BOJ’s Himino calls for ’holistic approach’ on global monetary system

Bank of Japan Deputy Governor Ryozo Himino urged a “holistic approach” to designing the future global monetary system, saying options need not be limited to CBDCs and stablecoins. He noted the U.S. is promoting stablecoins to bolster the dollar while Europe advances a digital euro; Japan is pursuing both stablecoin legislation and a CBDC pilot. The BOJ has a sandbox to test tokenising central-bank reserves and using them for blockchain-based payments, which could enable 24/7 instant settlement and reduce gridlock risk in stress events. Market implications include potential shifts in cross-border payment efficiency, changes to settlement liquidity and risk, and longer-term effects on currency roles and FX market structure — factors that could influence USDJPY dynamics and volatility as digital-asset frameworks evolve.