A government team commissioned by the Ministry of Finance, composed of university professors, industry experts, and top think tank researchers, has investigated the feasibility of a Central Bank Digital Currency (CBDC) for the Japanese yen. The team studied the opportunities brought by the digital yen, its demand in the current Japanese economy, as well as the challenges and risks it brings and faces. The team recommended that the Bank of Japan (BOJ) immediately issue a digital yen and give it legal currency status. The team believes that CBDC should coexist with cash and stated that the basic stance should be that CBDC will supplement, not replace, cash.