The Bank of Japan has called for greater efforts to promote the development of digital currencies in order to move towards a cashless society

Bank of Japan officials are stepping up calls for Japan to keep up with the rapid development of digital currencies, which could accelerate the shift to cashless payments in a country where "cash is king".
Japan's share of cashless payments rose to 42.8 percent in 2024 from 13.2 percent in 2010, surpassing the government's target of 40 percent a year ahead of schedule, government data showed. Although Japan lags globally in payments technology, the increase in cashless transactions is forcing policymakers to ensure they are ready to adapt to changes in public preferences for payment and settlement methods. This includes issuing a central bank digital currency (CBDC). (Jin Ten)