How to insert a character in a string at a certain position?

I'm getting in an int with a 6 digit value. I want to display it as a String with a decimal point (.) at 2 digits from the end of int. I wanted to use a float but was suggested to use String for a better display output (instead of 1234.5 will be 1234.50). Therefore, I need a function that will take an int as parameter and return the properly formatted String with a decimal point 2 digits from the end.

Say:

int j= 123456 
Integer.toString(j); 

//processing...

//output : 1234.56

As mentioned in comments, a StringBuilder is probably a faster implementation than using a StringBuffer. As mentioned in the Java docs:

This class provides an API compatible with StringBuffer, but with no guarantee of synchronization. This class is designed for use as a drop-in replacement for StringBuffer in places where the string buffer was being used by a single thread (as is generally the case). Where possible, it is recommended that this class be used in preference to StringBuffer as it will be faster under most implementations.

Usage :

String str = Integer.toString(j);
str = new StringBuilder(str).insert(str.length()-2, ".").toString();

Or if you need synchronization use the StringBuffer with similar usage :

String str = Integer.toString(j);
str = new StringBuffer(str).insert(str.length()-2, ".").toString();

int j = 123456;
String x = Integer.toString(j);
x = x.substring(0, 4) + "." + x.substring(4, x.length());