After the Second World War, America briefly occupied Japan and changed its economic, military, and government policies. A new constitution came into effect: the emperor became a symbol of the state and Japan adopted a democratic government. Japan was also not allowed to develop its military power.
Despite its early struggle post-war, Japan’s economy flourished. Developments in education, industrialization, and modernization have pushed this economic boom. Because of this Japan quickly became the second-largest economy after the US.
These two banknotes circulated during Post-War Japan. Due to early post-war economic austerity and restrictions imposed by the Americans, notes issued from 1946 to 1948 had basic designs and no watermarks. Smaller denominations like the 50 Japanese sen also did not feature people. Instead, they featured animals like the dove.
However, after the signing of the San Francisco Treaty (also known as the Peace Treaty with Japan), the American forces left Japan. The restrictions were lifted and more elaborate designs and watermarks were reintroduced to Japanese banknotes. Other historical figures now become present on Japanese banknotes. For example, the leader of the first Japanese political party, Itagaki Taisuke, is on the 100 yen note. The notes also started featuring other Japanese landmarks aside from Imperial Palaces and Temples. For example the Parliament Building in Tokyo as seen on the 100 yen note.
