The Transformation of Social Values through Changes in Portraits on Japanese Banknotes across Different Periods

Abstract

Currency functions not only as a medium of economic exchange but also as a cultural and political symbol reflecting national identity and power. Global studies highlight its symbolic role, from asserting sovereignty (Helleiner, 2003) to reinforcing social consensus (Gilbert, 1998; van der Horst, 2018). In East Asia, China and Vietnam maintain stable portrayals of political leaders on banknotes as supreme symbols of authority (Wang, 2015; Zhang, 2020; Pham, 2021). Japan, however, adopts a different path by frequently changing portraits to honor intellectuals, scientists, and writers, underscoring knowledge and modernization (Sugiura, 2010; Yamaguchi, 2017). This study examines Japan’s banknote designs from Series B to F, tracing shifts in the social values conveyed by the state. Findings show a transition from tradition-focused symbols to practical values such as science, education, and economy, reflecting Japan’s development goals amid globalization and an aging society.