Japan New Banknotes Seen Creating 1.6-T.-Yen Demand
Tokyo, April 10 (Jiji Press)--Japan's banknote redesigning is expected to generate special demand worth 1.6 trillion yen, including for new automated teller machines and vending machines.
Meanwhile, costs for ATM updating and replacement will weigh on financial institutions struggling with decreased earnings amid prolonged superlow interest rates in the country.
The government is expected to start circulating the redesigned 1,000-yen, 5,000-yen and 10,000-yen bills by mid-2024. Also planned is the release of a redesigned 500-yen coin by mid-2021.
Demand for inks and materials for the new notes and coin should reach 611.4 billion yen, according to estimates by Toshihiro Nagahama, chief economist at the Dai-ichi Life Research Institute.
Special demand tied to machine updating and replacement is seen reaching 372.4 billion yen at ATM makers and 606.4 billion yen at vending machine makers.
[Copyright The Jiji Press, Ltd.]