Fumio Kishida, Prime Minister of Japan, has stated in a policy speechthat the country's plans for investing in digital transformation include the Metaverse and non-fungible tokens (NFTs) services. In his address to Japan's parliament, Kishida stated that Japan will continue to focus on 'supporting the social implementation of digital technology' and will 'promote efforts to expand the use of Web3 services that utilise the metaverse and NFTs.'

The Japanese government  hadrecently establisheda Web3 policy office under the Ministry of Economy, Trade, and Industry (METI), which is focused on improving the business environment related to Web 3.0. Furthermore, METI is reportedly looking into a proposal to offer tax exemptionsto Japanese crypto companies in order to entice them to keep their business in the country, and further fuel the nation's evolving Web3 sector.