Reuters reports that a senior ruling party official said that Japan must revise a law stipulating the Bank of Japan's mandate and responsibilities if it were to issue central bank digital currencies (CBDC).

"Any revision to the BOJ law would be a good opportunity to consider making other changes such as adding job creation to the central bank's mandate. Like the U.S. Fed, the BOJ should set job creation and inflation as its mandate ... The new law should also clarify that 2% inflation is the BOJ's policy target," said Kozo Yamamoto, head of the Liberal Democratic Party's council on financial affairs.