper measuring 150 x 130 centimeters.

The organizer said the character "Kin" very symbolizes this year's central topics, such as the winning of this year's Nobel Prize in Physiology or Medicine by Japanese scientist Shinya Yamanaka, a total of 38 medals acquired by Japanese athletes at the London Olympic Games, the most the country has ever won, and an annular solar eclipse observed across the country in May.

The foundation also pointed out a series of political discussions about reforming tax system and "money" scandals reported often this year in the newspapers as another reason for the choice.