Japan unveils first new banknotes in two decades | Business and Economic Update

Japan recently released its first new banknotes in 20 years, featuring 3D holograms in an effort to combat counterfeiting. Prime Minister Fumio Kishida highlighted that the redesigned 10,000 yen, 5,000 yen, and 1,000 yen bills pay homage to Japanese capitalism, women’s equality, and scientific innovation. These new bills are intended to energize the Japanese economy.

The holograms on the bills showcase historical figures – including Eiichi Shibusawa, Umeko Tsuda, and Shibasaburo Kitasato – whose images change depending on the viewing angle. This unique feature is a world first and adds to the bills’ security measures. Shibusawa was an industrialist key to Japan’s economic development during the Meiji era, while Tsuda was a pioneer in women’s education and Kitasato was a bacteriologist known for his contributions to preventive medicine.

Despite a global trend towards digital payments, Japan’s heavy reliance on cash remains. Bank of Japan Governor Kazuo Ueda emphasized the importance of cash as a secure and universally accepted form of payment that will continue to be significant. The government plans to release around 7.5 billion new banknotes by March of the following year while ensuring that existing bills in circulation remain valid.