Printing of new banknotes is underway in Japan ahead of circulation next month.

The country will introduce new banknotes on July 3 for the first time in 20 years. Among the three new types, the 10,000-yen note features Shibusawa Eiichi, known as the father of the modern Japanese economy.

On Wednesday, the Finance Ministry invited reporters to observe preparations underway at a plant of the National Printing Bureau in Tokyo.

At the first stage of printing, 20 banknotes are printed on a large sheet of paper, and a cutting-edge hologram to prevent counterfeiting is embedded. The hologram makes the portrait appear to move in three-dimensions when the notes are tilted.

Five hundred sheets of such paper are stacked up and then cut into the size of the banknote.

Printing of the new banknotes went into full-swing about two years ago. A total of 7.48 billion notes are expected to be printed by the end of March next year.

When the current banknotes were introduced 20 years ago, about 60 percent of old banknotes were reportedly replaced with new ones within a year of introduction.

Major convenience stores, supermarkets and restaurants are modifying their cash registers and ticket vending machines to handle the new banknotes.