Japan will issue new banknotes from the 3rd. In 20 years, there will be three new banknotes: 10,000 yen, 5,000 yen, and 1,000 yen. The new banknotes are equipped with a state-of-the-art holographic technology, in which portraits, the world’s first anti-counterfeiting technology, appear to rotate in 3D. They are also printed larger than the current banknotes, so they are designed to be easily recognized by men and women of all ages.
Characters have also been replaced. Eiichi Shibusawa (1840-1931), who is called the “father of Japanese capitalism,” will appear in the 10,000-yen bill, while a red brick building at Tokyo Station will be painted on the back. He is known for his involvement in the establishment of more than 500 Japanese companies. Umeko Tsuda (1864-1929), an educator who has worked hard to improve women’s social status throughout his life, will appear in the 5,000-yen bill. On the back is a picture of a rattan flower that the Japanese love. In addition, a portrait of microbiologist Shibasaburo Kitasato (1853-1931), who is called the “father of modern Japanese medicine,” will be hung on the 1,000-yen bill for his contribution to the treatment of tetanus. On the other side is a portrait of “Under the Wave in the Sea of Kanagawa” by Ukiyoe artist Katsushika Hokusai.
According to the Japanese government, about 7.5 billion new bills will be issued by the end of March next year. Existing bills can continue to be used even after the new bills are introduced. As of the end of 2023, 18.54 billion bills are in circulation in Japan. The Japanese government is pushing for cashless payments, but the proportion of cash payments is still high. The Japanese government expects additional economic effects from the distribution of new bills. The demand for replacement of existing vending and ATMs is expected to boost the economy. Analysts say that the new bills are expected to bring about economic benefits such as replacing ATMs and tickets along with preventing counterfeiting.
JENNIFER KIM
US ASIA JOURNAL
