Circulation Status of the New Series of Bank of Japan Notes
September 30, 2025
Currency Issue Department
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.
Notice
The Bank of Japan Review Series is published by the Bank to explain recent economic and financial topics for a wide range of readers. This report, 2025-E-9, is a translation of the Japanese original, 2025-J-6, published in July 2025. If you have any comments or questions, please contact the Currency Issue Department (E-mail: post.cid1@boj.or.jp).