10,000 yen note
The 10,000 yen note (1万円紙幣 "1Man-en shihei") is the largest banknote denomination of the Japanese yen. The front side of the 10,000 yen note includes a portrait of Yukichi Fukuzawa, a Meiji era philosopher and the founder of Keio University. The back of the note shows a drawing of the Hōō (, Fenghuang) in the Hall of the Phoenix, Byōdō-in.
Japanese yen
The yen declined during the Japanese asset price bubble and continued to do so afterwards, reaching a low of ¥134 to US$1 in February 2002. The Bank of Japan's policy of zero interest rates has discouraged yen investments, with the carry trade of investors borrowing yen and investing in better-paying currencies (thus further pushing down the yen) estimated to be as large as $1 trillion. In February 2007, "The Economist" estimated that the yen was 15% undervalued against the dollar, and as much as 40% undervalued against the euro.