TOKYO (AP) — In a move to combat counterfeiting, Japan has issued its first new banknotes in two decades, incorporating cutting-edge 3D hologram technology.
Prime Minister Fumio Kishida lauded the new 10,000 yen, 5,000 yen, and 1,000 yen bills for their state-of-the-art anti-counterfeit features. “I hope the people will like the new bills, and they will help energize the Japanese economy,” he remarked at the Bank of Japan.
Despite the introduction of these new notes, existing currency will remain in circulation. Notably, older bills will still be necessary for vending machines and bus fares, as reported by local media.
Kishida highlighted the significance of the figures depicted on the new bills, who celebrate Japanese capitalism, women’s equality, and scientific innovation. The 10,000 yen bill, valued at approximately $62, features Eiichi Shibusawa, revered as the “father of Japanese capitalism” and a pivotal figure in modernizing Japan’s economy. The 5,000 yen bill, worth about $30, showcases Umeko Tsuda, a pioneering feminist and educator who founded a college. The 1,000 yen note, valued at about $6.20, honors physician and bacteriologist Shibasaburo Kitasato, renowned for his work on tetanus and the bubonic plague.
The reverse sides of the bills display significant Japanese cultural icons: Tokyo Station on the 10,000 yen, wisteria flowers on the 5,000 yen, and Mount Fuji as depicted by ukiyo-e artist Katsushika Hokusai on the 1,000 yen. Additionally, the new bills feature larger printing, making them more readable for the aging population.
By the end of March next year, the government plans to print nearly 7.5 billion new banknotes. On the first day alone, approximately 1.6 trillion yen ($10 billion) worth of new bills will be in circulation. However, it may take some time for the public to encounter the new currency, as they will initially be distributed to banks and financial institutions before being available in ATMs and stores.
While Japan has been slower to adopt cashless transactions compared to many other countries, cash remains a dominant mode of payment. “Although the world is moving toward cashless interactions, we believe cash remains important as a way for safely settling payments anywhere and anytime,” said Bank of Japan Governor Kazuo Ueda.
