On Wednesday, July 3rd, three new versions of Japanese yen banknotes with denominations of 10,000, 5,000, and 1,000 started to circulate, marking the first issuance of new banknotes by the Japanese government in twenty years.
These new banknotes incorporate advanced anti-counterfeiting technologies, with a notable feature being the “3D hologram.” On the left side of each banknote’s front, there is a small portrait or floral design, which, when viewed from different angles, changes direction. This marks the first time such technology has been used on banknotes worldwide.
Prime Minister Fumio Kishida expressed his hope that the new banknotes will be embraced by the public, injecting vitality into the Japanese economy during a press conference at the Bank of Japan headquarters.
Kishida highly praised the advanced 3D holographic projection technology utilized in the new yen banknotes. This technology utilizes interference and diffraction principles to record projections and reproduce three-dimensional images of objects.
He also mentioned that the images on the new banknotes celebrate Japan’s capitalism, gender equality, and scientific innovation.
The new 10,000-yen (approximately $62) banknote features the portrait of Japanese industrialist Eiichi Shibusawa on the front and the exterior of the Marunouchi Building at Tokyo Station on the back. Shibusawa is known as the “Father of Japanese Modern Capitalism” and the “Father of Commerce,” having been involved in the founding and management of over 500 companies throughout his life.
The new 5,000-yen (approximately $30) banknote showcases the images of Japanese feminist pioneer and educator Umeko Tsuda and a wisteria flower.
On the 1,000-yen (approximately $6.20) banknote is the portrait of physician and bacteriologist Shibasaburo Kitazato, who played a crucial role in research on tetanus and plague treatments. The back features “The Great Wave off Kanagawa,” a woodblock print from the series “Thirty-six Views of Mount Fuji” by Ukiyo-e artist Katsushika Hokusai.
Changes on the new banknotes include the shape and positioning of tactile marks for identification, enlarged denomination numbers on both sides, and adjustments to the positions of holograms and margins to enhance identification and usability.
The dimensions of the new banknotes remain unchanged: 10,000 yen is 76×160 millimeters; 5,000 is 76×156 millimeters; and 1,000 is 76×150 millimeters.
The Japanese government plans to print nearly 7.5 billion new banknotes by the end of March next year (fiscal year 2024), with approximately 1.6 trillion yen (about $10 billion) in new banknotes to be issued on this Wednesday alone.
The new banknotes will first be delivered to banks and other financial institutions before being distributed to ATMs, stores, and other locations. It may take some time for the general public to use the new banknotes, but the old banknotes remain valid during the transition.
Most ATMs and ticket vending machines at stations have completed the switch to new banknotes, but conversion works for vending machines are ongoing. Cash transactions still dominate in Japan, with digital payment methods progressing relatively slowly.
Bank of Japan Governor Kazuo Ueda stated, “While the world is moving towards cashless transactions, we still believe that cash remains an important and secure means of settlement anytime, anywhere.”
(Reference: This article is based on a report from the Associated Press)