Is Japan's Currency Makeover Too Little, Too Late?

Introducing the Editorial Selection from the FT

Embark on a journey through the latest stories carefully curated by Roula Khalaf, the FT Editor. Delve into the captivating world of Japan’s upcoming introduction of new banknotes, symbolizing a convergence of science, education, and capitalism like never before.

Inflation or Suppression?
The unveiling of redesigned banknotes in Japan heralds a monumental shift, poised to impact the nation’s economy in unforeseen ways. With the integration of advanced anti-counterfeiting measures, these notes celebrate the contributions of revered figures such as Shibasaburo Kitasato and Umeko Tsuda. The selection of Eiichi Shibusawa for the ¥10,000 denomination highlights the intricate relationship between history and modernity.
The Evolution Towards Cashlessness
Japan’s transition towards a cashless society has been a decade in the making, with card and e-money transactions steadily climbing. This shift serves as a tribute to the ever-changing landscape of consumer behavior and economic trends. As Japan’s population dynamics evolve, the progression towards a cashless future is inexorable.
The Impending Challenges
The proliferation of cashless transactions poses unique challenges, particularly for the vast network of vending machines scattered across Japan. The need for recalibration or replacement to accommodate the new banknotes presents a monumental task. Rising costs associated with upgrading these machines may inadvertently impact small businesses, forcing them to adapt to the changing economic climate.

In conclusion, embracing change is essential for navigating the complex intersection of tradition and innovation. The imminent launch of Japan’s new banknotes marks a transformative moment in the nation’s economic narrative. Stay tuned for the unfolding chapters in this riveting saga of modernization and adaptation. Email [email protected] for more evolving stories from the FT.