Japan Spruces Up Its Currency – IMF F&D
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Bibliographic details
- Authors: MELINDA WEIR
- Published: September 1, 2019
Overview
- The Japanese government announced a complete makeover for much of its currency in April 2019.
- Redesigns cover the three most commonly used banknotes: the 1,000, 5,000, and 10,000 yen bills, along with 500 yen coins.
- The banknotes, which are redesigned every 20 years, will go into circulation in 2024, while the new coins will debut earlier.
- The redesign marries cutting-edge anti-counterfeiting technology with world-renowned artwork and honors pioneers in science, business, and education.
Honored figures (faces on new banknotes)
- Eiichi Shibusawa (1840–1931)
- Featured on the 10,000 yen note (the most widely circulated banknote in Japan).
- Business leader and entrepreneur; founded the country’s first bank and approximately 500 other business and economic organizations, including the Tokyo Stock Exchange.
- Involved in founding hundreds of organizations promoting social welfare, education, and international exchange.
- Umeko Tsuda (1864–1929)
- Featured on the 5,000 yen note.
- A pioneer in women’s education; one of the first female students sent overseas on a government diplomatic program in 1871.
- Founded one of Japan’s first women’s colleges in 1900 (now Tsuda University).
- Shibasaburo Kitasato (1853–1931)
- Featured on the 1,000 yen note.
- Physician and bacteriologist; discovered a method to prevent tetanus, codiscovered the infectious agent responsible for bubonic plague, founded the Institute for Infectious Diseases, and was nominated for the Nobel Prize in 1901.
Design, art, and cultural elements
- The back of the 1,000 yen bill will highlight Hokusai’s Great Wave off Kanagawa (finished around 1830).
- The print uses a new shade of blue known as “Prussian blue,” imported from Europe.
- The composition frames Mt. Fuji and depicts fishermen in boats, conveying movement and stillness.
- Hokusai’s prints influenced artists abroad, including Claude Monet, Mary Cassatt, and Vincent Van Gogh.
- Images of wisteria flowers and a historic Tokyo train station building will appear on the backs of the 5,000 and 10,000 yen notes, respectively.
- The fronts of all three new banknotes will capture movement via sophisticated 3D holographic portraits.
Security and material features
- The new banknotes incorporate multiple anti-counterfeiting components:
- 3D holographic portraits that rotate when tilted (described by the Japanese Ministry of Finance as an international first).
- High-definition watermarks.
- Holographic stripes.
- A holographic patch.
- The material used for the banknotes will incorporate fibers native to Japan.
Cash usage, policy rationale, and expectations
- Despite government efforts to promote cashless transactions, cash remains very popular in Japan compared with other countries.
- While the cashless payment rate is rising, the amount of currency in circulation is increasing, in part because of saving habits.
- Ministry of Finance representatives state there is still a need to continue to provide currency with high confidence; they expect the new designs to achieve that.
Japan Spruces Up Its Currency – IMF F&D
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