5 Yen

The Cabinet Printing Bureau had been producing Bank of Japan notes since the 1880s, and by 1910 the technical quality of Japanese domestic printing had reached a level that eliminated the earlier dependency on European firms — De La Rue had supplied earlier series. This note belongs to a transitional generation of Japanese currency, issued while the country was consolidating the economic gains from the Russo-Japanese War and managing the fiscal pressures of postwar debt servicing.

P#34 is frequently found with foxing and paper toning, a known issue with the cotton stock used in this period. The watermark pattern is the primary authentication reference for the series.