Wednesday marked the debut of Japan¡¯s redesigned ?10,000, ?5,000 and ?1,000 banknotes into circulation, which incorporate some of the world¡¯s leading anti-counterfeiting technology and feature historical figures.
The Bank of Japan expects to introduce a total of ?1.6 trillion ($9.9 billion) worth of new banknotes into circulation on Wednesday alone, Gov. Kazuo Ueda said at a ceremony held at the central bank¡¯s Currency Issue Department on Wednesday morning.
¡°Although cashless transactions are advancing, cash remains a reliable means of payment that can be used by anyone, anytime and anywhere,¡± he said, adding that he hopes the new banknotes will serve as a ¡°lubricant¡± supporting the nation¡¯s economy.
Despite slower progress compared to neighboring countries in Asia, Japan saw cashless payments start to take root in the last few years. Government data shows a tripling of the rate of cashless payments in the past decade, reaching 39.3% in 2023.
On Wednesday, the central bank¡¯s headquarters opened its doors an hour earlier than usual at around 8 a.m., and bundles of new banknotes were loaded into trucks for distribution to financial institutions nationwide.
Prime Minister Fumio Kishida, accompanied by Ueda, toured the Currency Issue Department on Wednesday morning.
At a joint briefing with the BOJ governor, Kishida emphasized the banknotes¡¯ user-friendly design for the visually impaired and foreign nationals, and described the selection of the portraits of historic figures who represent Japanese capitalism, women¡¯s empowerment and scientific and technological innovation as ¡°truly fitting for the new era.¡±
¡°I hope that the new banknotes will be embraced by the public and bring vitality to the Japanese economy,¡± he said.
The new banknotes, produced by the National Printing Bureau, feature entrepreneur Eiichi Shibusawa, higher education pioneer Umeko Tsuda and bacteriologist Shibasaburo Kitasato on the front. On the back side of the the ?10,000, ?5,000 and ?1,000 notes are Tokyo Station¡¯s Marunouchi Building, Japanese wisteria flowers and ukiyo-e painter respectively.
The new banknotes incorporate the latest anti-counterfeiting technology and a more user-friendly design. Among the new banknotes¡¯ anti-counterfeiting features are three-dimensional holographic patterns that show the portraits of the historic figures at different angles when tilted. The new banknotes also adopt enlarged Arabic numerals for better identification of their face value, replacing the Japanese kanji characters on the previous series.
The last time Japan redesigned its banknotes was 20 years ago. Those banknotes, which feature philosopher and educator Yukichi Fukuzawa, writer Ichiyo Higuchi and bacteriologist Hideo Noguchi, remain legal tender. Since the country issued its first banknote in 1885, there have been 53 kinds of notes printed so far.
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