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Tuesday, October 21, 2025
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BOJ's Himino urges regulators to adapt to new financial realities

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Hitoshi Himino, a top official at the Bank of Japan, told regulators that the country’s financial rules need to evolve to match today’s fast‑moving market realities. Speaking at a policy forum last week, he warned that ignoring the shift could leave Japan behind in a global race for fintech and digital‑currency innovations.

The old regulatory framework, designed for a pre‑Internet era, struggles to handle the new kinds of risks posed by cryptocurrency, real‑time payments and climate‑linked finance. “The rules can’t stay the same while the businesses change,” Himino said. He urged the Financial Services Agency to review and update its guidelines so they cover digital assets, artificial‑intelligence‑driven trading and environmental‑impact investing.

“Regulators must be flexible and forward‑looking,” Himino added. He called for a “sandbox” approach that lets fintech firms test new products under lighter supervision. This would let the financial system experiment safely before rules are finalized, he argued.

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The governor’s comments come amid a global push to tighten supervision of shadow banking and to incorporate green finance standards into traditional banking oversight. Himino said Japan’s banking system has more room to grow, but it must also mitigate risks that could arise from untested technologies or sudden market shifts.

He highlighted that a single mistake—whether it’s a cybersecurity breach in a crypto‑exchange or a sudden plunge in a carbon‑credit market—can ripple across the economy. Regulators, according to Himino, should work closely with the Bank of Japan to anticipate such scenarios and develop contingency plans.

The speaker also praised the current regulatory pilot projects in Tokyo, but insisted they must scale up. “We need a coordinated, risk‑aware strategy that protects consumers while encouraging innovation,” he said.

In short, Hitoshi Himino wants Japan to keep its financial sector healthy and competitive by updating its rules for a new era of fintech, digital currency and green finance. The policy shift could make Japanese firms more agile and better prepared for the global financial landscape.


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