The Japanese government recently made a formal response to the proposal by Senator Satoshi Hamada regarding the "movements of countries like the United States promoting Bitcoin as a reserve asset".
In the response, the Japanese government stated that it has not yet fully grasped the relevant movements of countries like the United States, and mentioned that the introduction of Bitcoin as a reserve asset is still in the discussion stage, making it difficult for the "Japanese government to express an opinion" on the specific situation.
Additionally, the Japanese government pointed out, based on the legal framework for special account utilization, that "cryptographic assets do not fall under the category of foreign exchange and so on," and explained that the primary goal of current foreign exchange reserves is the stability of foreign currency-denominated assets and the foreign currency bond market.
The response document repeatedly emphasizes that the utilization of special accounts prioritizes ensuring the safety and liquidity of foreign exchange reserves. Thus, it can be seen that the Japanese government believes that the price volatility of cryptographic assets, including Bitcoin, is relatively high and does not align with the current system.
Prime Minister Shigeru Ishiba's formal response once again indicates that, amid the ongoing discussions both internationally and domestically about incorporating cryptographic assets into national reserve strategies, the Japanese government still maintains a cautious stance.
