Japan issued new banknotes for the first time in 20 years on Wednesday.
A ceremony was held in the morning at the head office of the Bank of Japan in Tokyo’s Nihonbashi.
BOJ Governor Ueda Kazuo said that the bank plans to put 1.6 trillion yen, or about 9.9 billion dollars, worth of new banknotes into circulation on the day.
He said that while cashless transactions are becoming more prevalent, he believes that cash will continue to play a major role as it is a reliable payment method that can be used by anyone, anywhere and at any time.
Ueda added he hopes that the new notes will become widely distributed among the public and serve as a lubricant for the Japanese economy.
Shortly after 8 a.m., the central bank handed over batches of the new banknotes to financial institutions. Many financial institutions are expected to limit the handling of the new notes to select branches on Wednesday.
The face of the new 10,000-yen note is Shibusawa Eiichi, a businessman known as the father of the modern Japanese economy. He was involved in the launch or development of about 500 businesses, according to NHK.
The new 5,000-yen note features Tsuda Umeko, who was among the first Japanese women to go abroad for education.
