Attempts to utilize stablecoins issued by the private sector and wholesale central bank digital currency (CBDC) for interbank settlement in cross-border payments can be considered to have stemmed from the idea that simplifying the existing banking arrangements would significantly enhance efficiency. Emergence of Novel Domains of Economic Activities The third area warranting attention is the emergence of novel domains of economic activities.
Before responding to the questions, we first need to review the significance of price stability. In this regard, the Bank of Japan has recently announced that it will conduct a comprehensive study on price stability, and today’s speech can be regarded as a prelude to such study. 1. Why is price stability important?