Japan has issued new banknotes featuring 3D holograms intended to thwart counterfeiters.
This is the first design change in two decades.
The government announced its plan to redesign the banknotes in 2019, allowing time for financial institutions and businesses to prepare.
The bills feature holograms of historical figures whose orientation changes depending on the angle they are viewed at, which according to Japanese authorities, is the world’s first.
The 10,000 yen banknote features the image of Eiichi Shibusawa, an industrialist and government official credited with shepherding Japan’s economic modernisation during the Meiji era.
The 5,000 yen bill depicts Umeko Tsuda, a pioneer in women’s education who founded the forerunner to Tokyo’s Tsuda University.
The 1,000 yen note portrays Shibasaburo Kitasato, a bacteriologist who helped develop a method to prevent tetanus and diphtheria.
On the back side of the ¥10,000, ¥5,000 and ¥1,000 notes are Tokyo Station’s Marunouchi Building, Japanese wisteria flowers and ukiyo-e painter Katsushika Hokusai’s iconic “The Great Wave off Kanagawa,” respectively.
The new bills also feature larger printing so they’re easier to read, especially for the nation’s aging population and they have tactile marks for the visually impaired.
The new banknotes also adopt enlarged Arabic numerals for better identification of their face value, replacing the Japanese kanji characters on the previous series.
Bills that are already in circulation will continue to be accepted as valid currency.
Those bills feature Philosopher and Educator Yukichi Fukuzawa, Writer Ichiyo Higuchi and Bacteriologist Hideo Noguchi.
It may take some time for ordinary people to get hold of the new bills.
According to the Bank of Japan, the bills will first go to banks and other financial organizations. Then, they will be distributed to automatic teller machines and stores.
Speaking at the ceremony held at the central bank’s Currency Issue Department, Bank of Japan (BOJ) Governor, Kazuo Ueda said that cash would continue to be important despite the country’s shift towards digital payments, which has lagged developed peers.
“Cash is a secure means of payment that can be used by anyone, anywhere, and at any time, and it will continue to play a significant role,” Ueda averred.
He added that he hopes the new banknotes will serve as a “lubricant” supporting the nation’s economy.
Japan is known for its heavy reliance on cash.
Ueda stated that the Bank of Japan expects to introduce a total of ¥1.6 trillion ($9.9 billion) worth of new banknotes into circulation on Wednesday, July 3, 2024, alone.
The government has said that it expects to print about 7.5 billion new banknotes by March of next year.
At a joint briefing with the BOJ Governor, Japanese Prime Minister, Fumio Kishida emphasized the banknotes’ user-friendly design for the visually impaired and foreign nationals.
He described the selection of the portraits of historic figures who represent Japanese capitalism, women’s empowerment and scientific and technological innovation as “truly fitting for the new era.”
“I hope that the new banknotes will be embraced by the public and bring vitality to the Japanese economy,” Kishida told reporters at the Bank of Japan.
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