Japan has released its first new banknotes in 20 years. The new yen bills include advanced 3-D hologram technology to prevent counterfeiting. Prime Minister Fumio Kishida called this update “historic” and praised the new anti-counterfeit features of the 10,000 yen, 5,000 yen, and 1,000 yen bills.
Kishida hopes that people will like the new bills and that they will help boost the Japanese economy. Although the new bills are being introduced, the older bills will still be usable. Many vending machines and bus fare systems will still require the older bills for a while, as reported by local media.
The faces on the new bills honor significant figures in Japanese history. The 10,000 yen bill, worth about 62 US dollars, features Eiichi Shibusawa, who is considered the “father of Japanese capitalism.” He played a crucial role in developing Japan’s modern economy and founded many companies.
The 5,000 yen bill, worth about 30 US dollars, displays the image of Umeko Tsuda, a pioneer in women’s education and rights. She founded a college and made significant contributions to women’s equality in Japan. The 1,000 yen note, worth about 6.20 US dollars, shows Shibasaburo Kitasato, a physician and bacteriologist known for his research on tetanus and the bubonic plague.
On the back of the new bills, there are different designs: Tokyo Station on the 10,000 yen bill, wisteria flowers on the 5,000 yen bill, and Mount Fuji, depicted by the famous ukiyo-e artist Katsushika Hokusai, on the 1,000 yen bill. The new bills also have larger print to make them easier to read, especially for older people.
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By the end of March next year, nearly 7.5 billion new banknotes will be printed, according to the government. On the first day alone, about 1.6 trillion yen (10 billion US dollars) worth of new bills will be released. However, it might take some time before ordinary people start seeing the new bills in their wallets.
Initially, the new bills will be distributed to banks and other financial institutions. After that, they will be available in ATMs and stores, as stated by the Bank of Japan.
Despite the global trend towards cashless payments, most transactions in Japan are still made with cash. Bank of Japan Governor believes that cash remains important for making secure payments anywhere and anytime.
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