In the spring of 2023, the Japanese central bank (Bank of Japan or BOJ) will begin testing a proof-of-concept digital yen. According to a report, "From the spring of 2023, we will cooperate with private banks and other organisations to verify whether there are any problems with deposits and withdrawals in bank accounts. Assuming disasters, etc., check whether it can operate even in an environment where the Internet does not reach."
It is also reported that the Japanese central bank has begun working with three megabanks and regional banks to conduct a CBDC issuance pilot. Although the banks were not named in the report, Japan's 'three megabanks' are typically Mitsubishi UFJ Financial Group Inc., Sumitomo Mitsui Financial Group Inc., and Mizuho Financial Group Inc.