MNI BRIEF: BOJ July Minutes: Must Check Climate Change Impact

Some Bank of Japan board members emphasized the view that it was important for the BOJ to further carry out research and studies, without having any preconceptions, regarding the impact of climate change on economic activity and prices, the minutes of the July 15-16 meeting released on Tuesday showed.

"One of these members said that the policy effects of the new fund-provisioning measure should be reviewed," the minutes showed.

"Another of these members noted that, triggered by the BOJ's latest measure, further studies on the macroeconomic implications of climate change could be conducted in various fields, and the Bank could make use of the findings of such studies."

"The members agreed that it would be appropriate for funds to be provided against those made by counterparties as part of their efforts to contribute to Japan's actions to address climate change." The BOJ at the meeting released the preliminary outline of the new facility to support banks' efforts to cope with climate changes.