The new banknotes use printed patterns to create 3D images, depending on the viewing angle, using a technology that Japan’s National Printing Agency says is a world first for paper money.
“The new banknotes will feature the faces of those who represent Japanese capitalism, women’s empowerment and technological innovation,” Japanese Prime Minister Fumio Kishida said at a ceremony.
He pointed out that this step comes at a time when the economy is moving into a growth-driven phase for the first time in 3 decades.
According to Reuters, although old banknotes are still in use, train stations, parking garages and shops are striving to upgrade payment devices, as the government encourages consumers and businesses to use cash less in an effort to digitize the economy.
The new 10,000 yen ($62) note depicts the founder of Japan’s first bank and stock exchange, Shibusawa Eiichi (1840-1931), often called the “father of Japanese capitalism.”
The new 5,000 yen ($30.93) note features a portrait of teacher Tsuda Umeko (1864-1929), who founded one of Japan’s first women’s universities, while the 1,000 yen ($6.19) note features medical scientist Kitasato Shibasaburō (1853-1931).
Japan’s monetary authorities plan to print regarding 7.5 billion new banknotes by the end of the current fiscal year.
These banknotes will be added to the 18.5 billion banknotes worth 125 trillion yen already in circulation as of December 2023.
“Cash is a safe means of payment that anyone can use, anywhere, anytime, and will continue to play an important role” despite alternatives, Bank of Japan Governor Kazuo Ueda said.
Source: Reuters
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2024-07-04 23:23:13
