Japan’s Tokenised Reserves: Linking Central Banking and Blockchain

In this paper, we discuss:

• The Bank of Japan’s pilot of tokenised central bank reserves using a blockchain sandbox;
• The development of 24/7 programmable settlement and integration with existing financial infrastructure;
• The role of tokenised reserves in supporting a hybrid system linking traditional finance and blockchain;
• Potential efficiency gains, including reduced settlement risk and improved liquidity management;
• Implications for wholesale CBDCs and the future of global tokenised financial infrastructure.

Download PDF: Japan – April 2026