By Leika Kihara and Takahiko Wada

TOKYO, Oct 12 (Reuters)Japan must swiftly revise laws to allow the central bank to issue a digital currency, a move that could provide a chance to reform the Bank of Japan’s existing mandates and enshrine its inflation target, a senior ruling party official said on Monday.

Kozo Yamamoto, head of the Liberal Democratic Party’s (LDP) council on financial affairs, said the BOJ risked being overtaken by private players who could launch their own digital currencies that could undermine the yen.

“If something too convenient pops up from the private sector, people might start to doubt whether they need yen as a currency unit. We must prevent this from happening,” he said. “This is fundamentally about protecting Japan’s currency sovereignty.

Yamamoto said he would prod the government and relevant agencies to speed up efforts to draft a revised BOJ law and other necessary legislation for issuing central bank digital currencies (CBDC).

However, more broadly, Yamamoto has been a vocal advocate of making changes to the BOJ law, which sets out the central bank’s mandates.

Revising the law to include digital currencies would also present a good opportunity to make other changes such as adding an inflation target and job creation to the mandates, much like the U.S. Federal Reserve, he added.

“The new law should also clarify that 2% inflation is the BOJ’s policy target,” he told Reuters.

The BOJ does currently set 2% as its inflation target, introduced in 2013. But the target is not stipulated under the BOJ law, which says only that its role is to ensure Japan’s price moves and financial system are stable.

Central banks globally have been reviewing their strategic goals, with the European Central Bank widely expected to follow in the footsteps

  • Walmart, Target and Best Buy will try to divert dollars from Amazon Prime Day by offering their own deals and fulfilling orders quickly through curbside and in-store pickup.
  • Buy online, pick up in store options have gained popularity during the coronavirus pandemic as a safe, convenient alternative to browsing store aisles.
  • Yet big-box retailers will have to prove they can keep up as deep discounts and holiday shopping drive demand.



a boy standing in front of a car: A Wal-Mart Pickup-Grocery employee helps a customer at a test store in Bentonville, Arkansas.


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A Wal-Mart Pickup-Grocery employee helps a customer at a test store in Bentonville, Arkansas.

As big-box retailers throw their own sales events during Amazon Prime Day, expect to see them tout an asset that the e-commerce giant doesn’t have: numerous stores across the country where customers can quickly retrieve their online purchases.

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Amazon Prime Day starts at 3 a.m. ET Tuesday and lasts through Wednesday. Target will have “Deal Days” and Best Buy will jumpstart Black Friday sales on those days. Walmart holds its “Big Save Event” from 7 p.m. ET Sunday through Thursday.

Buy online, pick up in store options — such as curbside and in-store pickup — have gained popularity during the coronavirus pandemic as a safe, convenient alternative to browsing store aisles.

Best Buy rolled out curbside pickup at nearly all its stores during the early months of the pandemic. Walmart over the past five or six months has made tens of thousands of general merchandise items eligible for curbside pickup, along with its wide selection of groceries. Target will add fresh and frozen foods to curbside pickup at the vast majority of stores by the holidays, so shoppers can pick up milk along with gifts for their family. 

By offering an alternative to waiting for a package to arrive to the doorstep, retailers are trying to beat Amazon at its