Bank of Japan Puts Top Economist in Charge of Digital Yen Initiative

Bank of Japan Puts Top Economist in Charge of Digital Yen Initiative

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Bank of Japan, Tokyo (Leonid Andronov/Shutterstock)

The Bank of Japan (BoJ) has moved its most senior economist to lead the department responsible for research and development into central bank digital currencies (CBDCs).

  • Kazushige Kamiyama, formerly director-general of the BoJ’s Research and Statistics Department, has moved to the Payments and Settlements Systems Department, Reuters reported Friday.
  • The department has been heavily involved in a digital currency working group alongside five other central banks since the start of the year.
  • It also runs the task force, set up earlier this month, that examines the possible implications of launching a CBDC in Japan.
  • A former academic, Kamiyama has been at the BoJ for more than six years, spending two at the central bank’s New York offices.
  • As head of the research department, he advocated the bank use big data to better monitor and capture economic trends in real-time.
  • Having initially discounted CBDCs, the BoJ has revisited the idea of launching its own digital currency as geopolitical rival China has taken the lead in CBDC development.
  • A senior official told local media this week that digital currency research was now a “top priority” for the central bank.
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