As I mentioned earlier, the challenge of revival following the earthquake disaster partly overlaps with the longstanding challenge Japan’s economy faces – namely, of raising the growth potential. Going forward, as rebuilding efforts make further progress, the role expected of a central bank is to indirectly support financial institutions’ activities.
This requires rapid implementation of the Financial Stability Board’s recommendations to make the regulatory, supervisory and oversight approaches to crypto activities consistent and comprehensive across different countries. [35] Swift progress is also needed to finalise the Basel Committee on Banking Supervision’s framework for the prudential treatment of banks’ crypto-asset activities.