Japan Financial Services Agency has established a public-private working group on financial sector cybersecurity, described as a Japanese version of “Project Glasswing”, to coordinate responses to cyber risks intensified by advances in artificial intelligence. The framework was created following a liaison meeting that brought together Bank of Japan Governor Kazuo Ueda, the National Cyber Office, the heads and chief cybersecurity officers of the three megabanks, and Tokyo Stock Exchange representatives. The initiative is intended to accelerate information sharing on vulnerabilities, shorten the time from identification to patch application, and strengthen preparedness for incidents that could quickly transmit through the highly interconnected, real-time financial system. Megabanks reported that attacker capabilities are improving and that individual institutions face limits in independently assessing emerging threats, underpinning the case for a joint forum. The minister indicated the working group should convene without delay and may broaden participation to include patch-supplying IT firms and online finance participants, with meetings held on an agile basis. He also pointed to the possibility of keeping in touch with international counterparts through upcoming G7 and G20 engagements if new information emerges.

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