Cash-based Japan issues first new bills in two decades, designed against counterfeiting

TOKYO (AP) — Japan issued its first new banknotes in two decades Wednesday, yen packed with 3-D hologram technology to fight counterfeiting.

Prime Minister Fumio Kishida praised as “historic” the state-of-the-art anti-counterfeit traits of the new 10,000 yen, 5,000 yen and 1,000 yen bills.

“I hope the people will like the new bills, and they will help energize the Japanese economy,” he told reporters at the Bank of Japan.

While the new bills were released with fanfare, currency already in use will remain valid. In fact, people will still need older bills to use most vending machines and to pay bus fares, local media reported.

Kishida noted the people featured on the bills celebrate Japanese capitalism, women’s equality and scientific innovation.

The 10,000 yen bill, worth about $62 at the current exchange rate, has the face of Eiichi Shibusawa, known as “the father of Japanese capitalism,” a key figure in building Japan’s modern economy. He is credited with founding hundreds of companies.

The 5,000 yen bill, worth about $30, features Umeko Tsuda, a pioneer feminist and educator who founded a college. The 1,000 yen note, worth about $6.20, portrays physician and bacteriologist Shibasaburo Kitasato, who was instrumental in the research of tetanus and the bubonic plague.

The backs of each of the bills feature Tokyo Station, wisteria flowers and ukiyo-e artist Katsushika Hokusai’s Mount Fuji, respectively.

The new bills also feature larger printing so they’re easier to read, especially for the nation’s aging population.

By the end of March next year, nearly 7.5 billion new banknotes will have been printed, according to the government. The amount of money in the new bills going out in a single day is estimated at 1.6 trillion yen ($10 billion).

It may take some time for ordinary people to get hold of the new bills. They first are going to banks and other financial organizations. Then, they'll be distributed to automatic teller machines and stores, according to the Bank of Japan.

A majority of transactions in Japan still are done in cash and cashless payments have been slower to catch on than in many other countries.

“Although the world is moving toward cashless interactions, we believe cash remains important as a way for safely settling payments anywhere and anytime,” said Bank of Japan Gov. Kazuo Ueda.

AP Videographer Mayuko Ono contributed.

Yuri Kageyama is on X: https://twitter.com/yurikageyama

Fukaya Mayor Susumu Kojima, right, Nakatsu Mayor Masanori Okuzuka, left, perform a ceremony during the "10,000 Yen Bill Handover Ceremony" at Tokyo Stock Exchange Wednesday, July 3, 2024, in Tokyo. New 10000 yen bill featuring a portrait of Shibusawa Eiichi, the "father of Japanese capitalism.", from Fukaya city. Nakatsu city is where Yukichi Fukuzawa, a figure of previous 10000 yen bill, was from. (AP Photo/Eugene Hoshiko)

Visitors look at the "10,000 Yen Bill Handover Ceremony" at Tokyo Stock Exchange Wednesday, July 3, 2024, in Tokyo. New 10000 yen bill featuring a portrait of Eiichi Shibusawa, the "father of Japanese capitalism."(AP Photo/Eugene Hoshiko)

Fukaya Mayor Susumu Kojima, right, Nakatsu Mayor Masanori Okuzuka, left, perform a ceremony during the "10,000 Yen Bill Handover Ceremony" at Tokyo Stock Exchange Wednesday, July 3, 2024, in Tokyo. New 10000 yen bill featuring a portrait of Shibusawa Eiichi, the "father of Japanese capitalism.", from Fukaya city. Nakatsu city is where Yukichi Fukuzawa, a figure of previous 10000 yen bill, was from. (AP Photo/Eugene Hoshiko)

Officials attend the "10,000 Yen Bill Handover Ceremony" at Tokyo Stock Exchange Wednesday, July 3, 2024, in Tokyo. Newly designed banknotes, 10,000 yen (about US$61), 5,000 yen (about US$30) and 1,000 yen (about US$6) went into circulation Wednesday for the first time in 20 years. (AP Photo/Eugene Hoshiko)

Officials attend the "10,000 Yen Bill Handover Ceremony" at Tokyo Stock Exchange Wednesday, July 3, 2024, in Tokyo. Newly designed banknotes, 10,000 yen (about US$61), 5,000 yen (about US$30) and 1,000 yen (about US$6) went into circulation Wednesday for the first time in 20 years. (AP Photo/Eugene Hoshiko)

Bank of Japan Governor Kazuo Ueda delivers a speech during a ceremony marking the releases of new banknotes at the BOJ headquarters in Tokyo, Japan, Wednesday, July 3, 2024. The words at bottom read: New Bank of Japan banknotes start being issued. (Japan Pool/Kyodo News via AP)

Japanese Prime Minister Fumio Kishida, right, and Bank of Japan Governor Kazuo Ueda hold the country’s new banknotes in a frame, during a ceremony to mark the release of the banknotes, at the BOJ headquarters in Tokyo, Japan, Wednesday, July 3, 2024. (Japan Pool/Kyodo News via AP)

Bank of Japan Governor Kazuo Ueda, center, looks on as new banknotes are being delivered, at the BOJ headquarters in Tokyo, Japan, Wednesday, July 3, 2024. (Japan Pool/Kyodo News via AP)

New banknotes are pulled to a vehicle to transport them to financial institutions, at the Bank of Japan headquarters in Tokyo, Japan, Wednesday, July 3, 2024. (Japan Pool/Kyodo News via AP)

Bank of Japan Governor Kazuo Ueda delivers a speech during a ceremony to unveil new banknotes at the BOJ headquarters in Tokyo, Japan, Wednesday, July 3, 2024. (Japan Pool/Kyodo News via AP)

Japanese Prime Minister Fumio Kishida, right, and Bank of Japan Governor Kazuo Ueda hold the country’s new banknotes in a frame, during a ceremony to mark the release of the banknotes, at the BOJ headquarters in Tokyo, Japan, Wednesday, July 3, 2024. The words at bottom read: New Bank of Japan banknotes start being issued. (Japan Pool/Kyodo News via AP)

Officials pose with enlarged copies of the new and old 10000 yen banknotes during the "10,000 Yen Bill Handover Ceremony" at Tokyo Stock Exchange Wednesday, July 3, 2024, in Tokyo. New 10000 yen bill featuring a portrait of local figure Shibusawa Eiichi, the "father of Japanese capitalism." From Fukaya City. Nakatsu City is where Yukichi Fukuzawa, a figure of previous 10000 yen bill, was from. (AP Photo/Eugene Hoshiko)

A person shows new 10,000, 5,000 and 1,000 Yen banknotes after he withdrew bills from a ATM machine at a bank Wednesday, July 3, 2024, in Tokyo. Japan issued its first new bills in two decades Wednesday, packed with 3-D hologram technology to fight counterfeiting. Newly designed banknotes, 10,000 yen (about US$61), 5,000 yen (about US$30) and 1,000 yen (about US$6) went into circulation Wednesday. (AP Photo/Ayaka McGill)

A staff holds an enlarged copies of the new and old 10000 yen banknotes after the "10,000 Yen Bill Handover Ceremony" at Tokyo Stock Exchange Wednesday, July 3, 2024, in Tokyo. Newly designed banknotes, 10,000 yen (about US$61), 5,000 yen (about US$30) and 1,000 yen (about US$6) went into circulation Wednesday for the first time in 20 years. (AP Photo/Eugene Hoshiko)

Officials pose with enlarged copies of the new and old 10000 yen banknotes during the "10,000 Yen Bill Handover Ceremony" at Tokyo Stock Exchange Wednesday, July 3, 2024, in Tokyo. New 10000 yen bill featuring a portrait of local figure Shibusawa Eiichi, the "father of Japanese capitalism." From Fukaya City. Nakatsu City is where Yukichi Fukuzawa, a figure of previous 10000 yen bill, was from. (AP Photo/Eugene Hoshiko)

Japanese Prime Minister Fumio Kishida, right, and Bank of Japan Governor Kazuo Ueda hold the country’s new banknotes in a frame, during a ceremony to mark the release of the banknotes, at the BOJ headquarters in Tokyo, Japan, Wednesday, July 3, 2024. (Japan Pool/Kyodo News via AP)

NEW YORK (AP) — U.S. stocks are sticking near their records following a jobs report that showed a slowdown in hiring and contained nuggets of data for both optimists and pessimists. The S&P 500 was virtually unchanged at the start of trading on Friday. The Dow Jones Industrial Average slipped 0.1%, and the Nasdaq composite rose 0.1%. Treasury yields sank following the nuanced U.S. jobs report, which reinforced belief on Wall Street that the U.S. economy’s growth is slowing and that the Federal Reserve will cut interest rates later this year. Bitcoin tumbled again, and its value against the dollar is back to where it was in February.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

(AP) — Wall Street was mixed in slow post-holiday trading ahead of the June jobs report, which could influence the Federal Reserve's next interest rate decision.

Futures for the S&P 500 inched up less than 0.1% before the bell Friday and futures for the Dow Jones Industrial Average fell less than 0.1% after the Fourth of July holiday.

The U.S. government will give its comprehensive update about how many workers employers added to their payrolls during June. Traders are watching such numbers closely in hopes that they will show the economy is slowing enough to prove that inflation is under control, but not so much that it will tip into recession.

That would raise the likelihood of the Federal Reserve cutting interest rates that it has been keeping at two-decade highs, which would alleviate pressure on the economy by making borrowing less costly.

Economists believe that employers added 190,000 jobs — a solid gain, though down from a robust 272,000 in May. Job openings have also steadily declined this year. While layoffs remain relatively low, they have risen the past month or so and the number of Americans collecting jobless benefits is at its highest level since late 2021.

The report “will play a crucial role in shaping expectations for near-term Federal Reserve rate cuts," said Anderson Alves of Activ Trades. "Markets currently anticipate a reasonable chance of two rate cuts this year, contrasting with the Fed’s median forecast of just one reduction in 2024."

Tesla picked up another 1.7% early Friday and was on track for its eighth straight winning day after reporting earlier this week that sales fell again last quarter, but not as sharply as many had believed. Its shares are up nearly 36% since June 24.

Elsewhere, shares were broadly higher in Europe after Britain’s Labour Party prevailed over the Conservatives in this week’s national election.

In London, the FTSE 100 initially climbed 0.3% before falling back to no gain. The British pound rose to $1.2786 from $1.2760 late Thursday. The euro rose to $1.0821 from $1.0812.

Britain experienced a run of turbulent years during Conservative rule that left many voters pessimistic about their country’s future. The U.K.’s exit from the European Union followed by the COVID-19 pandemic and Russia’s invasion of Ukraine battered the economy. Rising poverty and cuts to state services have led to gripes about “Broken Britain.”

Labour leader Keir Starmer faces the daunting task of reinvigorating a stagnant economy and dispirited nation.

Germany's DAX jumped 0.8% after the government agreed on a budget for 2025 and a stimulus package for Europe’s largest economy, ending a monthslong squabble that threatened to upend Chancellor Olaf Scholz’s center-left coalition.

The disagreements had fueled speculation that the already unpopular government could collapse and prompt a snap parliamentary election in which Germany could follow other European countries by swinging toward the political right.

The CAC 40 in Paris rose 0.3%.

In Asian trading, Japan’s benchmark Nikkei 225 topped 41,000 early Friday but then fell back from Thursday’s record close of 40,913.65. It shed just over 1 point to end at 40,912.37 after the government reported that consumer spending fell 1.8%, more than forecast, in May.

The dollar slipped to 160.66 Japanese yen from 161.26 yen.

Hong Kong's Hang Seng lost 1.3% to 17,799.61 and the Shanghai Composite index gave up 0.3% to 2,949.93. The Shanghai benchmark has been trading near its lowest levels since February.

The Kospi in Seoul jumped 1.3% to 2,862.23 after Samsung Electronics forecast that its operating profit in the second quarter will balloon more than 15 times from a year earlier to 10.4 trillion won ($7.52 billion).

Like Nvidia, Taiwan's TSMC, Tokyo Electron and other computer chip makers, Samsung is benefiting from a rebound in the semiconductor industry as applications using artificial intelligence take off.

Elsewhere in the region, Australia's S&P/ASX 200 slipped 0.1% to 7,822.30. Taiwan's Taiex edged 0.1% higher and the SET in Bangkok was up 0.8%.

U.S. benchmark crude oil gained a penny to $83.87 per barrel in electronic trading on the New York Mercantile Exchange.

Brent crude, the international standard, declined 13 cents to $87.30 per barrel.

Bitcoin tumbled again, falling another 3.8%. The cryptocurrency has already lost more than 13% of its value in the first five days of July and is at its lowest point in months.

FILE - The New York Stock Exchange is seen on Wednesday, July 3, 2024, in New York. Shares advanced Friday, July 5, 2024, in Europe after Britain's Labour Party prevailed over the Conservatives in this week's national election. (AP Photo/Peter Morgan, File)

The New York Stock Exchange is seen on Wednesday, July 3, 2024, in New York. Wall Street is leaning toward minuscule gains before the bell ahead of the Fourth of July holiday. (AP Photo/Peter Morgan)

A passerby walks past an electronic stock board showing Japan's Nikkei 225 index, right, at a securities firm Thursday, July 4, 2024 in Tokyo. Japan’s Nikkei 225 benchmark closed Thursday at a fresh record high of 40,913.65, pushing past its most recent record close set in March. (Kyodo News via AP)

FILE - A person walks past at an electronic stock board showing Japan's stock prices at a securities firm in Tokyo, June 27, 2024. Asian shares were mostly lower on Friday, July 5, after solid gains in Europe overnight, while U.S. markets were closed for the July 4th holiday. (AP Photo/Shuji Kajiyama, File)

FILE - A person walks past at an electronic stock board showing financial indexes including Japan's Nikkei 225 index, green, at a securities firm in Tokyo, June 27, 2024. Asian shares were mostly lower on Friday, July 5, after solid gains in Europe overnight, while U.S. markets were closed for the July 4th holiday. (AP Photo/Shuji Kajiyama, File)