Before a state of emergency had officially been declared to slow the spread of the pandemic in Japan, overall activity on crypto exchanges decreased as there was a spike in fiat deposits.
According to data published in March 2020 by the Japan Virtual and Crypto assets Exchange Association (JVCEA), the number of active crypto accounts registered in the country decreased from 2,048,501 in February to 2,044,806 in March. This means that 3,695 fewer accounts may not have traded any digital assets.