Japan releases new banknotes for the first time in two decades | Business and Economy

Japan has recently released its first new banknotes in twenty years, featuring redesigned bills with 3D holograms to prevent counterfeiting. Prime Minister Fumio Kishida stated that the new 10,000 yen, 5,000 yen, and 1,000 yen bills pay tribute to Japanese capitalism, women’s equality, and scientific innovation. Kishida hopes that these new bills will help stimulate the Japanese economy.

The holograms on the bills showcase historical figures that change orientation depending on the viewing angle, a world-first innovation according to Japanese authorities. The 10,000 yen banknote highlights Eiichi Shibusawa, an industrialist and government official instrumental in Japan’s economic modernization during the Meiji era. The 5,000 yen bill features Umeko Tsuda, a women’s education pioneer who founded the precursor to Tokyo’s Tsuda University. The 1,000 yen note portrays Shibasaburo Kitasato, a bacteriologist known for his work in preventing tetanus and diphtheria.

Despite a growing trend towards digital payments, Japan continues to heavily rely on cash. The redesigned bills were unveiled in 2019, allowing consumers and businesses five years to adjust. Existing bills in circulation will remain valid. Bank of Japan Governor Kazuo Ueda emphasized the importance of cash as a secure and widely accessible form of payment, noting its continued significance alongside digital alternatives.

The Japanese government plans to print approximately 7.5 billion new banknotes by March of next year, demonstrating its commitment to maintaining a strong cash-based economy. Ultimately, the redesigned bills serve as a symbol of Japan’s rich history, commitment to equality, and dedication to innovation in various fields.