Cash-based Japan issues first new bills in two decades


TOKYO — Japan issued its first new banknotes in two decades Wednesday, yen packed with 3-D hologram technology to fight counterfeiting. Prime Minister Fumio Kishida praised as “historic” the state-of-the-art anti-counterfeit traits of the new 10,000 yen, 5,000 yen and 1,000 yen bills. “I hope the people will like the new bills, and they will help energize the Japanese economy,” he told reporters at the Bank of Japan. While the new bills were released with fanfare, currency already in use will remain valid. In fact, people will still need older bills to use most vending machines and to pay bus fares, local media reported. Kishida noted the people featured on the bills celebrate Japanese capitalism, women’s equality and scientific innovation. The 10,000 yen bill, worth about $62 at the current exchange rate, has the face of Eiichi Shibusawa, known as “the father of Japanese capitalism,” a key figure in building Japan’s modern economy. He is credited with founding hundreds of companies.The 5,000 yen bill, worth about $30, features Umeko Tsuda, a pioneer feminist and educator who founded a college. The 1,000 yen note, worth about $6.20, portrays physician and bacteriologist Shibasaburo Kitasato, who was instrumental in the research of tetanus and the bubonic plague.​
I didn't know Japan was still so reliant on cash. Do you think the new bills will encourage people to use cash more, or will cashless transactions continue to rise?
Wow, new bills after two decades! I think this change is quite significant for Japan, though it'll be interesting to see how quickly they circulate. 💸🇯🇵