The Japanese government and the Bank of Japan are preparing a next-generation settlement network that would use blockchain to settle government bonds and stocks instantly, 24/7. A study group comprising the Financial Services Agency, the Ministry of Finance, the central bank and private financial institutions is expected to form this summer, targeting an implementation plan by early 2027. Under the concept, a portion of banks' current account deposits held at the BOJ — central bank money used for interbank payments — would be converted into tokens circulating on a blockchain. [...]