Japan will introduce new banknotes on July 3, the first redesign in two decades

Japan will begin issuing new banknotes on Wednesday, touting them as the world’s first to use cutting-edge holography, which makes portraits of historical figures appear to rotate in 3D as an anti-counterfeiting measure.

The first design change in 20 years will see the 10,000 yen, 5,000 yen and 1,000 yen notes printed with larger denomination numbers than current ones, making them easier to identify for people of all ages and nationalities.

Visually impaired people will be able to recognize which banknote they are holding by touching it.

Shibusawa Eiichi (1840-1931), known as the “father of Japanese capitalism” for his work in founding around 500 companies, will be depicted on the front of the 10,000 yen note, while the red brick building of Tokyo Station can be seen on the back.

The 5,000 yen note features Tsuda Umeko (1864-1929), an educator who worked hard throughout her life to improve the social status of women. The reverse side features wisteria flowers, which have been highly valued in Japan since ancient times.

The 1,000 yen note features a portrait of Shibasaburo Kitasato (1853-1931), a microbiologist who is known as the “father of modern medicine in Japan” for his contributions to the treatment of tetanus. The reverse side features “The Great Wave off Kanagawa,” a work by ukiyo-e artist Katsushika Hokusai, depicting a large wave and Mount Fuji.

According to the government, about 7.5 billion new banknotes will be printed by the end of March next year. Existing banknotes will remain valid even after the introduction of the new banknotes.

As of the end of 2023, there were 18.54 billion banknotes in circulation in Japan. According to data from the Bank of Japan, if they were lined up horizontally, they would be eight times the distance between the Earth and the Moon.

The new banknotes come at a time when cash-loving Japan wants to promote cashless payments. The value of cashless payments is growing in the country, but still falls short of the government’s target of about 40% by 2023.

Cashless payments accounted for more than half of the total value in the UK, Canada and the United Kingdom as of 2021, according to data from industry groups in the US as well as China, Singapore and South Korea.