Key Takeaways
- 💴 Japan introduced new banknotes with 3D holograms to prevent counterfeiting
- 🏦 New 10,000-yen note features Eiichi Shibusawa, known as the father of Japanese capitalism
- 👩🏫 New 5,000-yen bill depicts educator Umeko Tsuda
- 🧪 1,000-yen bill showcases medical scientist Shibasaburo Kitasato
- 📈 Cashless payments in Japan have almost tripled in the past decade to 39% of consumer spending
- 🚆 90% of bank ATMs, train ticket machines, and retail cash registers are prepared for the new bills
- 🍜 Small businesses, such as ramen shops, face challenges with the cost of upgrading machines to accept new bills
Japan Introduces New Banknotes with Holograms
Japan has recently introduced a new series of banknotes featuring 3D holograms to enhance security and prevent counterfeiting. The new 10,000-yen note showcases Eiichi Shibusawa, a prominent figure in Japanese capitalism, while the 5,000-yen bill depicts educator Umeko Tsuda. Additionally, the 1,000-yen bill highlights the contributions of medical scientist Shibasaburo Kitasato.
Cashless Payments on the Rise in Japan
Over the past decade, cashless payments in Japan have nearly tripled, now accounting for 39% of consumer spending. With this shift towards digital transactions, many businesses and consumers are embracing the convenience of cashless payments.
Challenges for Small Businesses
While major establishments like bank ATMs, train ticket machines, and retail cash registers are ready to accept the new banknotes, small businesses, especially in sectors like ramen shops, face challenges in upgrading their machines to accommodate the new bills. This poses financial obstacles for these businesses as they navigate the transition to the updated currency.