Do any of you have a JPY2,000 bill? I've seen one, but never owned or used one.
When I was on the bus, I saw a notice saying "This bus does not accept JPY2,000 bills" stuck to the ticket machine. I remember that the media made a big fuss when the MOF decided to release the new JPY2,000 bills with the picture of Okinawa, but it turned out that they're not that popular.
The MOF Printing office printed 270m notes through to the end of August, but information sources say that only 120m notes were actually transferred to public banks. The remaining 150m notes are in the Bank of Japan vaults gathering dust. Amazingly, the MOF Printing office still plans to print another 10 billion notes by the end of next March.
So now everyone has to make new machines which can read JPY2,000 bills, including: ATMs, vending machines, etc. Or maybe not. Apparently, a lot of key players have said that they'll just ignore the bill's existence altogether.
When Japan's ex-prime minister announced this great (?) idea to stimulate the economy by releasing a new note, I knew it wouldn't work. But as bureaucrats always do, the MOF has no intention to stop printing; and they'll sell the notes to the Bank of Japan for JPY16.2392 billion. This will become revenue for the MOF. I guess we should think of the whole mess as a memorial bill for the millennium Okinawa summit!
When I was on the bus, I saw a notice saying "This bus does not accept JPY2,000 bills" stuck to the ticket machine. I remember that the media made a big fuss when the MOF decided to release the new JPY2,000 bills with the picture of Okinawa, but it turned out that they're not that popular.
The MOF Printing office printed 270m notes through to the end of August, but information sources say that only 120m notes were actually transferred to public banks. The remaining 150m notes are in the Bank of Japan vaults gathering dust. Amazingly, the MOF Printing office still plans to print another 10 billion notes by the end of next March.
So now everyone has to make new machines which can read JPY2,000 bills, including: ATMs, vending machines, etc. Or maybe not. Apparently, a lot of key players have said that they'll just ignore the bill's existence altogether.
When Japan's ex-prime minister announced this great (?) idea to stimulate the economy by releasing a new note, I knew it wouldn't work. But as bureaucrats always do, the MOF has no intention to stop printing; and they'll sell the notes to the Bank of Japan for JPY16.2392 billion. This will become revenue for the MOF. I guess we should think of the whole mess as a memorial bill for the millennium Okinawa summit!
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