
On July 3, 2024, the contents of wallets in Japan underwent a significant change. New banknotes of 10,000 yen, 5,000 yen, and 1,000 yen were issued for the first time in 20 years, introducing new faces into our daily lives.
The familiar faces of Yukichi Fukuzawa, Ichiyo Higuchi, and Hideyo Noguchi have been replaced by new banknotes featuring Eiichi Shibusawa, Umeko Tsuda, and Shibasaburo Kitasato. This change is not merely a redesign.
In fact, the manufacturing of banknotes incorporates remarkable state-of-the-art technologies. This time, while unraveling the history of Japanese banknotes, let’s explore how modern printing techniques are intricately embedded in the banknotes we use daily.
Japanese Banknotes: From Their Beginnings to the Present
The Meiji Era: The Dawn of the Modern Monetary System
Japan’s modern monetary system began in the Meiji era. In 1871, the New Currency Act established the yen as the new unit of currency.
The following year, in 1872, banknotes called ‘Meiji Tsuho’ were issued. However, Japan did not have advanced printing technology at that time, so the original plates were made in Germany.

(https://www.npb.go.jp/museum/collection/gallery/osatu/german.html)
During this period, Japan was striving to absorb Western technologies in all fields, including banknote manufacturing. Implementing measures to prevent counterfeiting was crucial to ensuring the credibility of the currency.
For Japan, which was perceived as a developing country at the time, the ability to issue credible currency was a matter of life and death in gaining international recognition.
The Establishment of the Bank of Japan and the Birth of the ‘Daikoku Satsu’ Banknotes
In 1882, with the enactment of the Bank of Japan Act, the Bank of Japan was established, marking a significant turning point in Japan’s financial system.
In 1885, the first Bank of Japan notes, the ‘Old Ten Yen Notes,’ were issued. Subsequently, the Old One Yen Notes, Old Five Yen Notes, and Old Hundred Yen Notes were issued, each featuring the image of Daikokuten, which led to them being called ‘Daikoku Satsu’ notes.
Among the banknotes issued at that time, only the Old One Yen Notes can still be used today. It is astonishing that banknotes from over 100 years ago are still usable.

(https://www.npb.go.jp/museum/collection/gallery/osatu/german.html)
The Post-War Turmoil and the Era of Prince Shotoku
After World War II, Japan’s monetary system faced significant turmoil. Under the directives of the GHQ and the impact of high inflation, there were considerable challenges, including the inability to issue newly designed banknotes.
However, even amidst such challenges, Prince Shotoku continued to shine as the face of the banknotes, just as he had before the war.
It was first adopted on the ‘100 yen note’ issued in 1930, and later appeared as the face on various high-denomination banknotes such as the 1,000 yen note, the 5,000 yen note, and the 10,000 yen note, watching over Japan’s rapid economic growth after the war.
For many Japanese people, the image of Prince Shōtoku has long been associated with the 10,000 yen note.
To the Present: Changing Faces
In 1984, Japan’s banknotes underwent significant changes. Yukichi Fukuzawa was featured on the 10,000 yen note, Inazo Nitobe on the 5,000 yen note, and Soseki Natsume on the 1,000 yen note.
Subsequently, the faces on the banknotes gradually changed, and as of July 3, 2024, the new faces are Eiichi Shibusawa, Umeko Tsuda, and Shibasaburo Kitasato.
These individuals are not merely famous figures; they greatly contributed to Japan’s modernization. Their spirit is carried on in the new banknotes.
Eiichi Shibusawa was adopted for his role in fostering new industries, Umeko Tsuda for her contributions to women’s advancement, and Shibasaburo Kitasato for his advancements in science. They were chosen because they made significant contributions in areas that are still relevant to modern challenges, making them fitting figures for our everyday currency.
Additionally, from the perspective of preventing counterfeiting, the availability of high-precision photographs was also a factor in their selection.
The Remarkable Technology of Banknote Production
Since Japan’s first banknote, the ‘Daikokuten,’ anti-counterfeiting measures have been implemented. The watermark technology, which is still used today, was adopted back then. Additionally, the use of blue ink, which was difficult to photograph with the photographic technology of the time, helped prevent counterfeiting.
Various advanced technologies are also used in current banknotes. These technologies are essential for preserving the value of the banknotes and preventing counterfeiting.
The Historic ‘Watermark’
By varying the thickness of the paper, differences in light and dark are created, making the design faintly visible. In addition to portraits, there are also bar patterns that cannot be read by copiers and other machines.
Intaglio Printing You Can Feel
This printing method allows ink to be raised. It is used for identification marks for the visually impaired, denomination numbers, and the text ‘Bank of Japan Notes.’ This technology, which feels rough to the touch, also plays a role in preventing counterfeiting.
Holograms Requiring Advanced Design and Technology
This technology uses advanced optical design and processing techniques to create a three-dimensional representation of the subject. The new banknotes employ even more advanced technology, causing the images and colors to change depending on the viewing angle.
Pearl Ink
Pearl ink is a special type of ink that exhibits a pink sheen when the banknote is tilted. It is also used in stamp printing.
Amazing Microprinting! Microtext
Microtext is text so tiny that it cannot be discerned with the naked eye. The text ‘NIPPONGINKO’ is printed, but it is so small that it cannot be reproduced by regular copiers.
Special Luminescent Ink
Also known as anti-counterfeiting ink, this printing is visible only under blacklight (ultraviolet light). Some patterns glow under this light.
As a result of these technologies, Japanese banknotes are considered the most difficult to counterfeit in the world. For every one million banknotes, the number of counterfeit notes in circulation is starkly different: 100 in the United States, 207 in the United Kingdom, and 63 in Europe, compared to just 0.3 in Japan.
Stamp-like Perforated Stickers Perfect for Promotions
Now, speaking of postage stamps, with the desire to let people easily experience advanced technology, Tokyo Shiki has been manufacturing ‘stamp-like perforated stickers’ for over 10 years. While not as advanced as banknote technology, we use our unique laser processing technology to create custom-designed perforated stickers for stationery and toys.
This product offers special added value for companies looking to enhance their brand appeal or those considering creating souvenirs for events. It can be produced in small quantities, so please feel free to contact us.