The official website of the Bank of Japan officially released a new version of banknotes on the 14th, including three banknotes of 10,000 yen, 5,000 yen and 1,000 yen. The central bank said it expects the new banknotes to be issued in the first half of fiscal 2024.
The obverse of the new 10,000-yen note features the portrait of Japanese industrialist Eiichi Shibusawa, the 5,000-yen note features the profile picture of Japanese educational pioneer Umeko Tsuda, and the 1,000-yen note features the profile picture of Japanese scientist Kitasato Shibasaburo. The backs of the three banknotes have also been redesigned, including the Tokyo Station Building, wisteria flowers, and the Thirty-Six Views of Mount Fuji, a work by ukiyo-e artist Katsushika Hokusai. This is the first time Japan has changed the design of banknotes since 2004. In addition to the design update, the new version of banknotes uses the latest anti-counterfeiting technologies such as 3D holograms, the central bank said.
The currency renewal plan comes shortly after the Japanese government announced in 2019 that it would change the era name to Reiwa. Some experts analyzed that the move is intended to stimulate consumer psychology and boost personal consumption. In addition, the renewal of banknotes may also activate Japan’s “cash at the bottom of the box” that has increased sharply as the aging population continues to increase, and promote cash flow.
According to data released by the Bank of Japan, as of the end of last year, there were a total of 18.59 billion banknotes in circulation in Japan, with a total balance of 125.1 trillion yen. These banknotes are stacked up to the height of 492 Mount Fuji.
According to Japan’s Kyodo News Agency, the new version of banknotes will start mass production in June 2022.
