10.000 Yuan

The Central Reserve Bank of China was a puppet institution established under the Japanese-backed Wang Jingwei regime in Nanjing — its notes had no validity in territory outside Japanese occupation and were treated as worthless by the Nationalist government in Chongqing. By 1944, Japanese military fortunes were deteriorating sharply, and the occupation economy was consuming itself through inflation. The 10,000 Yuan denomination is a direct measure of that collapse; earlier series had topped out at far lower figures.

Printing was handled in Japan, almost certainly by the Japanese Government Printing Bureau, though the notes carry no frank attribution to that effect.