Japan’s New Banknotes Released 3 July 2024: What Travellers Need to Know

Introduction

Old Notes Remain Valid

Old banknotes will remain valid indefinitely. Whether you have older designs from 2004 or even earlier, you can use them without any issues. This ensures a smooth transition for everyone, from locals to tourists.

Using the New Banknotes

The new banknotes can be used just like the old ones. You can spend them at stores, restaurants, and vending machines across Japan. However, during the initial period following their release, some vending machines, ticket machines, and currency exchange machines might not accept the new notes due to the time required for these machines to be updated.

Why New Banknotes?

Japan periodically redesigns its banknotes, approximately every 20 years, to combat counterfeiting. The last redesign was in 2004, making it time for a fresh change. The new notes feature updated anti-counterfeiting technologies and celebrate significant Japanese achievements. The ¥10,000 note now features Eiichi Shibusawa, known as the “Father of Japanese Capitalism.” The ¥5,000 note honours Umeko Tsuda, a pioneer in women’s education, and the ¥1,000 note features Shibasaburo Kitasato, a prominent figure in modern medicine.

Prime Minister Fumio Kishida expressed his enthusiasm for the new designs, stating, “I hope the people will like the new bills, and they will help energise the Japanese economy.”

Picture courtesy of National Printing Bureau Website

How to Exchange Aussie Dollars to Japanese Yen

For those travelling to Japan, having cash yen on hand is crucial. One of the best ways to exchange foreign currency is through WeXchange, which is conveniently location in Melbourne CBD at 80 Collins St. Here’s how you can do it:

Online Order

1. Visit WeXchange Website: Go to WeXchange to check the best rates for currency exchange.
2. Order Online 24/7: Order Online and lock-in your rates, desired denominations, and desired amount.
3. Pick up from the Store: Visit our conveniently located Melbourne CBD Store on your selected date to pick up your Japanese Yen cash.

In-Store

1. Visit WeXchange Website: Go to WeXchange to check the best rates for currency exchange.
2. Exchange Your Currency In-Store: Visit our conveniently located Melbourne CBD Store and we will help to get desired denominations and amount. We suggest to call in advance to confirm if it is available on the day. In the case of large amounts, we can also arrange an order in-store.

Additional Tips

• Pre-Exchange Before Arrival: It’s advisable to exchange currency before arriving in Japan to avoid any inconvenience at the airport or upon immediate arrival.
• Use ATMs: In Japan, ATMs at convenience stores often accept foreign cards, allowing you to withdraw yen directly. But be aware that these usually have high fees and bad exchange rates.
• ¥2,000 Note: The ¥2,000 note is still in use, but was not updated in the latest redesign. It remains valid but is rarely used.
• ¥500 Coin: Some vending machines do not accept the new ¥500 coin that was updated in 2021.

Conclusion

The introduction of new banknotes in Japan is an exciting development aimed at enhancing security and celebrating the country’s achievements. While the old notes remain valid, the new designs offer a fresh look and advanced features. Ensure you’re prepared by exchanging your currency through WeXchange and enjoy a hassle-free experience during your visit to Japan.