High-tech cash: Japan launches banknotes with hologram portraits
TOKYO -Japan began circulating its first new banknotes in 20 years on Wednesday, featuring three-dimensional portraits of the founders of financial and female education institutions in an attempt to frustrate counterfeiters.
The step comes just as the economy moves into a growth-driven phase for the first time in three decades, he added. The new 10,000-yen note depicts Eiichi Shibusawa , the founder of the first bank and stock exchange, who is often called"the father of Japanese capitalism". Authorities plan to print about 7.5 billion newly-designed bills by the end of the current fiscal year, swelling the 18.5 billion banknotes, worth 125 trillion yen, in circulation by December 2023.
Cashless payments in Japan have almost tripled over the past decade to account for 39% of consumer spending in 2023, but still lag global peers and should rise to 80% to boost productivity, the government says.
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