According to ChainCatcher, Japan's new Prime Minister Shigeru Ishiba has revealed policies supporting blockchain and NFTs, and will appoint Masaaki Taira, the current head of the Liberal Democratic Party's Web3 Working Group, as the government's new digital affairs minister.

According to an official policy document from Ishiba's office and a report from CoinPost, he believes that blockchain and NFTs can help boost the regional economy, "Using blockchain technology, NFTs, etc., we will seek to maximize the value of a large number of simulated local products, such as food and tourism experiences. We will do this by restoring their value to global prices."

Meanwhile, Taira has previously talked about plans to use NFTs to increase the visibility of Japanese intellectual property assets.