Japan is on the verge of printing extra 180 million 10,000-Japanese yen banknotes this fiscal year in order to meet the growing demand because a surging number of the country’s households are used to tucking their bills away at home.
Demand for these banknotes has been gradually soaring, while that for a smaller denomination appears to be quite shrinking. Evidently, the ministry’s plan suggests reducing the overall number of new banknotes for 5,000-yen and 1,000-yen bills.
The annual number of 10,000-yen banknotes issued by the country’s central bank was kept at about 1.05 billion for 5 years through fiscal 2015.
Following statistics compiled by the BOJ, the overall volume of cash running in circulation in this Asian country hit 90.3 trillion yen, February’s result, demonstrating a 6.7% surge compared to the previous year’s outcome. It appeared to be the largest year-on-year surge since 2003.
The soaring demand for 10,000-yen bills, notwithstanding the widespread employment of credit cards as well as other forms of electronic payment, can be explained by Japanese households’ trend to tuck away their assets at home rather than investing them or simply keeping this stuff in banks.