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Japan Issues New Currency After 20 Years… "New Currency Fever" Heralds Changes in Japanese Society
- Writing language: Korean
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- Economy
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Summarized by durumis AI
- On July 3, 2024, Japan issued a new currency for the first time in 20 years, resulting in long lines at banks as citizens tried to obtain the new bills, while stores were busy updating their vending machines.
- In particular, some stores responded to the new currency issuance by switching to cashless payment methods rather than replacing their vending machines.
- The Japanese government aims to increase the cashless payment rate to 80%, and it remains to be seen whether this new currency issuance will accelerate the transition to a "cashless" society.
On July 3, 2024, a new currency was issued in Japan for the first time in 20 years. Long lines were seen in front of banks in the morning to get the new currency, and some stores were busy updating their vending machines and cash registers.
In Osaka Umeda, a special edition newspaper announcing the issuance of the new currency was distributed, and many commuters were delighted to get their hands on it. One citizen said, "I was looking forward to the issuance of the new currency, and I am happy to have obtained it today. Of course, I will keep it as a souvenir." Another citizen said, "It's been 20 years! It's amazing. Cash is still the best! Thank you (laughs)."
Stores are also quickly adapting to the new currency. "Dairi Anko," a ramen shop in downtown Osaka, began preparing its vending machines six months ago for the use of the new currency. However, the deputy manager said, "We didn't switch until the end of last month. We barely finished in time. Due to the semiconductor shortage, the machines themselves were not available..." He expressed his difficulties. This ramen shop kept the vending machines themselves the same and only changed the internal system to accommodate the new currency. The cost of the change was about 150,000 yen. The deputy manager said, "If you have the new currency, please come visit us."
According to the Japan Automatic Vending Machine System Industry Association, as of July 3, over 90% of ATMs and 50% of food vending machines can accept the new currency. On the other hand, some stores are giving up on replacing their vending machines and switching to cashless payment methods. In addition, for transportation facilities, about 80-90% of railways, 60-70% of buses, and 20-30% of vending machines can use the new currency.
According to the Ministry of Economy, Trade and Industry, Japan's cashless payment rate was 39.3% last year, which is low compared to other countries. Factors such as high trust in cash, the convenience of ATMs, and aversion to credit cards are analyzed to be hindering the spread of cashless payments in Japan. The Japanese government aims to increase the cashless payment rate to 80% in the future, and it remains to be seen whether this new currency issuance will accelerate the shift to a "cashless" society.
