TOKYO: Japan put redesigned new bank notes into circulation on Wednesday for the first time in 20 years as the country is increasingly going cashless.

The Bank of Japan started delivering the new bank notes to financial institutions at its Tokyo head office and 32 branches across the country at 8 a.m. The central bank expects to deliver 1.6 trillion yen’s worth of new bank notes by the end of the day.

The new 10,000-yen note features a portrait of Eiichi Shibusawa, dubbed the father of Japan’s capitalism.

The new 5,000-yen note carries a portrait of Umeko Tsuda, who founded the current Tsuda University, while Shibasaburo Kitasato, a pioneer of the country’s modern medicine, appears on the new 1,000-yen note.

BOJ Governor Kazuo Ueda said in a ceremony that he hopes the new bank notes “will be widely distributed to the people to support the economic infrastructure of Japan.”

“Despite the trend toward cashless payment, cash is a secure means of payment that can be used by anyone, anywhere, and at any time, and it will continue to play a significant role,” he added.

“I’m delighted that I was able to witness a historic moment,” said a college student who was first in line to receive the new bills from an automated teller machine at a commercial bank branch in the city of Saitama. Fukaya, a nearby city in Saitama Prefecture, located just north of Tokyo, was the hometown of Shibusawa.

As of the end of June, the BOJ had stockpiled 2.9 billion 10,000-yen notes, 300 million 5,000-yen notes and two billion 1,000-yen notes.

The new bank notes feature advanced anti-counterfeiting technologies such as 3D holograms for the portraits.

The old bills can still be used. The Finance Ministry and the BOJ warn people of scams incorrectly claiming that the old bank notes can no longer be used.

JIJI Press