Looking also at the foreign claims of non-U.S. banks by nationality, following the recent global financial crisis, European banks are deleveraging while Japanese banks are enlarging their balance sheets (Chart 3). This is one reason why I feel there is a need to be vigilant regarding the international financial intermediation activities of Japanese banks. III.
Regardless, it is important for us to continue to evaluate the evolving landscape of digital assets and understand whether and how well-regulated stablecoins or a CBDC would interact with each other and with the broader payments system.