Japan has introduced its first new banknotes in two decades, featuring advanced anti-counterfeiting technology and portraits of prominent historical figures. The banknotes utilise a holographic technology that creates three-dimensional portraits visible from different angles, a first in the world of paper currency.
The Japanese government plans to circulate approximately 7.5 billion of these newly designed bills by the end of the fiscal year, supplementing the 18.5 billion banknotes already in circulation.
The new 10,000-yen note honors Eiichi Shibusawa, pioneering founder of Japan’s first bank and stock exchange, often referred to as “the father of Japanese capitalism.”
The 5,000-yen note depicts Umeko Tsuda, a trailblazing educator and founder of one of Japan’s first women’s universities. Meanwhile, the 1,000-yen note has Shibasaburo Kitasato, a renowned medical scientist.
In response to the new banknotes, businesses are updating their payment machines. While about 90 per cent of bank ATMs, train ticket machines and retail cash registers are ready for the new bills, only half of the restaurant and parking ticket machines have been upgraded. Further, nearly 80 per cent of Japan’s 2.2 million drink vending machines still require updates.
Although cashless payments in Japan have nearly tripled over the past decade to account for 39 per cent of consumer spending in 2023, this figure remains below global standards. The government aims to increase this to 80 per cent to boost productivity and further digitise the economy.
(Inputs from Reuters)
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