BOJ Won’t Exchange Old Yen Notes For New Designs

The Bank of Japan (BOJ)'s head office and branches will not exchange old notes for the new designs going into circulation on July 3.

It is the first time since November 2004 that Japan has redesigned its banknotes. I Photo: Kyodo News

The BOJ announced the policy on its website on May 17, Taiki Asakawa reported for Mainichi Japan.

It is the first time since November 2004 that Japan has redesigned its banknotes. The face of the new 10,000-yen note bears an image of Shibusawa Eiichi (1840-1931), known as the "father of capitalism in Japan."

The 5,000-yen note features education pioneer Tsuda Umeko (1864-1929), the founder of Tsuda University, while the 1,000-yen notes features microbiologist Kitasato Shibasaburo (1853-1931), who established the treatment for tetanus.

The official name for the bills is "Bank of Japan Notes," and they are issued by the BOJ. Only soiled or torn bills are accepted for exchange at the head office and 32 branches nationwide.

Therefore, the BOJ warns that bringing in intentionally soiled or damaged bills "cannot be exchanged (for the new notes) at the Bank of Japan, and may even be penalized under the law."