As Japan is in the first set of time zones, it is beneficial to tackle a move toward a shorter settlement cycle. The shorter cycle is an integral part of the initiative to achieve advanced and market-wide development of straight-through processing (STP). The shorter cycle will also help galvanize Tokyo’s position as a global financial center as it becomes a frontrunner of financial networks.
C.  Possible cross-border expansion of the Yen and JGBs  The third initiative concerns possible cross-border expansion of the yen and JGBs. Under this initiative, the BOJ will provide a cross-border payment network by anchoring payment and settlement systems. 1.