New 10,000 yen ($62), 5,000 yen, and 1,000 yen went out for circulation in Japan as the nation slowly inches towards the cashless way. These notes are made anti-counterfeit featuring cutting-edge technology.
The first batches of the new bill were dispatched from the Bank of Japan’s head office by truck to financial institutions. These notes feature 3D hologram images of Japan’s historical figures. Some consumers may be able to lay their hands on the new currency in its initial days of circulation.
The BOJ plans to ship 1.6 trillion yen worth of the newly printed bills with its chief Kazuo Ueda underscoring the importance of banknotes as a “critical settlement method” even in the age of increasing cashless payments.
In Fukaya in Saitama Prefecture, near Tokyo, people even started a countdown to the day the new notes are released as new 10,000 yen features Eiichi Shibusawa (1840-1931), known as “the father of Japanese capitalism,” who was born in the city.
Industry data indicates that Japan is lagging behind nations such as China, South Korea, Singapore, Britain, and the United States in terms of the adoption of cashless payments. Even with some recent increases, mostly due to the COVID-19 epidemic, as of 2023, these payments still make up less than half of the total in terms of value. According to some commentators, if Japan decides to issue a digital yen and the trend toward cashless transactions continues, these new notes may wind up being the final ones in circulation.
The government gave notice in 2019 that it will be re-designing banknotes, giving companies and financial institutions time to be ready.