The Japanese Yen (JPY) is one of the strongest currencies in the world. As per the Bank of Japan, the life span, on average, for the 10,000 Yen bill is approximately 4 to 5 years. These bills are used frequently by the people, resulting in their faster wear and tear, reducing their life span to just one to two years.
Kavan Choksi – The Japanese Yen has some unique traits
Kavan Choksi is an esteemed business expert in Japan with valuable experience in investments and finance. According to him, money bills in circulation are taken back to the BOJ by the financial institutions after they have been checked for damage and their authenticity. This task is done before a final decision is made to shred them or place them back in circulation. The bills that are shredded are later recycled, and they are used as daily materials like office supplies, solid fuel, and others, or they are incinerated as waste.
Banknotes are made in such a way that the visually impaired can distinguish them.
Banknotes are created in such a way that the visually impaired are able to tell their difference. The use of ink in some places is used thickly on these bills. The location of this thick ill is on the lower right and left corners of the bill’s front side. The 10,000 Yen Bill is distinguished with the hook shape, while the presence of an octagonal shape can distinguish the 5000 Yen bill. The 1,000 Yen has a horizontal line, while the 2,000 Yen bill has the Japanese Braille “2” symbol.
Holograms on the bills
Both the 10,000 and the 5,000 Yen bills have the presence of holograms on the lower-left corner of the bill’s front side. This gives them a smooth feel when you touch them and helps distinguish the bill’s denominations. For those 5,000 Yen bills that were issued after 2014, in May, the hologram that was earlier an oblong-shaped transparent layer was changed into a square shape, and it increased about 1.7 times in its size. This was done to distinguish the bill from the 10,000 Yen that comes with a hologram that is oblong in shape.
The 1,000 and the 2,000 Yen bills have no hologram. The 2,000 Yen bill is hardly visible in circulation, and if the bill has no hologram, it is a 1,000 bill.
According to Kavan Choksi, some bills that are damaged can be exchanged. This exchange is done at Nihonbashi, Tokyo, or to any of its 32 branches in Japan. The exchange of damaged bills can be made at commercial and financial institutions. A standard is followed for determining the intensity of damage when the bill is exchanged. If two-thirds of the bill or more remains, it can be exchanged at its full value. If over two-fifths or less than two-thirds of the bill is intact, it can be exchanged for half of the value, and if less than two-fifths of the note remains, you cannot exchange it.