Digitalization of the Japanese Economy by the Example of the Banking Sector: Current Results, Prospects and Problems

Purpose: the purpose of this study is to examine the current state of Japan's digital transformation, with a focus on the banking sector, analyzing specifc examples, identifying obstacles that hinder the achievement of expected results.

Methods: the article is based on the analysis of scientifc and analytical materials devoted to the problem of research, a set of general scientific methods is applied, including comparison, scientifc generalization, analogy, etc.

Results: the article presents the main trends and current results of digitalization of Japanese banks, provides examples of projects, identifies problematic areas of the implemented policy. A hypothesis is put forward about the key role of the government in the development of new standards for the organization of work, taking into account the use of innovative technologies. For Japan, digitalization is chosen as a key tool to mitigate the current socio-economic situation. Digitalization is already being implemented in the healthcare sector, agriculture, etc. Another sector at the center of digitalization is the fnancial one. Financial technologies form new markets and products. Non-banking companies penetrate into the areas occupied by classical banks, competing and even displacing them.

These processes are observed both in Japan and in other countries of the world, including Russia. Therefore, studying the Japanese experience of integrating digital technologies into the fnancial sector is important. Although Russia is among the leaders in the digitalization of the financial sector, it is difcult for fntech companies to break into the Russian market due to pressure from large classical banks, as well as the lack of trust in fntech companies from the population.

Conclusions and Relevance: in contrast to the manufacturing sector, digitalization of non-manufacturing areas is slower in Japan. This is due to a shortage of qualifed personnel, fnancial risks, etc. Today, the priority for fnancial institutions remains to create the basis for the introduction of digitalization and improve management efciency. From the point of view of ensuring the stability of the fnancial system, it is expected that the Bank of Japan, together with the government, will encourage initiatives in the feld of fnancial development.

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