Japan has rolled out its first new banknotes in 20 years.

The changes apply to three denominations 1000 yen, 5000 yen and 10,000 yen.

The new notes boast added security features and use of some of the world’s first technologies to prevent counterfeiting.

So what’s new about the latest additions to the Japanese economy?

The new notes feature threedimensional portraits of historical figures, and use enlarged Arabic numerals for better identification of their face value.

The notes use printed patterns to generate holograms of the portraits facing different directions, depending on the angle of view.

Japan's National Printing Bureau says the technology used is the world's first for paper money.
The volume of new notes is staggering: 1.6 trillion yen.

And just like in India, while digital payments are picking up, cash payments remain in currency.

The new 10,000yen note depicts Eiichi Shibusawa, the founder of the first bank and stock exchange in Japan. He’s often referred to as the father of Japanese capitalism.

The 5,000yen bill portrays educator Umeko Tsuda, who founded one of the first women's universities in Japan.

The 1,000yen bill features a pioneering medical scientist Shibasaburo Kitasato.

Introducing new currency notes, be it in India, Japan or anywhere else for that matter, is a logistical nightmare.

Vending machines and ticketing machines need to be reconfigured.

Till that happens, the old currencies stay in use, even as the government encourages people and businesses to use less cash in its efforts to digitize the economy.

Smaller businesses and fast food restaurants such as ramen shops and beef bowl stores rely on ticket machines to cut labour costs.

Business owners battling inflation are unhappy at the extra investment the new notes entail.
About 90% of bank ATMs, train ticket machines and retail cash registers are prepared to accept new bills.

But only half of restaurant and parking ticket machines are ready, says the Japan Vending Machine Manufacturers Association.

Nearly 80% of 2.2 million drink vending machines nationwide also need upgrades. And that could take six months.

The central bank plans to print about 7.5 billion new notes by the end of the current financial year.
Cashless payments in Japan have almost tripled over the past decade.

It accounted for about 40 percent of consumer spending last year. The government wants to double that figure, to 80 percent.

Till then, it’s the burden of currency for the cashloving Japanese.

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