Japan to launch new banknotes; 1st design change in 20 years

How long are the old notes good for?

How long are the old notes good for?

Forever. At a flea market, I bought a Meiji era 五銭円 note which apparently is still legal currency - if I had another 95, I'd have one yen and be able to use them.

This'll cost me money, though. I'm in the habit of sending American family members units of Japanese currency for their enjoyment, and now I'll have to do it again.

Whe is Japan coming out with the fifty or hundred thousand yen notes?

How long are the old notes good for?

It will remain valid for many many years to come. Don’t worry! You can check the Ministry Of Finance Japan website for it because they’ll announce any changes to the situation many weeks in advance. They’ll gradually remove it from circulation through natural flow with the banks ( it’s like banks will start to return old notes to the reserve bank of Japan and only put in new notes in their atm machines. Overtime gradually less and less old notes will remain in circulation). So no specific date will be announced for the old notes to be returned as that will just cause havoc… they’ll remain valid for usage!

Congrats'

I hope they will be smaller in size, Japan's 10,000 yen note is HUGE, it don't fit in most simple back pocket daily use wallets.

Also PLEASE re issue the 2,000 yen note it is so convenient and Beautiful in design.

Can't wait to see the New Bills.

Whe is Japan coming out with the fifty or hundred thousand yen notes?

Why? 50 yen notes would be a waste of money, and 100,000 one's are just as unnecessary and would be a waste of money as more and more people are going cashless.

Oh and another thing, 50 yen notes would not make any sense either!

The rumors on the Japanese interwebs are that they come with new tracking tech to let authorities know who hold how much cash.

As you are still not able to use the new ¥500 in many vending machines or train stations, are they ready for this?

Look good..

But I love the old ones..

kurisupisuToday  07:16 am JST

Whe is Japan coming out with the fifty or hundred thousand yen notes?'

You had the opportunity to say they should have added another zero on there and you failed.

While I like Kitasato and Tsuda, and that famous Hokusai wave in blue on the 1000, I'm not really a fan of the design. The current and previous series, which are mainly Japanese on the front and international on the back, have just the right balance. The new ones overemphasize the Western numerals (and a previous mock-up I saw even had "Bank of Japan" in English on the front below 日本銀行券). Also, why is the "1" slightly different "1000" and "10000"?

When the 2000-yen notes came out years ago they were beautiful and a model for what banknotes should look like. They weren't popular outside Okinawa, but I wish whoever had designed it had been give the reins to redesign the other ones, because the 1000, 5000, and 10000 are all downgrades.

The designs are nice but the font used for the number is poor, and does not match the nice designs at all.

But… will the 1000 yen note work in vending machines that don’t take the new ¥500 coins?

The tails side of the 1000¥ looks pretty rad. It’ll be hot with the surfers.

It's only a stop gap. With the way inflation is going, it won't be long before they reissue these as ¥1,000, ¥5,000 and ¥10,000 coins.

Also PLEASE re issue the 2,000 yen note it is so convenient and Beautiful in design.

The ¥2000 will never change. It was issued to commemorate the Okinawa climate expo 2000.

It is still in regular circulation, but people who save in cash are hoarding the 2000 for the very reason that it will never change.

I did notice that they are more common in Okinawa, where I got 3 2000s in change when I used a 10,000 at family mart.

Or you could go to a bank and say you want 2000s.

The designs are nice but the font used for the number is poor, and does not match the nice designs at all.

It is an appropriate font for what will shortly become monopoly money

Great designs and notable historical figures instead of politicians. I'd say this currency change is well thought out.

With the USD on the way to 1 / 200 JPY, the 10,000yen note will only be worth $50.

"We're gonna need a bigger bank"

As they've been talking about this for quite some time now, I hope the vending machine operators have updated their machines this time, unlike when the Y500 coins were updated last year. I had many months of coins being rejected at drink machines and parking lots after the new coins came out. So annoying.

What about the 2000 yen note ?

what is the kanji used on the ¥10,000 note please? to the left of 万円....

what is the kanji used on the ¥10,000 note please? to the left of 万円....

壱

what is the kanji used on the ¥10,000 note please? to the left of 万円....

That means and is read “ichi.”

I'm wondering if all vending machines will have to be updated to accept the new banknotes.

Diagonalslip, 一 can too easily be modified to 二 or 三 in legal documents or currency, so the more complex character 壱 is often used - same meaning and pronunciation but impossible to alter.

I'm wondering if all vending machines will have to be updated to accept the new banknotes

Probably and it will be a living nightmare. There are still machines and parking lots that won’t accept the new ¥500 coin, so you expect some headaches for a long time, unless they have a massive plan to simultaneously implement new machines around the same time, but this being Japan, I doubt it.

As far as electronic pay is concerned you might have better luck using that than hard paper currency for now until the system is securely put in place.

The Hokusai Wave is nice. As someone with poor vision, these look like they might be easier to distinguish. Coins on the other hand will remain a challenge, and so it goes.

I have a 2,000 yen and 2 dollar bill kept in my wallet at all times as a good luck charm. Love the designs on both of these. As for the new bank notes, the only thing I see off about these are the numbers and how they are oversized and the fonts are a bit questionable. And I agree with the statements above and that I hope machines accept these new bank notes, otherwise I won't be able to order ramen with those kenbaikis that only accept cash.

Hopefully the old vending machines, parking booths or similar are going to be upgraded very soon, since there are still millions of them not accepting the new 500¥ coin which is extremely annoying.

Also,

The value of cashless payments has been increasing in the country, but was still shy of the government's target of around 40 percent in 2023.

The government should fine the banks then, who are getting the biggest transaction percentage in the world, therefore making the transition very slow sadly.

PTownsend

The Hokusai Wave is nice. As someone with poor vision, these look like they might be easier to distinguish. Coins on the other hand will remain a challenge, and so it goes.

The coins are so vastly different in appearance and feel between denominations, I can't imagine people having difficulty differentiating them. They are certainly easier to differentiate with one's eyes closed than paper currency.

 And I agree with the statements above and that I hope machines accept these new bank notes, otherwise I won't be able to order ramen with those kenbaikis that only accept cash.

It looks like bad news in that department:

https://japantoday.com/category/national/japanese-ramen-restaurants-under-pressure-from-new-yen-banknotes

I hope the small shops with these machines can find a way to cope with the change and avoid going bust.

Japan will start issuing new banknotes on Wednesday, showcasing what it touts is the world's first use of cutting-edge holography that makes the portraits of historic figures look like they are rotating in 3D on the bills, one of their anti-counterfeit measures.

…

Eiichi Shibusawa (1840-1931), known as "the father of Japanese capitalism" who helped establish around 500 companies, will be featured on the 10,000 yen note, with the red-brick building of Tokyo Station depicted on the back.

The 5,000 yen note will feature educator Umeko Tsuda (1864-1929), who during her lifetime strove to raise the status of women in society. Wisteria flowers, cherished in Japan since ancient times, will appear on the reverse side.

The 1,000 yen note will use the portrait of microbiologist Shibasaburo Kitasato (1853-1931), dubbed "the father of modern Japanese medicine" for his contributions to the treatment of tetanus. On the flipside is "The Great Wave off Kanagawa," a work by ukiyo-e artist Katsushika Hokusai depicting big waves and Mount Fuji.

They did a good job with these—a) attractive, high quality design and b) three historical figures who did a lot for Japan.

—

garypenToday  09:42 am JST “ As they've been talking about this for quite some time now, I hope the vending machine operators have updated their machines this time, unlike when the Y500 coins were updated last year. I had many months of coins being rejected at drink machines and parking lots after the new coins came out. So annoying. “

Tell me about it!

the father of Japanese capitalism

that’s good for a laugh

All these places that installed self check out and machines to cut cost and turn their customers into employees now are probably going to be needing staff again to actually count change. The insert and get the change without thought days are over I hope. I wonder if anyone knows how to count change back here anymore. I can remember them before seeking out calculators for simple money change back years ago. Once had a total of 1011 yen and give the lady 5061 yen. She had to search for a calculator to know to give me 4050 yen in change. These days I am sure are back. lol

Why is the number "1" different on 1千 and 1万. That quite some inconsistency.

Interesting.. at the end of the article, written is that Govt. was targeting 40% cashless payments by the end of 2023. Which basically means over 60% of retail transactions are done with cash in Japan. Now... that said, think about Japan's demographics. Currently around 48% of Japan's population is 50 and older, by 2034 it is expected to hit 54%. The U.S., even with baby boomers, is at 36%, 50 or older. So my point, and you probably have figured it out, older people do not well adapt to newer methods of doing things... so Japan will continue to fight an uphill battle on this front.

LagunaToday  10:08 am JST

Diagonalslip, 一 can too easily be modified to 二 or 三 in legal documents or currency, so the more complex character 壱 is often used - same meaning and pronunciation but impossible to alter.

thank you!!!!!

リッチ

Once had a total of 1011 yen and give the lady 5061 yen. She had to search for a calculator to know to give me 4050 yen in change.

Maybe because nobody does that. 5,011 would be the norm in that situation. 10,011, as well.

What you did was totally unnecessary, as you had the 11yen to make it 5,011 or 10,011.

You gave her an extra 50yen for no valid reason. Were you just deliberately trying to be difficult?

I remember the last time they changed them, I was surprised how fast the change was. You couldn't see any of the old ones in just a couple of days.

LagunaToday  10:08 am JST

....assumed it must mean 'ichi' but couldn't find it anywhere, not least because the 冖 radical is elongated downwards. as for the reason.... makes sense! thanx again....

Probably and it will be a living nightmare. There are still machines and parking lots that won’t accept the new ¥500 coin, so you expect some headaches for a long time, unless they have a massive plan to simultaneously implement new machines around the same time, but this being Japan, I doubt it.

As far as electronic pay is concerned you might have better luck using that than hard paper currency for now until the system is securely put in place.

Most probably, just another manufactured annoyance to push more and more companies and zombie card tappers into the digital slave trade.

The current denominations are correct and what we need. ¥1,000. ¥5,000. ¥10,000.

wallace

The current denominations are correct and what we need. ¥1,000. ¥5,000. ¥10,000.

They could definitely use a ¥50,000 note.

New banknotes, at a time they are barely worth the paper they are printed on.

A huge cost is needed to adapt all equipments to recognize the new note

New banknotes, at a time they are barely worth the paper they are printed on.

Inarguable point to make for sure.

Banknotes are government-issued IOU's.

garypen

wallace

The current denominations are correct and what we need. ¥1,000. ¥5,000. ¥10,000.

They could definitely use a ¥50,000 note.

Why there is no need. 5 x ¥10,000 does not occupy too much room in your wallet.

Banknotes are government-issued IOU's.

The Bank of Japan issues banknotes - not the Government

Article 1 (1) of the Japan Bank Act.

wallace

"They could definitely use a ¥50,000 note."

Why there is no need. 5 x ¥10,000 does not occupy too much room in your wallet.

Simple math will tell you they take up 5 x the thickness in a flat wallet, and a whopping 10 x thickness in a bi-fold wallet, which would be quite noticeable in a pants pocket. I'd much rather carry 1 ¥50,000 and 2 or 3 ¥10,000 than 7 or 8 ¥10,000 notes in my wallet. Wouldn't you?

I can understand the discontinuance of $500, $1000, and $5000 notes in the US with the ubiquity of cashless payments. But, in a largely cash society, like Japan, paying for larger ticket items would be much easier, with less chance of error, using ¥50,000 notes.

EDIT: Doh! I realized the second I hit "post" that in a bi-fold wallet, it's still 5x thickness, as the 10,000 was also folded in half.

Delete and Edit options are sorely needed in the JT comments sections.

KaowaiinekochanknawToday 01:18 pm JST

Banknotes are government-issued IOU's.

The Bank of Japan issues banknotes - not the Government

Article 1 (1) of the Japan Bank Act.

yes, ok but

The Governor and the Deputy Governors shall be appointed by the Cabinet,

garypen

many Japanese carry ¥100,000 in their wallets/purses. 10 x ¥10,000.

The number font is really ugly and as pointed out above, the 1 is different on the 1000 between the 10000. This is a clear mistake. I would expect a "its perfectly acceptable because this is Japan" reason/excuse to be provided if you pointed it out, but I'm sorry, Japanese people do not get to exclusively say how non-Japanese writing systems should be used (cf. romaji). Non Japanese writing systems have non Japanese rules and customs.

On its website, the BOJ calls itself the "Bank of Japan", not "NIPPON GINKO" in romaji. The expression "NIPPON GINKO" only has meaning if you can understand the words "Nippon" and "Ginko". There won't be many people who can understand "Nippon" and "Ginko" but cannot read and understand the "日本銀行" kanji on the face of the note. It would therefore make more sense, i.e., add meaning to hundreds of millions more people, to simply write "Bank of Japan" and not "NIPPON GINKO".

@wallace - and even so. You're still wrong, regardless on who appoints the Governors. BOJ is still independent whichever way you want to spin it.

I'd venture a guess note usage is, and will remain high in the inaka amongst the aged for quite a while yet.

Little use for notes in the city these days.

The Governor and the Deputy Governors shall be appointed by the Cabinet,

Yes. However, But they don't work for, or on behalf of the Government, although may work in request to help stabilize exchange policy.

Therefore IOU of banknotes is from the BoJ, to the Government and hence the taxpayer.

Of course as a business .the BoJ must adhere to the Law as much as a convinience store would.

The BoJ are a juridicual person and officers cannot be involved in public office.

For interest:

(Article 26(1)An officer of the Bank of Japan (excluding counselors; hereinafter the same applies in this Article and Articles 31 and 32) must not conduct any of the following acts during their term of office:

(i)becoming a candidate for the Diet, for any council of a local government, or for any elected public office;

(ii)becoming an officer of any political body including a political party, or actively engaging in political activities;

.,.

(2)If an officer of the Bank of Japan becomes a candidate for the Diet, for any council of a local government, or for any elected public office, that officer is deemed to have resigned as an officer of the Bank.)

rainman1

@wallace - and even so. You're still wrong, regardless on who appoints the Governors. BOJ is still independent whichever way you want to spin it.

I'd venture a guess note usage is, and will remain high in the inaka amongst the aged for quite a while yet.

I wouldn't know I don't live there. I live in a city.

Little use for notes in the city these days.

Cash is still required in all cities.

Laguna

Forever. At a flea market, I bought a Meiji era 五銭円 note which apparently is still legal currency - if I had another 95, I'd have one yen and be able to use them.

I doubt it.... can you actually buy something for 1 yen?

And still made out of paper.

Very little cash is truly needed here in Tokyo. I only use for Ramen and my laundry pick up these days , or settling gambling debts at my place of work. My Visa Debit/Touch card , Taxi Apps and Suica pretty much cover life here.

Banknotes are government-issued IOU's.

Wallace, perhaps that was true when currency was tied to gold, but in the age of fiat, that is no longer the case. Money is three things: a liquid asset used to facilitate transactions of value; a store of value (sans hyperinflation - when people are paid daily and race against the clock to turn their fiat into any sort of hard asset as quickly as possible); and a unit of account that can measure the value of goods.

My grandfather, who worked in various Asian countries in the '70s, bought a hand-carved Chinese canopy bed (it was gorgeous!) for $10,000 (which in 1970 was the equivalent of about $81,000 today) and sold it in the mid 80s for $50,000, the equivalent of about $151,000 today. He almost doubled the real value of his purchase price on that bed. Inflation calculators are available free on the Web - they're kinda fun.

Oh - and I asked him, "Wow! Is it really worth THAT MUCH?!" He answered, "The price is right if the customer pays it."

3 million tourists visited Tokyo in April. They all needed cash.

And still made out of paper.

Lindsay, American banknotes are made from cotton. That's why they don't disintegrate if you leave one in your pocket when you launder your pants.

Quote: "The new notes come as cash-loving Japan is aiming to push for cashless payments. The value of cashless payments has been increasing in the country, but was still shy of the government's target of around 40 percent in 2023. As of 2021, such payments had already accounted for more than half of the total in Britain, Canada and the United States as well as China, Singapore and South Korea, according to industry group data."

Who in 'cash-loving Japan' is aiming to push for cashless payments, and why? This article is written as though cash is bad and cashless (being pushed by unknown forces) is good.

When there is a natural disaster anywhere in the world where the electricity goes down, cards and mobile phones are useless and cash suddenly becomes king again, (for those who still have some), and Japan is a particularly disaster-prone country.

@wallace - and even so. You're still wrong, regardless on who appoints the Governors. BOJ is still independent whichever way you want to spin it.

I'd venture a guess note usage is, and will remain high in the inaka amongst the aged for quite a while yet.

Little use for notes in the city these days.

Agreed--right on the money!

What I am really missing from this article, and the comments, is: How necessary is it to have new notes right now? I don't remember any news from the near past about fake money in big scale, save the clumsy home-copied ones. Small eating joints that use ticket machines bc of staff shortages and sanitary reasons already have to cope with steadily rising costs for all raw materials now have to spend a lot of money just to get new machines. "Upgrading" is very easy to say, but looking at news shows, it just aint that easy. More like throwing out the old ones on the "Sodai-gomi", and buy shiny brandnew ones...on top of that, the factories producing these ticket machines have to work overtime just bc the Almighty Bank of Japan decides to push that new money out now rather than half a year later...

Umeko Tsuda, a Christian, engaged in efforts to promote the education of women and egalitarianism due to her religion.

Whe is Japan coming out with the fifty or hundred thousand yen notes?

Never...

LOL

If they were lined up horizontally, it would be equivalent to eight times the distance between Earth and the Moon...

How many banknotes would it take to get to mars?

Riveting and modern design there, wow

Well, if so many readers here dislike the idea of ￥50,000 yen bills, how about learning from ￥1,000 and ￥2,000, and going at least for ￥20,000 yen notes? That would make your suitcase lighter by half!

rainman1

My Visa Debit/Touch card , Taxi Apps and Suica pretty much cover life here.

Meaning that your life here is run by data, and the administrator of the data can see every little part of it (and can shut it down). Cash is freedom. That many young people so easily accept total control is sad.