The Japanese government recently gave a formal response to a "proposal by the United States and other countries to promote bitcoin as a reserve asset" put forward by Sen. Satoshi Hamada. In its reply, the Japanese government said that it has not yet fully grasped the relevant trends in the United States and other countries, and mentioned that the introduction of bitcoin as a reserve asset is still in the discussion stage, and it is difficult for the Japanese government to express its opinion on the specific situation. In addition, the Japanese government pointed out that "crypto assets do not belong to the category of foreign exchange," based on the legal framework used by the special account, and explained that the current foreign exchange reserves are mainly aimed at the stability of foreign currency-denominated assets and foreign currency bond markets. The response document repeatedly emphasizes that the special account is used to prioritize the security and liquidity of foreign exchange reserves. This shows that the Japanese government believes that the price volatility of cryptoassets, including bitcoin, is high, which is inconsistent with the current system. The response document once again shows that the Japanese government remains cautious in the context of advancing international and domestic discussions on including cryptoassets in the national reserve strategy.