1 Yen

This note was part of Japan's postwar emergency currency program, issued under Allied occupation oversight while the existing monetary system was being dismantled and restructured. The Bank of Japan had lost effective independence; GHQ's Economic and Scientific Section exercised final authority over monetary policy during this period, making the issuing authority's name on the note something of a formality.

The Government Printing Bureau had survived the war intact enough to resume production quickly, but paper quality during 1946 was inconsistent — a known characteristic of this series, and a factor collectors should examine closely.