BOJ to Back Fight against Climate Change

Economy Politics

Tokyo, July 16 (Jiji Press)--The Bank of Japan on Friday said it will support the fight against climate change by providing zero interest funds to commercial financial institutions making investments and loans in the area.

The BOJ also revised down its economic forecast for fiscal 2021 after Tokyo went into its fourth novel coronavirus state of emergency Monday.

The fund supply scheme was discussed at the central bank's two-day Policy Board meeting that ended on Friday, in line with a decision at the previous monetary policy meeting in June.

With the scheme, expected to start this year and continue at least until fiscal 2030, the BOJ hopes to show its resolve to support the fight against climate change, following in the footsteps of European and other major central banks.

At the monetary policy meeting, the BOJ decided to keep unchanged its policy of providing massive stimulus to the economy through superlow interest rates and asset purchases.

[Copyright The Jiji Press, Ltd.]

Jiji Press