The Bank of Japan issued new banknotes on July 3, 2024, marking the first update in two decades. These new 1,000, 5,000, and 10,000 yen bills feature advanced anti-counterfeiting technology, historical figures, and culturally significant designs.
Key features of the new banknotes include:
- 3D Holograms: The new bills incorporate 3D hologram technology that makes the portraits appear to move when viewed from different angles. This is the first time this technology has been used in banknotes.
- Historical Figures: Each banknote honors individuals who have made significant contributions to Japanese society:
- The 10,000 yen bill features Eiichi Shibusawa, the “father of Japanese capitalism”.
- The 5,000 yen bill portrays Umeko Tsuda, a pioneer in women’s education.
- The 1,000 yen bill depicts Shibasaburo Kitasato, a bacteriologist who contributed significantly to medical science.
- Cultural Designs: The backs of the bills include iconic Japanese symbols:
- The 1,000 yen note displays “The Great Wave off Kanagawa” by Katsushika Hokusai.
- The 5,000 yen note features wisteria flowers.
- The 10,000 yen note shows the Marunouchi building of Tokyo Station.
- Enhanced Security: In addition to 3D holograms, the banknotes have high-resolution watermarks, microprinting, intaglio printing, and color-shifting ink.
- Accessibility: The notes also include tactile marks for the visually impaired and larger numerals.
The introduction of the new banknotes has presented some challenges for businesses. Many businesses need to upgrade or replace their payment machines, which is costly. While almost 90% of bank ATMs, train ticket machines, and retail cash registers are ready, many vending machines and other payment systems are not yet updated. Despite the government’s push for a digital economy, many transactions in Japan are still made using cash. Existing banknotes remain valid, so there is no need for consumers to rush to exchange their old currency.