With Japan entering its new (Reiwa) era, certain changes are expected to take place in commemoration of this important event in the nation’s history and society.
And as Japan is looking to further strengthen its economic standing in the region through various initiatives involving foreign employment and business investments, it’s quite simple to make the connection with the government’s decision to update its banknotes in circulation to pay tribute to the people who have made a mark during the previous era as the nation ushers in the new.
Japan’s Banknotes to Get a Makeover After 15 Years
As mentioned, the government has announced that it will be redesigning its banknotes to incorporate the latest anti-forgery techniques and other progressive monetary innovations since 2004, according to Finance Minister Taro Aso, as reported by NHK World.
As part of the changes planned, the 10,000, 5,000, and 1,000-yen notes will be modified with designs incorporating fixtures in Japanese society who have contributed to the nation’s growth and development, as well as in the global platform.
The new 10,000 yen-note will bear the image of Eiichi Shibusawa, a famed industrialist in modern Japan. Shibusawa is also known as the “father of Japanese capitalism.” The reverse side of the note will feature the Tokyo train station building.
The 5,000 yen-note, on the other hand, will feature an image of Umeko Tsuda, a pioneer in women’s education in Japan, and is the founder of the Tsuda University in Tokyo.
And lastly, the 1,000 yen-note will feature bacteriologist Shibasaburo Kitasato, who was recognized for developing a treatment against tetanus. The reverse side of the note will showcase Japanese ukiyoe master Katsushika Hokusai’s work, “In the Well of the Great Wave off Kanagawa,” which is among the most famous woodblock prints in the world.
The new banknotes are expected to be released into circulation around 2024, and will feature holograms and other cutting-edge techniques to prevent counterfeiting.
By 2021, the redesigned 500 yen-coin will also be released.
According to the Finance Minister, the three prominent figures who will be featured on the new notes have made tremendous contributions in their respective fields, as well as to the nation’s rise in popularity in region, which comes perfectly in time for the entry of the new Reiwa era.