Shigeru Ishiba, the newly elected leader of Japan’s ruling Liberal Democratic Party, has announced new policies supporting blockchain and non-fungible token (NFT) technologies.
According to an official policy document from Ishiba’s office and a report by the Japanese media outlet CoinPost, Ishiba believes that blockchain and NFTs could play a key role in boosting Japan’s economy, particularly in regional areas.
The document outlines traditional economic measures, such as offering incentives for businesses to expand into regional areas and refining local content.
However, a section titled “Regional Revitalization 2.0” also proposes using blockchain and NFTs to transform regional analog values — like local food and tourism experiences — into assets with global appeal.
Additionally, the document mentions plans to create “zero digital divide” regions and develop “Digital Regional Cultural Cities” as part of a broader digitization strategy aimed at revitalizing local economies through technology.
This is not the first time Japan has shown interest in emerging technologies. In 2022, then-Prime Minister Fumio Kishida, who Ishiba has now succeeded, announced the country’s intention to invest in NFTs and the metaverse as part of Japan’s digital transformation efforts.
Addressing regional economies and depopulation in local areas has been a long-standing issue in Japan. New technologies like blockchain and NFTs are now being explored as tools to combat these challenges.
In recent years, multiple private sector initiatives have aligned with these government plans.
For instance, in February, Japan Airlines collaborated with advertising agency Hakuhodo to develop NFT applications aimed at converting local experiences into digital assets. This project was intended to boost regional tourism and strengthen visitor engagement.
In another example, the village of Yamakoshi launched the “Neo-Yamakoshi Village” project in June. This initiative utilized NFTs and the metaverse to combat depopulation, preserve cultural heritage, and engage global supporters.
Several major Japanese companies have already embraced Web3 technologies. The messaging app LINE and online retailer Rakuten have both launched NFT marketplaces. Additionally, Japan’s SMBC Group, one of the nation’s leading banks, announced a partnership with blockchain startup HashPort to explore NFT and Web3 initiatives.
