More than half in Japan have received new banknotes 1 month after launch: survey

TOKYO — More than 50% of people in Japan have managed to get their hands on the country’s first new banknotes in decades, according to a survey by a Tokyo-based information technology firm on the spread of the new paper currency one month after it was first rolled out in July.

The new cash notes feature all new faces in their first design updates since November 2004. Industrialist Eiichi Shibusawa is on the 10,000-yen note, which is historically equivalent to a 100-dollar bill if the currency rate was a dollar to 100 yen. The 5,000-yen notes, equivalent to $50 bills, feature Umeko Tsuda, founder of Tsuda University in Tokyo, while the 1,000-yen notes, akin to $10 bills, feature Shibasaburo Kitasato, considered the founder of modern medicine in Japan.

In the survey by Ceres Inc., the Shibuya Ward-based operator of the points site Moppy, 56.3% of respondents overall had picked up the new bills, with women in their 40s representing the highest percentage at 67.2%, followed by women in their 50s at 66.7%. Saturation was lowest among men in their 20s at 43.9%.

Asked if they were interested in the new banknotes, 55.7% of all respondents answered either “not interested” or “somewhat not interested.” The majority of those in their 30s to 70s were not interested, but among those in their 20s, “interested” and “not interested” were basically neck and neck, with 49.7% saying they were either “interested” or “somewhat interested” and 50.3% conversely indicating a lack of interest.

Survey takers were also asked what form of payment they hoped to see in 20 years. A total of 55.7% said they wanted to see greater than current use of digital transactions such as credit cards, e-money and QR code payments, while 38.8% said they hoped to maintain the current level of such systems and 5.6% said they wanted to see the use of physical money as the main form of payment.

By gender, there appeared to be a stronger tendency for men to favor the adoption of electronic payment formats, with 61.9% in the pro-digital payment camp and 31.9% for maintaining the current payment methods, compared to the 49.5% and 45.6% of women in each respective camp.

A Ceres public relations representative said that “For 20-somethings, these were their first new banknotes, which may have increased their interest compared to other age groups.” Regarding the fact that the percentage of men in their 20s who actually picked up the new bills was relatively low, they said, “I think the transition to cashless payments may have already advanced.”

The online survey of Moppy members was carried out from Aug. 9 to 13. Responses were received from a total of 2,160 people aged 20 to 92.

(Japanese original by Tsuyoshi Goto, Business News Department)