5 Yen

The Federal Reserve Bank of China was not a Chinese institution in any meaningful sense — it was established in 1938 under direct Japanese military authority following the occupation of northern China, with headquarters in Beijing. Its notes were issued to replace the Nationalist fabi currency as part of a deliberate economic warfare strategy, suppressing the Chongqing government's monetary base while funding Japanese military expenditures through inflationary issue.

The M-prefix Pick designation marks this as a military or occupation issue, which is accurate. Circulation was compulsory in occupied territories, enforced by the occupying administration rather than accepted voluntarily.