Why is Japan Exploring the Development of a Central Bank Digital Currency?

Why is Japan Exploring the Development of a Central Bank Digital Currency?

A report by Japan suggests that the Asian country is on the verge of joining the growing list of countries across the globe that are planning to issue a state-backed digital currency. Japanese Vice Minister for foreign affairs, Norihiro Nakayama told Reuters that the legislators are exploring on issuing the Central Bank Digital Currency (CBDC) in the form of a digital Yen.