Circulation Status of the New Series of Bank of Japan Notes

Currency Issue Department
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Currency Issue Department: Bank of Japan

No 25-E-9, Bank of Japan Review Series from Bank of Japan

Abstract: The Bank of Japan introduced a new series of Bank of Japan notes on July 3, 2024. The transition to the new Bank of Japan notes has progressed steadily. Recently, however, as illustrated by the advancement of cashless payments, the environment surrounding cash has changed significantly, and the ratio of the new Bank of Japan notes to the total volume of banknotes in circulation has remained at a low level compared with when the Bank of Japan notes were renewed in 2004. This is thought to be due to (1) the increase in banknotes in circulation; (2) the decrease in receipts and payments of banknotes between financial institutions and the Bank; and (3) the difference in the scale of demand for the new Bank of Japan notes, reflecting differences in social conditions. The Bank of Japan will continue to make every effort to ensure the smooth circulation of the new Bank of Japan notes.

Date: 2025-09-30
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