Issuance of Small Coins in Japan Decreasing

Politics

Tokyo, April 6 (Jiji Press)--The issuance number of small coins, such as 10 yen and 1 yen, in Japan has been on a declining trend due to the spread of cashless payments.

In fiscal 2022, which started this month, the Finance Ministry plans to reduce the issuance number of 10-yen coins by some 30 pct from the previous year to 102 million, the lowest level in the past 20 years and a decline from 570 million in fiscal 2003.

The ministry plans to mint one million coins each in 1 yen and 5 yen in fiscal 2022 mainly for collectors. It has issued around one million 1-yen coins in principle in recent years. For 5-yen coins, the fiscal 2022 number is the second-lowest in the past 20 years following 700,000 in the previous year.

In general, coins become quite worn or dirty some 30 years after minting. The ministry replaces such coins with new ones in stages while checking their circulation status.

In recent years, people have increasingly been using e-money and quick response, or QR, codes for payments and online shopping that involves the use of credit cards, leading to declines in coin issuance.

[Copyright The Jiji Press, Ltd.]

Jiji Press