Japanese are cash centric and Credit Card use never really took off
The Japanese economy is yet to recover from the real estate market collapse of 1989-90. The Plaza Accord put in force by the Reagan Government further exacerbated the situation. In one swipe, their once flourishing real estate market took a hit and their exports shrunk because of the expensive Yen. As a result of economic downturns and government printing money to catalyze an economy struggling in a deflation, citizens are into cryptocurrencies preferring it over bank issued, traceable credit cards.
There have been talks that the last Bitcoin Bull Run of late 2017 was predominantly pumped by highly educated housewives of Japan, the Mrs. Watanabe. These women are a by-product of a lax Japanese society yet to embrace change. In Japan, women seldom make it to management. Often times, once they have children, they should quit their jobs, stay home and let the husband work. Since they don’t work, they compensate that by being in charge of family finances. As a result, they decide on what and where to invest on. As it turned out, Bitcoin made them huge profits in late 2017.