Japan's new Prime Minister, Shigeru Ishiba, has been in the limelight for his opinion on continuing with rate hikes moving ahead. However, local Japanese media also reports that Ishiba is optimistic about blockchain and non-fungible tokens (NFTs) and believes they can help boost the regional economies.

Blockchain and NFTs for Regional Growth

Shigeru Ishiba revealed his bullishness for Blockchain and NFTs in the official documents signed by his office. This policy aligns with several previous calls from crypto advocacy groups, which had decentralized autonomous organizations (DAOs) and NFTs to boost rural economies.

As part of its "Regional Revitalization 2.0." strategy, the Japanese government aims to "correct the over-concentration of business in Tokyo and maximize the potential of regional areas." Shigeru Ishiba noted:

"Utilizing blockchain technology, NFTs, etc., we will revalue and maximize the value of various analog aspects of local areas, such as food and tourism experiences, in global prices."

Appointment of Masaaki Taira

Ishiba will also appoint Masaaki Taira, the current chief of LDP's Web3 task force, as his government's new minister of Digital Affairs. He proposed a plan to connect diverse experiences and Japanese intellectual property (IP) to non-fungible tokens (NFTs), making them accessible worldwide.

Taira also proposed measures to boost crypto startups by reforming Japan's tax system. While speaking at a recent Web 3.0 conference, he said: "When [Japanese] startup companies hold and issue tokens that are not as [well-known] as Bitcoin, accounting firms cannot conduct proper audits. This remains a problem."

Economic Context and BOJ Policies

Previous market reports suggest that Shigeru Ishiba will continue with the Bank of Japan's increasing interest rates. Furthermore, the business mood in Japan remains robust enough to support this stance.

The sentiment index for the country's largest manufacturers remained unchanged on September 13, as reported in the BOJ's quarterly Tankan survey on Tuesday.

Meanwhile, the index for significant non-manufacturers rose to 34. Economists had predicted a decline to 12 for manufacturers and 32 for the service sector.

Upcoming Policy Decisions

The BOJ board members will announce the next policy decision on October 31. However, a Bloomberg report suggests that some factors, such as elections in the US and Japan, will keep the BOJ rate hike on hold.

Atsushi Takeda, chief economist at Itochu Research Institute, noted the potential impact of these external factors on Japan's economic policy decisions.

Ishiba's forward-thinking approach to integrating blockchain and NFTs into Japan's regional revitalization strategy highlights a significant shift towards embracing Web3 technologies for economic growth.