Japan issued its first new banknotes in two decades on July 3, 2024, packed with 3D hologram technology to fight counterfeiting. This is the first time since 2004 that Japan has updated the designs for its banknotes.
Prime Minister Fumio Kishida praised as historic the state-of-the-art anti-counterfeit traits of the new 10,000 yen, 5,000 yen and 1,000 yen bills. “I hope the people will like the new bills, and they will help energize the Japanese economy,” he told reporters at the Bank of Japan.
The new notes, featuring historical figures including entrepreneur Eiichi Shibusawa, higher education pioneer Umeko Tsuda, and bacteriologist Shibasaburo Kitasato, mark Japan’s first banknote redesign in 20 years, with a total of 53 note variations issued since 1885.
A total of 280 million new bills, worth 1.6 trillion yen, were circulated on Wednesday, the Bank of Japan (BOJ) said, with its chief Kazuo Ueda underscoring the importance of banknotes as a “critical settlement method” even in the age of increasing cashless payments.
New features incorporated
The redesigned Japanese banknotes incorporate advanced security features, including three-dimensional holographic stripes on the ¥10,000 and ¥5,000 notes, which display portraits from different angles when tilted, and a similar holographic patch on the ¥1,000 note.
The notes also feature enlarged Arabic numerals for easier identification of denominations, replacing traditional Japanese kanji characters.
Counterfeit banknote crimes have decreased in recent years, partly due to the rise of cashless payments, with reported cases dropping from 2,693 in 2020 to 681 in 2023.
WATCH: Japan began circulating its first new banknotes in 20 years, and while the notes feature technology to beat counterfeiters, they also spell trouble for thousands of small firms forced to do costly upgrades to payment machines https://t.co/EBwnU3PbFq pic.twitter.com/2W1FrOIwdW
— Reuters Business (@ReutersBiz) July 3, 2024
When and where the new banknotes will be available?
The new Japanese banknotes will be initially distributed to financial institutions starting Wednesday, but availability at ATMs and cashier windows will vary as banks prepare to use them.
The Bank of Japan had prepared 4.53 billion redesigned banknotes by March’s end, expecting this to increase to 5 billion by Wednesday. Old banknotes will continue to be accepted alongside the new ones.
A Finance Ministry survey indicates that 80% to 90% of banks, railway stations, convenience stores, and supermarkets will update their machines to accept the new banknotes before Wednesday, while street vending and restaurant ticketing machines may take longer to update.
The new faces on the banknotes
The redesigned Japanese banknotes feature significant figures in Japanese history:
- Eiichi Shibusawa (1840-1931) on the ¥10,000 note, is widely known as the “father of Japanese capitalism”.
- Umeko Tsuda (1864-1929) on the ¥5,000 note, was an educator and pioneer for Japanese women’s education.
- Shibasaburo Kitasato (1853-1931),on the ¥1,000 note, a bacteriologist and founding figure in Japanese medicine.
The back of each note showcases Tokyo Station’s Marunouchi Building, Japanese wisteria flowers, and Katsushika Hokusai’s famous artwork, “The Great Wave off Kanagawa.”