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ECONOMY

Study on economic effects of climate change urged at BOJ July meeting

Tokyo, Sept. 28 (Jiji Press)–Several Bank of Japan policymakers mentioned the importance of investigating the effects of climate change on the economy and inflation at the BOJ policy-setting meeting in mid-July, it was learned Tuesday.

 

According to minutes of the July 15-16 meeting, some members of the BOJ Policy Board said that the central bank should “further carry out research and studies, without having any preconceptions, regarding the impact of climate change on economic activity and prices.”

 

One of the members called for a review of the policy effects of a new fund-provision scheme to address climate change.

 

The BOJ has announced the preliminary outline of the scheme to supply interest-free funds to financial institutions for investments and loans for tackling climate change.

 

At the July meeting, some board members noted that the bank should consider the need for the disclosure of information on the scheme before and after it is implemented, from the viewpoint of policy accountability.

 

BOJ policymakers also shared the view that an uptrend in private consumption, including that of face-to-face services, was “projected to become evident” after the impact of the coronavirus pandemic wanes.

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