In April, Japan's Finance Ministry is set to launch an expert panel to examine the possibility of issuing a digital yen. In particular, the panel will attempt to create a framework for a national digital currency backed by the central bank.

The expert panel will rely on the findings of a technical study conducted by Japan's central bank over the past two years. Its launch coincided with the planned digital yen pilot program involving Japan's central bank, various financial institutions, and the private sector.