NAIROBI, Kenya- In a bid to thwart counterfeiters and celebrate national icons, Japan has launched its first new banknotes in 20 years.
These notes feature cutting-edge holographic portraits of influential figures in finance, education, and science, marking a significant update in the country’s currency.
The new banknotes boast three-dimensional portraits that change depending on the angle of view, a world-first technology for paper money developed by Japan’s National Printing Bureau.
Prime Minister Fumio Kishida highlighted that the new bills showcase individuals who symbolize Japan’s advancements in capitalism, women’s empowerment, and technological innovation.
This move coincides with Japan’s economic transition into a growth phase for the first time in three decades.
Currency authorities plan to print approximately 7.5 billion new banknotes by the end of the current fiscal year, adding to the 18.5 billion notes already in circulation as of December 2023.
Despite the government’s push for digital transactions, cash continues to play a crucial role in Japan’s economy.
“Cash is a secure means of payment that can be used by anyone, anywhere, and at any time,” stated Kazuo Ueda, Governor of the Bank of Japan.
While the central bank explores digital currencies, there’s no decision yet on issuing a digital yen.
Businesses across Japan are upgrading their payment machines to accommodate the new bills.
