Presence of One-Yen Coins Seen Fading with Tax Hike
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Tokyo, Sept. 24 (Jiji Press)--One-yen coins may not have much of a presence in Japan after a planned consumption tax hike from 8 pct to 10 pct in October.
In addition to the spread of cashless payments using electronic money or credit cards, an increase in payments at a round number is expected to result in less frequent use of one-yen coins.
The one-yen coin is the minimum-denomination currency in Japan.
According to the Bank of Japan, the current number of one-yen coins in circulation totals some 37.5 billion, continuing to fall from the peak level of some 41 billion in 2002.
Although demand for the coins was expected to rise when the consumption tax rate was raised from 5 pct to 8 pct in 2014, the downward trend continued, with the number of one-yen coins in circulation dropping by nearly 10 pct in some 20 years.
[Copyright The Jiji Press, Ltd.]