#日本国债上链24小时交易 Japan plans to "on-chain" government bonds and enable 24-hour trading, marking an important milestone in Japan's digital transformation of finance. According to the latest industry trends and policy directions, this initiative mainly focuses on increasing liquidity, reducing settlement risks, and utilizing stablecoins for settlement.

Below are the core points and technical logic of the plan:
1. Core Objective: Break the limitations of traditional trading hours
Current government bond trading is limited by the operation hours of interbank settlement systems (such as BOJ-NET). Through blockchain technology (DLT), Japan aims to convert government bonds into digital securities (Security Tokens), thereby achieving:
• 24/7 trading: No longer restricted by the "business hours" of exchanges or settlement systems, allowing global investors in different time zones to buy and sell in real time.
• Instant settlement (T+0): Traditional settlement usually takes several days; blockchain can nearly instantly complete "Delivery versus Payment (DvP)," greatly reducing settlement risk.
2. Technical Foundation: Combining digital government bonds and stablecoins
To enable round-the-clock trading, merely having "digital government bonds" is not enough; supporting digital payment methods are also needed.
• Bond tokenization: Ownership of government bonds is registered and transferred on the blockchain.
• Yen stablecoin settlement: To prevent funds from being stuck in traditional banking clearing processes, major Japanese financial institutions (such as MUFG, SMBC, Mizuho) are actively promoting yen-pegged stablecoins or **Central Bank Digital Currencies (CBDC)** for fund settlement.
3. Participants and Progress
• Leading entities: Major Japanese banks (MUFG, SMBC, Mizuho) and key securities firms are spearheading the effort, jointly building infrastructure with technology companies (such as the Progmat platform).
• Timeline: Expected to start small-scale pilots or go live by 2026. Currently in the final stages of system development and regulatory design.
4. Impacts
• Improved capital efficiency: Institutional investors can adjust positions using idle funds during nighttime or weekends.
• Cost reduction: Decreases intermediary steps and cumbersome manual reconciliation, which can significantly lower administrative costs in the long run.
• Increased market attractiveness: In the context of changing Japanese interest rates, more flexible trading mechanisms can help attract foreign capital into Japan’s bond market.
Summary
This is not just about moving ledgers onto the blockchain, but a "bottom-layer reconstruction" of Japan’s financial infrastructure. If successfully implemented, Japan’s government bonds will become one of the most digitized sovereign debt products in the global major markets.