Japanese Local Governments Reinventing the Economic Landscape with Innovative Measures

In the beginning of fiscal 2024, many local governments in Japan took innovative measures to revitalize their local economies. One such example is the town of Nishikawa in Yamagata Prefecture, which established a “kasegu,” or moneymaking, division. The goal of this new department was to secure additional financial resources for the town. They did this by promoting a type of non-fungible token (NFT) that allowed people living outside of Nishikawa to become digital citizens of the town.

Tomohiro Ishikawa, head of the division, expressed hope that the relationship with Nishikawa wouldn’t end with just one NFT transaction. Instead, he wanted people to take a further step and become fans of the town. To facilitate this, the town plans to host in-person and online gatherings that bring Nishikawa digital citizens together to engage and connect with each other.

Overall, it seems that local governments in Japan are thinking outside the box and using innovative methods to boost their local economies. This proactive approach could lead to exciting new opportunities for both residents and outsiders interested in becoming part of these unique communities.