Japan will begin issuing new banknotes on July 3rd, featuring the world’s first advanced holographic technology to create a 3D rotating effect on the portraits of historical figures. This initiative is part of the East Asian nation’s efforts to combat counterfeiting.
In the first design change in 20 years, the new banknotes of 10,000 yen, 5,000 yen, and 1,000 yen will have larger denomination numbers compared to the current versions, making it easier for everyone, regardless of age or nationality, to recognize them.
Additionally, tactile features will allow visually impaired individuals to identify the banknotes they are holding.
New banknotes of 10,000 yen, 5,000 yen, and 1,000 yen. (Source: Kyodo).
Eiichi Shibusawa (1840-1931), known as the “father of Japanese capitalism” for establishing around 500 companies, will appear on the 10,000 yen banknote, alongside an image of the red-brick building of Tokyo Station on the reverse side.
Meanwhile, the 5,000 yen banknote will feature the portrait of educator Umeko Tsuda (1864-1929), who advocated for the elevation of women’s status in society. The wisteria flower, cherished in Japan since ancient times, will appear on the reverse side.
The 1,000 yen banknote will display the portrait of microbiologist Shibasaburo Kitasato (1853-1931), known as the “father of modern medicine in Japan” for his contributions to tetanus treatment.
On the reverse side is “The Great Wave off Kanagawa,” a famous artwork by Ukiyo-e artist Katsushika Hokusai depicting large waves and Mount Fuji.
According to the Japanese government, by the end of March next year, nearly 7.5 billion new banknotes will be printed. The current banknotes will remain legal tender even after the new ones are issued.
As of the end of 2023, there are 18.54 billion banknotes in circulation in Japan. If laid out in a straight line, this number would equal approximately eight times the distance between the Earth and the Moon, according to data from the Bank of Japan (BoJ).
The new banknotes are being issued amid Japan’s strong preference for cash, while the country aims to promote cashless payments.
The value of cashless transactions is increasing in Japan, but it has not yet reached the government’s target of around 40% by 2023.
According to industry data, in 2021, cashless transactions accounted for over half of all transactions in the UK, Canada, and the US, as well as in China, Singapore, and South Korea.
