For the first time in 20 years, Japan is redesigning its banknotes. It was in 2004 when Japan had a new design of its banknotes.
As the new era, “Reiwa” is fastly approaching, the Government of Japan announced last Tuesday (April 9, 2019) that there will be a redesigned of banknotes for ¥10,000, ¥5,000 and ¥1,000 bills with additional technology to prevent imitation or fake bills. Minister Taro Aso, Finance Ministry, said the banknotes new design will be issued in the first half of the fiscal year of 2024. Not only that, ¥500 coin will also have a new design which will be issued in the first half of the fiscal year 2021.
After the issuance of the new design banknotes in 2024, Ministry of Finance, Japan said that the old banknotes will be considered valid and mostly be replaced after three to four years.