Japan FSA Calls for Financial Products for Longevity Risk

Politics

Tokyo, May 23 (Jiji Press)--Japan's Financial Services Agency has released a draft report calling for financial products that focus on longevity risk, or when people's living expenses run short due to a rise in longevity.

The draft, which includes plans for the agency to urge financial institutions to expand their financial products and services that respond to the aging society, noted the need for services that preserve assets for when people's cognitive functions deteriorate.

The draft was presented to a task force under the Financial System Council, which advises the prime minister, on Wednesday.

The content of the draft will be explained at a meeting of Group of 20 finance ministers and central bank chiefs to be held in Fukuoka, southwestern Japan, in June.

The draft split asset formation and other matters into three stages--working period, just before and after retirement and late life--and suggested necessary products and services.

[Copyright The Jiji Press, Ltd.]

Jiji Press