Why one of Asia's poorest countries grows Japan's cash

"Japan has long harvested a shrub called mitsumata for its money supply. But when mitsumata started dying out, Japan frantically searched for alternatives to make yen. It found a lifeline in the foothills of the Himalayas. A low-value crop called argeli grew abundantly and served as a perfect replacement for mitsumata."

"Argeli was worth very little and was often the only option for farmers who'd lost their crops to wild animals. When the Japanese arrived, they turned the once low-value argeli into a cash crop. Now, one of Asia's poorest countries is growing the money for one of Asia's richest nations."

"The influx of cash brought industry and investment to Nepal's small villages. But while Japan loves its physical yen now, what will happen to Nepal's new big business if the country goes cashless like much of the rest of Asia?"

Japan historically used mitsumata shrub fibers for yen banknote production. When mitsumata populations declined, Japan sought alternatives and discovered argeli, a low-value crop abundant in Nepal's Himalayan foothills. Argeli had minimal economic value and served primarily as emergency sustenance for farmers facing crop losses from wildlife. Japanese investment transformed argeli into a significant cash crop, generating substantial income for Nepal's rural communities and spurring industrial development and investment in previously impoverished villages. This economic relationship has benefited Nepal considerably, though future uncertainty looms as Asian nations increasingly transition toward cashless payment systems, potentially eliminating demand for physical yen and threatening Nepal's emerging argeli-based economy.

Read at Business Insider