According to TechFlow, TheBlock reported that Metaplanet, a Tokyo-listed cryptocurrency investment and consulting company, announced today that it will use Bitcoin as its strategic financial reserve asset to cope with Japan's continued economic adversity.

"This move is a direct response to ongoing economic pressures in Japan, particularly high government debt levels, a prolonged period of negative real interest rates, and the resulting weakness of the yen," the company said in a statement.

Metaplanet added in the statement that it aims to leverage “the entire range of capital market instruments” to increase its Bitcoin reserves. As of May 10, the company had 117.7 BTC (worth $7.2 million), according to data from Bitcointreasuries.net.