[News Figures] New Face on Japan's 10,000 Yen Note: Shibusawa Eiichi

A Figure Who Led Economic Invasion of the Korean Peninsula in the Late Joseon Period and Brought Humiliation to Han
"2019 Abe Administration's Decision Not Corrected and Published As Is"

Japan is set to circulate three new banknotes next month for the first time in 20 years, but controversy has arisen over the inclusion of the portrait of 'Shibusawa Eiichi,' a key figure in Japan's economic exploitation during its colonial rule, on the 10,000 yen note.

'Shibusawa Eiichi (?? ?一·1840?1931)' was a modern Japanese entrepreneur involved in the establishment and operation of various companies and schools, earning him the title of 'Father of Japanese Capitalism.'

Currently circulating 10,000 yen banknote in Japan.
[Photo by Yonhap News]

Shortly after the Meiji Restoration, during a chaotic period in Japan, he acted as a 'venture capitalist'?a concept that did not even exist at the time?founding 500 companies and establishing 600 social contribution organizations. He founded or led Japan's first bank, stock exchange, paper manufacturing company, railroads, logistics companies, as well as Tokyo Gas, Nippon Telegraph and Telephone Corporation (NTT), Imperial Hotel, Kirin Brewery, and Dai Nippon Sugar Manufacturing, among others.

Most of Japan's eight major conglomerates either partnered with or competed against him as they grew. Although he could have become a zaibatsu (conglomerate) if he had wished, he advocated the 'Seifu (淸富, clean wealth) theory' and used his wealth to care for marginalized people.

However, in Korea, he is criticized as a figure who led economic exploitation by laying railroads on the Korean Peninsula during the late Joseon period and serving as president of Keijo Electric (the predecessor of Korea Electric Power Corporation) during the Japanese colonial era. Notably, during the Korean Empire period, he spearheaded the issuance of the first modern banknotes on the peninsula to seize economic rights and even appeared as the main figure on the banknotes himself, bringing humiliation to Korea.

From 1902 to 1904, the Korean Empire issued 1 won, 5 won, and 10 won banknotes from the Dai-Ichi Bank of Japan, and the person depicted on these three types of banknotes was Shibusawa, who owned the Dai-Ichi Bank at the time. When the Korean Empire announced an autonomous currency ordinance in 1901 that banned foreign currency circulation and adopted the gold standard system, the Dai-Ichi Bank of Japan demanded to issue currency and forced the Korean Empire to accept it through a show of force.

The portrait of Eiichi Shibusawa engraved on the new 10,000 yen bill to be issued in Japan starting August.
[Photo by Seok Kyung-deok Facebook]

According to Japan's ANN News and others on the 30th of last month, Japan will replace three types of currency?1,000 yen, 5,000 yen, and 10,000 yen notes?starting next month. The last time Japan changed the figures on its banknotes was in 2004. At that time, only the 1,000 yen and 5,000 yen notes were changed, and the 10,000 yen note figure is being replaced for the first time in 40 years since 1984.

The individuals featured on the three new banknotes, including Shibusawa, were decided by the Abe Shinzo administration in 2019. Upon learning this news, Professor Seo Kyung-duk of Sungshin Women's University criticized on his Facebook, saying, "The appearance of Shibusawa Eiichi on the new 10,000 yen note is causing anger among Koreans."

He added, "The figure on the new 10,000 yen note was decided by the Abe administration in 2019, and the Kishida administration is also at fault for issuing it without correction. This shows not only a lack of consideration for Korea, which suffered under Japanese colonial rule, but also a typical sneaky strategy to revise history."

Meanwhile, the Japanese government cited counterfeit prevention as the reason for issuing new banknotes but is also secretly expecting secondary economic effects. First, there will be demand to replace existing vending machines and automated teller machines (ATMs), which is expected to stimulate the economy. Nomura Research Institute estimates the cost of replacing ATMs and other equipment at about 1.6 trillion yen (approximately 13.9 trillion won) and projects an economic effect that could raise Japan's annual nominal gross domestic product (GDP) by about 0.27%.