Japanese

Provisional Translation

[Opening remarks:]

Minister)

Thank you all for your hard work over the past three days. During this trip, in addition to the G7 and G20 meetings, I held 10 bilateral meetings and attended nine international meetings. Today, I would like to report on the meeting of the International Monetary and Financial Committee (IMFC), the related G7 meetings on critical minerals, and my bilateral meetings.
First, the IMFC held a restricted breakfast meeting for ministers at 7:30 a.m., followed by the main IMFC meeting, which Governor Ueda of the Bank of Japan and I attended. At the IMFC restricted breakfast meeting, U.S. Treasury Secretary Bessent delivered a very detailed presentation on stablecoins. I stated that the practical implementation of yen-denominated stablecoins is coming into view in Japan, and also referred to recent developments, including the likelihood that three major banks will issue them by 2027. In addition, I noted the importance of promoting initiatives to facilitate sound and mutually beneficial flows among stakeholders when considering the use of stablecoins for cross-border remittances. I also pointed to the need for discussions toward an internationally consistent regulatory and supervisory framework for stablecoins, which circulate across multiple jurisdictions, given the potentially wide impact of any crisis.