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Tackling climate change important for growth: Bank of Japan

Members of the board also discussed the issue of automakers being forced to reduce production. (AFP)
Members of the board also discussed the issue of automakers being forced to reduce production. (AFP)
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02 Nov 2021 03:11:07 GMT9
02 Nov 2021 03:11:07 GMT9

TOKYO: A Bank of Japan policymaker said at a monetary policy meeting in September that the BOJ’s new fund-supply scheme designed to help addressing climate change is appropriate “also from the viewpoint of supporting Japan’s medium- to long-term growth potential,” according to the minutes of the meeting released Tuesday.

At the Sept. 21-22 meeting, the BOJ’s Policy Board approved details of the new scheme to encourage commercial financial institutions to make investments and loans for projects aimed at curbing climate change.

Another Policy Board member noted that Japan’s actions to combat climate change will have “important implications” for the BOJ’s mandate of achieving price and financial system stability.

Members of the board also discussed the issue of automakers being forced to reduce production due to parts supply disruptions blamed on the spread of the novel coronavirus in Southeast Asia.

One member said that it seems to be taking longer for supply-side constraints to be resolved than initially anticipated by firms, pointing to “a risk that the adverse effects of these constraints could spread more than expected.”

JIJI Press

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