Japan Issues New Banknotes Packed with 3D Hologram Technology To Fight Counterfeiting

Japan Issues New Banknotes Packed with 3D Hologram Technology To Fight Counterfeiting

Japan has issued its first new banknotes in twenty years on Wednesday, incorporating 3D hologram technology to combat counterfeiting.

Prime Minister Fumio Kishida hailed the state-of-the-art anti-counterfeit features of the new 10,000 yen, 5,000 yen, and 1,000 yen notes as historic.

“I hope the public will appreciate the new notes, and they will help invigorate the Japanese economy,” he told reporters at the Bank of Japan.

Although the new notes were released with great fanfare, existing currency will remain valid. In fact, people will still need older notes for most vending machines and to pay bus fares, according to local media.

Kishida pointed out that the individuals featured on the notes celebrate Japanese capitalism, women’s equality, and scientific innovation.

The 10,000 yen note, worth approximately £47 at the current exchange rate, features Eiichi Shibusawa, known as “the father of Japanese capitalism,” a pivotal figure in building Japan’s modern economy. He is credited with founding hundreds of companies.

The 5,000 yen note, worth about £23, features Umeko Tsuda, a pioneering feminist and educator who founded a college. The 1,000 yen note, worth about £4.70, portrays physician and bacteriologist Shibasaburo Kitasato, who was instrumental in researching tetanus and the bubonic plague.

The reverse sides of the notes feature Tokyo Station, wisteria flowers, and ukiyo-e artist Katsushika Hokusai’s Mount Fuji, respectively.

The new notes also feature larger printing to make them easier to read, especially for the nation’s ageing population.

By the end of March next year, nearly 7.5 billion new banknotes will have been printed, according to the government. The value of the new notes going into circulation in a single day is estimated at 1.6 trillion yen (£9.4 billion).

It may take some time for ordinary people to get hold of the new notes. They will first go to banks and other financial institutions before being distributed to automatic teller machines and shops, according to the Bank of Japan.

A majority of transactions in Japan are still conducted in cash, and cashless payments have been slower to catch on than in many other countries.

“Although the world is moving towards cashless interactions, we believe cash remains important as a way for safely settling payments anywhere and anytime,” said Bank of Japan Governor Kazuo Ueda.

NNEOMA UDENSI

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