A Money Makeover

• Author: Melinda Weir
• Position: MELINDA WEIR is on the staff of Finance & Development.
• Pages: 56-57

56 FINANCE & DEVELOPMENT | September 2019

CURRENCY NOTES

PICK UP A 1,000 yen bill in a few years a nd you’ll

likely encounter a 3D holographic image of a

groundbreaking microbiologist on one side and one

of the world’s most recognizable ukiyo- e woodblock

prints on the other. On the 5,000 and 10,000 yen

bills, you’ll nd 3D images of a women’s educa-

tion pioneer and the man known as the father of

Japanese capitalism.

e Japanese government recently announced

a complete makeover for much of its currency. In

April 2019 the nance ministry re vealed redesigns

of the three most commonly used ba nknotes (the

1,000, 5,000, and 10,000 yen bills) along with 500

yen coins, marry ing cutting-edge anti-counterfeiting

tech with world-renowned art work and honoring

pioneers in science, business, and education.

e banknotes, which a re redesigned every 20

years, will go i nto circulation in 2024, while the

new coins will debut earlier.

Trio of leaders

e new banknotes honor a trio of 19th and

20th century lea ders in the development of early

modern Japan.

•

Eiichi Shibusawa (1840–1931), the “father of

Japanese capitalism,” will be featured on the

10,000 yen note, the most widely circulated

banknote in Japan. Shibusawa was a busi-

ness leader and entrepreneur who founded the

country’s rst bank, a long with approximately

500 other business and economic organi za-

tions, including the Tokyo Stock Exchange

and a number of businesses stil l in existence.

He was also a champion of civil society,

believing that public interest shou ld come

before prots, and was involved in the found-

ing of hundreds of organiz ations promoting

social welfare, education, and international

exchange. He once observed t hat an economy

has no national borders.

•

Umeko Tsuda (1864–1929), a pioneer in wom-

en’s education, will be featured on the 5,000

yen note. As a young child in 1871, Tsuda was

one of the rst female students sent overseas to

study on a government diplomatic program, just

two decades af ter Japan’s 200-year-plus period

of isolation ended. She returned to Japan and

fought for women’s higher education, eventually

founding one of the country’s rst women’s

colleges in 1900 (now Tsuda University).

•

Shibasaburo K itasato (1853–1931), a physi-

cian and bacteriologist, wi ll be the face of the

1,000 yen note. Kitasato discovered a method

Umeko Tsuda, founder of one of Japan’s first women’s colleges, will be featured on the new 5,000 yen note.

A Money Makeover

Japan spruces up its currency with holograms,

trailblazers, and iconic art

Melinda Weir