1 Yen

The M-series designation separates this note from civilian issues — P#M2 belongs to the military payment series produced for Japanese forces operating in occupied territories across the Pacific and Southeast Asia. These notes were printed domestically but intended to absorb local currency and resources in occupied regions, effectively converting real goods into paper obligations backed by nothing beyond Japanese military authority.

Counterfeiting by Allied forces was a documented concern. The U.S. Office of Strategic Services and British agencies both produced forged Japanese military currency during the war to destabilize occupied economies, and the simplicity of these lower-denomination notes made them easier targets than the more elaborate civilian series.