Issuance of new banknotes for the first time in 20 years “The impact on the Japanese economy and its background”
✔️ Details of the new banknotes
On 2024/7/3, new banknotes were handed over from the Bank of Japan to various financial institutions, and they can be obtained at some financial institutions as early as the morning.
・The following 3 types of new banknotes
10,000 yen bill portrait of Shibusawa Eiichi, called the father of modern Japanese economy, 5,000 yen bill portrait of Tsuda Umeko who studied in America as the first female student in Japan, 1,000 yen bill portrait of Kitasato Shibasaburo, a bacteriologist who developed a treatment for tetanus
✔️ Response by financial institutions In order to spread the new banknotes, each financial institution is taking the following measures.
・Saitama Resona Bank
From the first day, it is possible to withdraw and exchange new banknotes at approximately 100 stores. Active measures are being taken to liven up Fukaya in Saitama Prefecture, where Shibusawa Eiichi is from.
・Mitsubishi UFJ Bank, Sumitomo Mitsui Bank, Mizuho Bank
In order to avoid confusion on the first day, stores that handle the new banknotes will be limited, and ATMs will be filled sequentially from the 4th onwards.
・Seven Bank
New banknotes will be filled into some ATMs on a trial basis on the first day, but it is expected that the number of old banknotes will continue to be high for the time being.
✔️ Status of industry compatibility Support for new banknotes differs from industry to industry. 80% to 90% of convenience store/supermarket cash registers and railway ticket vending machines have been updated. 60% to 70% of route bus fare boxes have been updated. There are only about 50% of coin parking and ticket vending machines at restaurants.
✔️ Compatibility status of JR companies JR companies are also proceeding with renewal work to support the new banknotes. Support has been completed for all approximately 4000 ticket vending machines within the JR East jurisdiction. Compatibility with approximately 700 ticket vending machines and ride-on checkout machines at JR Tokai Station has been completed, but some deposit machines are being updated. Support was completed at 69 of 114 JR Hokkaido stations, and 19 unmanned stations were unmanned. Support for at least 1 car has been completed at stations with JR West station staff, and ticket vending machines at unmanned stations are scheduled to be updated during this fiscal year. Support has been completed at 91 of the 108 JR Shikoku stations, and support for one-man car exchange machines is scheduled to be completed during this fiscal year. Support has been completed with half of JR Kyushu's approximately 600 ticket vending machines, and all support is scheduled to be completed by next December.
✔️ The reason for the design change
1. The most advanced hologram technology to prevent counterfeiting has been introduced, and a mechanism has been adopted that makes the image appear to move three-dimensionally when tilted at an angle. Also, the color of the numbers on the face value also changes.
2. Universal design To make it easier for foreigners and visually impaired people to use, notation that makes numbers larger and more prominent than kanji, and uneven printing that can be identified tactile is applied.
✔️ Status of preparations As of the end of June, the Bank of Japan has prepared 10,000 yen bills 2.9 billion, 5,000 yen bills, 300 million 1,000 yen bills, 2 billion 1,000 yen bills, a total of 5.2 billion new banknotes, and plans to add an additional 2.28 billion banknotes by next March. This is equivalent to 7.48 billion sheets, which is 46% of the banknotes currently issued.
✔️ Impact on the economy
Issuing new banknotes will incur handling costs in financial institutions and various industries in the short term. However, in the long run, the safety and convenience of transactions have improved due to improvements in anti-counterfeiting technology and the introduction of universal designs. In particular, strengthening anti-counterfeiting technology has a crime deterrent effect and contributes to economic soundness.
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