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Currencies

Japan's ruling party and BOJ squabble over digital yen

Ruling party lawmakers want to push forward, but central bank seeks more time

The Bank of Japan is under growing political pressure to speed up the digitization of the yen. (Photo by Kei Higuchi) 

Eagerness within Japan's ruling Liberal Democratic Party for a digital yen is making the Bank of Japan nervous.

The BOJ has started early-stage joint research on central bank digital currencies with the European Central Bank and other global monetary authorities. Still, it has no immediate plans to issue one, preferring instead a prudent approach while sounding out public opinion. But that stance is coming under mounting political pressure.

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