TOKYO, Japan, July 3: Japan unveiled its first new banknotes in two decades on Wednesday, featuring advanced 3-D hologram technology aimed at enhancing security against counterfeiting. Prime Minister Fumio Kishida hailed the release of the new 10,000 yen, 5,000 yen, and 1,000 yen bills as a "historic" step forward in currency design.

Speaking at the Bank of Japan, Kishida expressed optimism about the new bills, stating, "I hope the people will appreciate the new bills, which are designed to bolster confidence and energize the Japanese economy."

Despite the introduction of the new currency with much fanfare, existing banknotes will remain in circulation as valid legal tender. Reports from local media indicate that older bills will still be necessary for transactions in most vending machines and for paying bus fares.

Kishida highlighted the figures portrayed on the bills as symbols of Japanese achievement in capitalism, women’s equality, and scientific innovation. The 10,000 yen bill features Eiichi Shibusawa, renowned as "the father of Japanese capitalism" for his pivotal role in founding numerous companies and shaping Japan’s modern economy.

On the 5,000 yen bill is Umeko Tsuda, a pioneering feminist and educator who founded a women’s college, while the 1,000 yen note honors Shibasaburo Kitasato, a distinguished physician and bacteriologist noted for his research on tetanus and the bubonic plague.

Each bill also showcases iconic Japanese imagery on the reverse side, including Tokyo Station, wisteria flowers, and Katsushika Hokusai’s famous depiction of Mount Fuji.

In addition to enhanced security features, the new banknotes boast larger print to improve readability, particularly for Japan’s aging population.

The Japanese government plans to print nearly 7.5 billion of the new banknotes by the end of March next year, with an estimated daily circulation of 1.6 trillion yen ($10 billion).

Distribution of the new bills will begin with financial institutions before they are made available at ATMs and stores nationwide, according to the Bank of Japan. Despite global trends toward cashless transactions, Bank of Japan Governor Kazuo Ueda emphasized the ongoing importance of cash for secure and accessible payments.

Japan’s transition to the new banknotes is expected to be gradual, ensuring widespread availability and acceptance across the country’s predominantly cash-based economy.