In an effort to deter counterfeiters, Japan started issuing new banknotes on Wednesday, the first in 20 years. The banknotes feature three-dimensional photographs of the women who founded education and banking organizations.

The National Printing Bureau of Japan says that the notes use a new technology that has never been used before for paper money. The technology involves printing patterns on the notes to create holograms of the pictures. These holograms can be seen from different angles.

Prime Minister Fumio Kishida mentions that the economy is entering a growth-driven era, which is the first time in thirty years. Big companies are giving their employees higher pay at the fastest rate in 33 years. But because of inflation caused by the yen losing value, people and businesses are not feeling optimistic about the economy. Existing bills will still be accepted. However, the government is encouraging businesses and customers to use less cash in order to modernize the economy. This has led to train stations, parking lots, and ramen shops rushing to upgrade their payment systems.

The new 10,000-yen note is designed to look like Eiichi Shibusawa. He is credited with founding Japan's first stock market and bank. It is common to refer to Shibusawa as "the father of Japanese capitalism" (1840–1931). The 1,000-yen bill features medical scientist Shibasaburo Kitasato. The 5,000-yen banknote honors Umeko Tsuda, a teacher who established one of Japan's first institutions for women. Kishida emphasized the use of cutting edge technology to combat counterfeiting, but in Japan, this is not a major problem. In 2023, police discovered 681 counterfeit banknotes — a marked drop from the 25,858 record high they had in 2004.

7.5 billion new banknotes will be produced by the government by the conclusion of the current fiscal year. By December 2023, this will raise the total quantity of banknotes to 18.5 billion, or 125 trillion yen. Cash, according to central bank governor Kazuo Ueda, is a safe method of payment that anyone, anywhere, at any time, can use. Cash will still be crucial, in spite of alternative options. The Bank of Japan has experimented with virtual currencies, but the government has not determined whether to issue a digital yen.