Japan FSA study group urges banks to start post-quantum work now
26 NOVEMBER 2024, TOKYO
A study group convened by Japan's Financial Services Agency urged banks on 26 November 2024 to start post-quantum work now. The group recommended a cryptographic inventory, investment in crypto agility, and a phased approach that targets the mid-2030s for priority systems. The message puts the emphasis on beginning immediately rather than waiting for a quantum computer to appear.
The study group's report is guidance rather than a binding rule, but it signals the direction the agency expects. Japanese banks should read it as a strong supervisory expectation that could harden into firmer requirements over time, much as voluntary guidance in other jurisdictions has preceded formal rules.
Putting the inventory first reflects the practical order of the work. A bank cannot migrate cryptography it has not located, so mapping where and how cryptography is used provides the foundation. Every later step, prioritising systems, building crypto agility and migrating in phases, depends on having that picture of the starting point.
Why it matters. The FSA study group gives Japanese banks a clear, practical starting sequence: inventory first, then crypto agility, then phased migration toward the mid-2030s for priority systems. Because it comes from the financial supervisor's orbit, banks should treat it as more than optional advice. Those that begin the inventory now will be ready as the agency's expectations firm up and the sector's 2035 horizon approaches.