A consortium of Japanese banks, led by Mizuho Financial Group and Japan Post Bank, has announced plans to launch a digital currency called J Coin that has the support of the Japanese central bank and Japan's financial regulator, the FT reports. The FT says J Coin would be convertible into yen on a one-to-one basis and could be used on smart phones to buy goods and services and to transfer money. The consortium aims to have J Coin operational by the 2020 Olympics and be able to compete with Alibaba's recently launched mobile phone payments service. J Coin is designed to wean Japanese consumers and businesses off cash, which still accounts for 70 percent of transactions by value. Deloitte, the global big-four accounting firm that advises and audits the world's biggest banks, has been targeted by a hacking attack on emails of its biggest clients, The Guardian reports. The cyber-attack apparently went unnoticed for months. The newspaper reports that six of Deloitte's biggest global clients have been advised of the hacking attack, which Deloitte in March, although its systems may been compromised since October or November of last year. Emails to and from Deloitte's 244,000 employees were hacked because an administrator's account in Deloitte's Azure cloud service provided by Microsoft used a single password.