After 20 years of using the same banknotes, Japanese citizens will soon be using newly designed money that will sport new faces and added security features. According to the Japanese government, they will be rolling out new 10,000, 5,000, and 1,000 yen bills in the first half of 2024. The only note that will remain the same following the banknote redesign will be the 2,000 yen bill. The last time that Japanese bills were redesigned was in 2004.
One of the main reasons for the change in the Japanese currency's design was to add new layers of security to prevent counterfeiting. Since 2004, anti-counterfeiting technologies have greatly improved and it is now becoming more and more difficult for criminals to print out fake money.
One of the measures to prevent criminals from counterfeiting the new bills is the adoption of high-definition watermark patterns, which will be found on the new bills.
Newly developed printers and printing technologies will be placing 3D holograms on the new bills, which will apparently move when viewed from different angles. The new technology is reportedly quite expensive, which should make counterfeiting a less profitable endeavor for would-be criminals.
In Japan, banknote redesigns have happened every 20 years or so. Announcements of banknote changes are often made five years prior to the new bill's official circulation date.
This is to give ample time for companies and businesses to adapt to the changes. The advanced announcement is particularly important for companies that use machines to accept and give out money such as vending machine and ATM machine manufacturers.
In the past, banknotes issued after World War II in Japan contained images of Shotoku Taishi and politicians in the Meiji era. This practice has now apparently shifted, as the notes now feature different icons from Japanese culture and business.
The 10,000 Japanese yen, for example, will now feature the country's business icon figure Eiichi Shibusawa, who is considered to be the "father of Japanese capitalism." Shibusawa led the introduction of Western capitalism to Japan following the Meiji Restoration.
Meanwhile, the new 5,000 yen note will bear the image of Umeko Tsuda, the original founder of Tsuda University. The new 1,000 yen note, on the other hand, will feature the Japanese bacteriologist Shibasaburo Kitasato.
Japan's Finance Minister, Taro Aso, announced during a press conference that they had chosen the figures on the new notes very carefully to represent Japan's commitment in empowering women and developing the country through science and technology. The minister reiterated that the three figures selected to appear on the new bills all deserve to be on the new banknotes in this day and age.
The Japanese government also revealed that it will be redesigning the 500 yen coin, which will be released earlier in the first half of 2021. The new coins will be bi-colored and will feature a white copper material.
