Japan to Introduce New Banknotes with Cutting-Edge Technology
Tokyo, Japan â€" Japan is set to release new banknotes on July 3rd, featuring groundbreaking 3D holography technology. This innovative feature will create a rotating 3D effect for the portraits of historical figures, marking a significant advancement in anti-counterfeiting measures.
The move comes as part of Japan's ongoing efforts to combat counterfeiting. This is the first redesign of the banknotes in 20 years.
New Banknotes Feature Larger Denominations and Tactile Symbols
The new 10,000 yen, 5,000 yen, and 1,000 yen banknotes will boast larger denomination numbers, making them easier to recognize for individuals of all ages and nationalities.
Additionally, tactile symbols will be incorporated, allowing visually impaired individuals to identify the denominations.
Notable Figures Adorn New Banknotes
The 10,000 yen note will feature Eiichi Shibusawa (1840-1931), known as the "father of Japanese capitalism," alongside the red-brick Tokyo Station on the back.
The 5,000 yen note will showcase Umeko Tsuda (1864-1929), an educator who championed women's rights. The reverse side will depict wisteria blossoms, a beloved flower in Japan since ancient times.
The 1,000 yen note will feature Shibasaburo Kitasato (1853-1931), a microbiologist hailed as the "father of modern Japanese medicine" for his contributions to tetanus treatment. The back of this note will display "The Great Wave off Kanagawa," a renowned Ukiyo-e woodblock print by Katsushika Hokusai, showcasing towering waves and Mount Fuji.
Millions of New Banknotes to Enter Circulation
The Japanese government anticipates printing nearly 7.5 billion new banknotes by the end of March next year. Current banknotes will remain legal tender after the new ones are released.
Japan, a predominantly cash-based society, is striving to encourage cashless transactions. While the value of non-cash transactions has been on the rise, it has yet to reach the government's target of 40% by 2023.
A Shift Towards Cashless Transactions
Data from industry groups indicates that non-cash transactions surpassed 50% of all transactions in the UK, Canada, and the US, along with China, Singapore, and South Korea in 2021.
The introduction of these new banknotes equipped with cutting-edge technology aims to bolster Japan's efforts in promoting cashless transactions, contributing to its modernization and financial inclusivity.
Summary:
Japan is unveiling new banknotes on July 3rd, featuring innovative 3D holography technology to combat counterfeiting. The 10,000 yen, 5,000 yen, and 1,000 yen notes feature prominent historical figures and larger denominations for better recognition. Tactile symbols cater to visually impaired individuals, while the back of the 1,000 yen note showcases the iconic "Great Wave off Kanagawa" print. The introduction of these new banknotes reflects Japan's ongoing efforts to encourage cashless transactions and align with global trends.