Japan issued its first new banknotes in two decades Wednesday, yen packed with 3-D hologram technology to fight counterfeiting.
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.
While the new bills were released with fanfare, currency already in use will remain valid. In fact, people will still need older bills to use most vending machines and to pay bus fares, local media reported.
Kishida noted the people featured on the bills celebrate Japanese capitalism, women’s equality and scientific innovation.
The 10,000 yen bill, worth about $62 at the current exchange rate, has the face of Eiichi Shibusawa, known as “the father of Japanese capitalism,” a key figure in building Japan’s modern economy. He is credited with founding hundreds of companies.
The 5,000 yen bill, worth about $30, features Umeko Tsuda, a pioneer feminist and educator who founded a college. The 1,000 yen note, worth about $6.20, portrays physician and bacteriologist Shibasaburo Kitasato, who was instrumental in the research of tetanus and the bubonic plague.
The backs of each of the bills feature Tokyo Station, wisteria flowers and ukiyo-e artist Katsushika Hokusai’s Mount Fuji, respectively.
The new bills also feature larger printing so they’re easier to read, especially for the nation’s aging population.
By the end of March next year, nearly 7.5 billion new banknotes will have been printed, according to the government. The amount of money in the new bills going out in a single day is estimated at 1.6 trillion yen ($10 billion).
It may take some time for ordinary people to get hold of the new bills. They first are going to banks and other financial organizations. Then, they'll be distributed to automatic teller machines and stores, according to the Bank of Japan.
A majority of transactions in Japan still are done in cash and cashless payments have been slower to catch on than in many other countries.
“Although the world is moving toward cashless interactions, we believe cash remains important as a way for safely settling payments anywhere and anytime,” said Bank of Japan Gov. Kazuo Ueda.
© AP
28 Comments
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buchailldana
Toilet paper will be worth more than the ¥1000 note, the way we are going
tora
The staggering amount required to swap out all of the tills and machines with new ones that are able of accept the new bills. And the carbon footprint!
And since you're swapping them out, about making it so the new ones can actually take both the new and old 500 yen coins this time??
WoodyLee
I have NEVER heard of nor Seen any counterfeited Japanese money notes!?
So I don't know what is this counterfeiting talk is all about?
Beautiful designs can't wait to get my hands on them.
Kaowaiinekochanknaw
Look forward to seeing and using them.
Cash is Emperor.
Seawolf
WoodyLee, excactly. Seems to me they only did it because the older ones were swept out 20 years earlier, in 2004, so we have to keep it that way. Not only seems it very unneccessary during these hard times to burden small shops with the high costs of swapping out machines (no financial aid by the government? I guess they don't want to admit their bad timing), but it seems to be very rushed through with even those businesses that want to stay ahead, not being able to do it in time bc the companies that do this job are just overwhelmed!
Yubaru
This is a huge nightmare as now all vending machines, ticket places, train stations, anywhere that takes bills have to be changed out to accept the new bills.
They havent even finished with changing them out for the 500 yen coin and now this!
I'll bet conbini are busy!
Roger Gusain
Nice notes -- where can I get some?
Michael T Burns
@WoodyLee no, not counterfeit per-se, but there have been enough problems with similar looking foreign currencies being passed off with your "change" to warrant making posters as warnings... I used to see those posters everywhere in tourist areas.
Michael T Burns
Also, I don't use much cash myself lately. I use PASSMO on my phone, and recharge it using my phone, wherever possible (which includes vending machines nowadays). And in other places, I use PayPay. If I can't use either, I will use a Visa debit card, and cash is a last resort.
Entuojo
Good to know.
Aoi Azuuri
Today, Japanese domestic news shows spend many hours only to feature new paper money topics from morning until night with keeping in step, and they unnaturally mention almost nothing about metropolitan governor election despite only 4 days remaining until voting day.
sakurasuki
But those new bills can't be used against inflation or strong dollar. J Govt like nice things without real purpose.
Brian Wheway
Once the vending machines have been updated, will they still be able to accept the old ones? As for some above comments about going cashless, please don't, it's a absolute nightmare, I've been in places where they are only taking online payments, what happens when your phone plays up, the internet signal is non existent, you loose your phone, etc, in Europe they are making it a 50/50 split , I've been in places where is online only, I've offered cash and theve refused, it's been horrendous trying to buy food and drink at several places, I've had to give strangers some money and then they pay via an app, as for the new notes they look fantastic, the UK adopted this idea some years ago, IE, the bank notes are now made out of a polymer, what I like is they are waterproof!
quercetum
Yen in tatters. Too bad we couldn’t welcome these new bills under better circumstances.
Per World Bank, Russia has already surpassed Japan in terms of PPP.
Eastmann
new500yen coin issue with vending machines unsolved yet but hey we have new bills...wt.
Peter14
I only ever use cash, and any business that does not accept cash does not get my business. I will never alter that choice.
Pukey2
That's your choice but some of us don't like having 1 and 5 yen coins filling up the wallet. For me, it's card. I bet you never do online shopping or do you mail your coins through the post?
Sven Asai
Who really still cares, the very most of us don't have much of the old ones and also won't have much or even less of the new ones.
リッチ
Wish and hope they would fit better in a western or branded wallet. They are frankly to big. They always stick out. Designs look the same generally so it’s all a hoot for nothing. Not much color as well at all and like everything done with “safe” aspect to not rock the boat. Just think of the billions companies need to spend now or not. Perhaps people will just reject them when they don’t work anywhere.
リッチ
Pukey2
I also hate the 1 and 5 yen coins. They just remove them we don’t need them. It’s annoying that here they make you pay 501 yen etc and don’t have the concept of yen cup to avoid 499 in change. Haha
mrtinjp
currency already in use will remain valid.
How will this prevent counterfeiting, only way is to de-monetize existing currency.. that will immediately eliminate all fake currency and hush hush money in the existing currency.
u_s__reamer
“I hope the people will like the new bills, and they will help energize the Japanese economy,”
Hmm, it will take more than a new paper issue to energize the sinking Yen. Somehow I can't get into a celebratory mood especially given the state of the world when the morals of our leaders are circling the drain and so many cannot tell fact from fiction.
nandakandamanda
Wow, that last paragraph is closer to recognizing the reality on the ground than I had expected! Bravo!
Quote: “Although the world is moving toward cashless interactions, we believe cash remains important as a way for safely settling payments anywhere and anytime,” said Bank of Japan Gov. Kazuo Ueda.
deanzaZZR
I'd be happier with the widespread adoption of Apple (and Google) Pay. Somehow I get as much as 3% cash back with Apple Pay. It's financial magic I guess.
Mark
i love the new notes, well done Japan!
Claire
Excited to see these!
alex
Haha! The BoJ touting cash as 安全、安心, Japan's favorite marketing mantra.
The whole raison d'être of electronic money was to address cash's Achilles' heel - namely its vulnerability. Easy to steal, lose, copy, or destroy.
When my cash is stolen, or lost, then it's gone. End of. The bank does not replace it or refund me.
But when my credit card is scammed, or electronic payment is queried, I'll get an (immediate) refund after one phone call.