Tellers at the Bank of Japan and its 33 branch offices will change money into 2,000 yen bills from Monday to encourage use of the neglected notes, officials said Friday.
Earlier in the day, the central bank received special approval from the Ministry of Finance to provide money-changing services. It is the first time that the BOJ has provided money-changing services.
Use of the 2,000 yen bill has failed to increase as banks, railroad operators and vending machine makers have been unwilling to foot the bill to adapt their terminals to accept the new bills, first issued in July. BOJ coffers are swelling with over 5 billion of the notes -- compared to just 1.36 billion put into circulation to date, officials said.
The BOJ hopes to encourage people to use the notes in December, when cash payments peak after workers' bonuses are paid. The BOJ already issues its employees' salaries in 2,000 yen notes.
City banks will make 70 percent of their ATMs "2K yen-compatible" by March 2001, while post offices are scheduled to make all ATMs compatible by the end of the year.
The BOJ will begin its service Monday morning, and it is planned to continue for one year. The Bank of Japan's daily working hours are from 9 a.m. to 3 p.m.