Officials including Bank of Japan Governor Kazuo Ueda, Deputy Governor Ryozo Himino and Executive Director Hirohide Kouguchi attend a commemorative event on the day of the new notes of 10,000 yen, 5,000 yen and 1,000 yen went into circulation, at the BOJ headquarters in Tokyo, Japan, Jul 3, 2024.
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". "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" even when alternative payment methods prevail, Bank of Japan Governor Kazuo Ueda told a Wednesday ceremony celebrating the new notes.
Although cashless payments in Japan have almost tripled over the past decade to make up 39 per cent of consumer spending in 2023, that share lags global peers and should rise to as high as 80 per cent to improve productivity, the government says. "The machine replacement has no sales impact, so it's only negative for us, on top of rising costs of labour and ingredients," said Shintaro Sekiguchi, who spent about 600,000 yen for ticket machines at three ramen shops he runs in southern Tokyo.