Japan Has No Plan To Issue Digital Currencies Now But Will Deepen Research

“At present, we don’t have any specific plans to issue CBDCs. But this is something we obviously need to consider in a world of digitalisation,” Chief Cabinet Secretary Katsunobu Kato told a news conference.

Japan has been cautious about moving too quickly on digital currencies given the social disruptions it could cause in a country that has one of the most cash-loving populations in the world.

But China’s steady progress toward issuing digital currency has prompted the government to reconsider, and pledge in this year’s policy platform to look closer at the idea.

The BOJ’s efforts to catch up include creating a new team focusing on issuing digital currency and conducting joint research with other central banks.