In Japan's Move To Rolling Out New 3D Portrait Banknotes, Focus On Cashless Transactions, Strengthening Economy

Officials display enlarged versions of the new and old 10,000 yen banknotes during the "10,000 Yen Bill Handover Ceremony" at the Tokyo Stock Exchange. (Picture source: AP)

New Delhi: Japan has introduced new banknotes for the first time in two decades. This comes as the nation grapples with economic challenges, having recently lost its status as the world's third-largest economy to Germany. The country, now in the throes of a recession, hopes that the new currency will help bolster its economy. 

The National Printing Bureau of Japan has developed a distinctive technology for banknotes, using printed patterns to produce holograms of portraits that change direction based on the viewing angle. 

New Banknotes' Features 

On Wednesday, the Bank of Japan released the new notes into circulation, featuring advanced security technologies, including 3-D holograms. Prime Minister Fumio Kishida unveiled the new 10,000 yen, 5,000 yen, and 1,000 yen notes. 

He praised the anti-counterfeiting measures and expressed hope that the new notes would be well-received by the public. 

The introduction of these banknotes is seen as a step towards strengthening the Japanese economy. Despite the global shift towards cashless transactions, Bank of Japan Governor Kazuo Ueda stressed the importance of cash for secure payments anywhere and anytime. The new notes are expected to coexist with the existing ones, ensuring a smooth transition. 

Cashless Transactions On Rise 

Japan has seen a significant increase in cashless transactions over the past decade. In 2023, 39% of consumer spending was conducted through cashless payments. Despite this trend, the government and the Bank of Japan remain hopeful that the new banknotes will provide a boost to the struggling economy.