Overview
- Late‑August 2026 reports say the Financial Services Agency, Ministry of Finance and Bank of Japan plan a summer study group with major banks to draw up a development plan by early 2027.
- The Bank of Japan is already running a 2026–28 sandbox that tests tokenized commercial‑bank deposits as wholesale central‑bank money to support delivery‑versus‑payment.
- Major private proofs‑of‑concept are underway, including MUFG’s Canton Network repo trials, Nomura/BOOSTRY digital bond work, Progmat’s token migrations, and SBI/Startale’s Strium project.
- Moving from multi‑day settlement to near‑real‑time (T+0) would free locked capital and cut counterparty exposure but would also create tighter liquidity needs and new legal, operational and cybersecurity requirements for market participants.
- The next confirmed steps are an official government announcement naming participants and the study group’s mandate, followed by the early‑2027 blueprint that will decide architecture, governance and whether tokenized BOJ reserves or stablecoins will be used for on‑chain cash.