The Bank of Japan calls for greater efforts to promote a cashless society in Japan.

On June 11, Bank of Japan officials are stepping up their calls to push Japan to keep up with the rapid development of digital currencies, which may accelerate the transition to cashless payments in Japan, where "cash is king". Japan's share of cashless payments rose to 42.8 percent in 2024 from 13.2 percent in 2010, a year ahead of the government's target of 40 percent, according to government data. Despite Japan's global lag in payment technology, the increase in cashless transactions is forcing policymakers to ensure they are prepared to adapt to changing preferences for payment and settlement methods. This includes the issuance of a central bank digital currency (CBDC). Kazushige Kamiyama, Executive Director of the Bank of Japan, said: "Although the issuance of banknotes in Japan is still high, the use of banknotes is likely to decline significantly in the future with the rapid development of digitalization". "As a result, Japan must consider what measures it can take now to ensure that its retail settlement system is convenient, efficient, universally available, and at the same time secure and resilient." Bank of Japan Deputy Governor Shinichi Uchida said that CBDCs could become a "key component of the infrastructure" that will shape the future of Japan's payment and settlement system, but stressed that Japan's demand for cash is not expected to disappear in the short term.