Yuri Kageyama
TOKYO (AP) — Japan on Wednesday issued its first new banknotes in two decades: yen notes that incorporate 3-D hologram technology to help prevent counterfeiting.
Prime Minister Fumio Kishida hailed the cutting-edge anti-counterfeiting technology on the new 10,000-yen, 5,000-yen and 1,000-yen notes as historic.
“I hope that the public will like the new banknotes and that they will help revitalize the Japanese economy,” the prime minister told reporters at the Bank of Japan.
The new banknotes were launched with a lot of fanfare, but those already in use will still be valid — in fact, old notes are still needed to use most vending machines and pay for bus fares, local media reported.
Kishida noted that the figures on the banknotes celebrate Japanese capitalism, women’s equality and scientific and technological innovation.
The 10,000 yen note, worth about $62 at the current exchange rate, features a portrait of Eiichi Shibusawa, a key figure in building Japan’s modern economy and known as the “father of Japanese capitalism,” who is credited with founding hundreds of businesses.
The 5,000-yen note (worth about $30) features Umeko Tsuda, a pioneering feminist and educator who founded a university, while the 1,000-yen note (worth about $6.20) features Shibasaburo Kitasato, a physician and bacteriologist who pioneered research into tetanus and bubonic plague.
The backs of each banknote feature Tokyo Station, wisteria flowers, and Mount Fuji by ukiyo-e artist Katsushika Hokusai.
The new banknotes feature larger font to make them easier to read, especially for an ageing population.
According to the government, about 7.5 billion new banknotes will be printed by the end of March next year, with an estimated value of 1.6 trillion yen ($10 billion) in new notes issued each day.
It may be some time before the general public gets their hands on the new notes: The bank said they will first be sent to banks and other financial institutions before being distributed to ATMs and shops.
The vast majority of transactions in Japan are still conducted in cash, and cashless payments have not taken off as quickly as in many other countries.
“While the world is moving towards a cashless society, we believe cash remains important as a means of safe payments anytime, anywhere,” Bank of Japan Governor Kazuo Ueda said.
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Associated Press videographer Mayuko Ono contributed to this report.
Yuri Kageyama is at X: https://twitter.com/yurikageyama
