Major Japanese banks and securities firms are collaborating to establish a 24/7/365 trading mechanism for Japanese government bonds by 2026, and to promote the transformation of government bonds towards digital securitization. This plan will migrate the registration and management of Japanese government bonds to a blockchain (distributed ledger) system, enabling on-chain processing of issuance and circulation. Simultaneously, a stablecoin system will be introduced at the settlement layer to achieve low-cost, high-speed fund clearing without traditional bank intermediaries, thereby improving the efficiency of institutional investors' capital utilization. Furthermore, traditional securities such as bonds will be issued and traded on-chain as digital securities, driving the evolution of the Japanese government bond market towards an all-weather, programmable financial infrastructure. (Nikkei)