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Climate Change

日本語

The Bank's Strategy on Climate Change

The Climate Coordination Hub

Monetary Policy

Table : Monetary Policy
Date Title
July 17, 2025 Loan Disbursement under the Funds-Supplying Operations to Support Financing for Climate Change Responses [PDF 93KB]
Jan. 29, 2025 Loan Disbursement under the Funds-Supplying Operations to Support Financing for Climate Change Responses [PDF 8KB]
July 31, 2024 Amendment to "Principal Terms and Conditions of Complementary Deposit Facility" [PDF 76KB]
July 18, 2024 Loan Disbursement under the Funds-Supplying Operations to Support Financing for Climate Change Responses [PDF 7KB]
Mar. 19, 2024 Amendment to "Principal Terms and Conditions of ComplementaryDeposit Facility" [PDF 108KB]
Jan. 29, 2024 Loan Disbursement under the Funds-Supplying Operations to Support Financing for Climate Change Responses [PDF 8KB]
Dec.  7, 2023 Treatment of Japan Climate Transition Bonds in the Bank's Market Operations [PDF 58KB]
July 20, 2023 Loan Disbursement under the Funds-Supplying Operations to Support Financing for Climate Change Responses [PDF 8KB]
Jan. 27, 2023 Loan Disbursement under the Funds-Supplying Operations to Support Financing for Climate Change Responses [PDF 8KB]
Jan. 18, 2023 Establishment of "Special Rules for Member Financial Institutions of Central Organizations of Financial Cooperatives to Use the Funds-Supplying Operations to Support Financing for Climate Change Responses" [PDF 94KB]
July 20, 2022 Loan Disbursement under the Funds-Supplying Operations to Support Financing for Climate Change Responses [PDF 444KB]
Dec. 23, 2021 Loan Disbursement under the Funds-Supplying Operations to Support Financing for Climate Change Responses [PDF 8KB]
Sept. 22, 2021 (Reference) Outline of Climate Response Financing Operations [PDF 207KB]
Sept. 22, 2021 Establishment of "Principal Terms and Conditions of the Funds-Supplying Operations to Support Financing for Climate Change Responses" [PDF 95KB]
Sept. 22, 2021 Statement on Monetary Policy 
July 21, 2021 (Reference) Fund-Provisioning Measure to Support Efforts on Climate Change (Preliminary Outline) (decided at the Monetary Policy Meeting held on July 15 and 16, 2021) [PDF 63KB]
July 16, 2021 Statement on Monetary Policy 
June 18, 2021 Statement on Monetary Policy 

Financial System

Table : Financial System
Date Title
June 20, 2025 Second Scenario Analysis on Climate-Related Risks (Banking Sector) 
Apr. 23, 2025 Financial System Report (April 2025) 
Mar. 11, 2025 On-Site Examination Policy for Fiscal 2025 [PDF 382KB]
Oct. 24, 2024 Financial System Report (October 2024) 
May  31, 2024 Regional and Shinkin Banks' Recent Efforts to Address Climate Change (FY2023) 
May  10, 2024 Climate-Related Scenario Analysis - Next Step in the Banking Sector - 
Apr. 18, 2024 Financial System Report (April 2024) 
Mar. 12, 2024 On-Site Examination Policy for Fiscal 2024 [PDF 570KB]
Oct. 20, 2023 Financial System Report (October 2023) 
June  2, 2023 Regional and Shinkin Banks' Recent Efforts to Address Climate Change 
Apr. 21, 2023 Financial System Report (April 2023) 
Mar. 14, 2023 On-Site Examination Policy for Fiscal 2023 [PDF 720KB]
Oct. 21, 2022 Financial System Report (October 2022) 
Aug. 26, 2022 Pilot Scenario Analysis Exercise on Climate-Related Risks Based on Common Scenarios 
Mar. 29, 2022 On-Site Examination Policy for Fiscal 2022 [PDF 564KB]
Oct. 21, 2021 Financial System Report (October 2021) 
Apr. 20, 2021 Financial System Report (April 2021) 
Mar. 30, 2021 On-Site Examination Policy for Fiscal 2021 [PDF 663KB]
Dec. 24, 2020 International Research Workshop on Climate-related Financial Risks: Interactions of Climate Change and the Financial System (Program posted on February 26, 2021) 

Research and Studies

Research Papers and Reports

List (excluding Research Papers Released by IMES)
Date Title
June 20, 2025 Second Scenario Analysis on Climate-Related Risks (Banking Sector) 
Dec. 21, 2023 Top-Down Scenario Analysis of Climate-Related Financial Risks: Perspective from Time Horizon and Inter-Industry Spillovers 
Sept. 29, 2023 Central Bank Mandates and Communication about Climate Change 
May  24, 2023 Energy Efficiency in Japan: Developments in the Business and Household Sectors, and Implications for Carbon Neutrality 
Feb. 17, 2023 Analysis of the Transmission of Carbon Tax using a Multi-Sector Dynamic Stochastic General Equilibrium Model 
July 28, 2022 Flood Risk Perception and its Impact on Land Prices in Japan 
June  9, 2022 Challenges for Japan's Economy in the Decarbonization Process 
June  3, 2022 How Do Floods Affect the Economy? An Empirical Analysis using Japanese Flood Data 
June  3, 2022 Transmission of Flood Damage to the Real Economy and Financial Intermediation: Simulation Analysis using a DSGE model 
June  2, 2022 Central Bank Communication about Climate Change 
Mar. 14, 2022 Physical risks from climate change faced by Japan's financial institutions: Impact of floods on real economy, land prices, and FIs' financial conditions 
July 20, 2021 Quantitative Analysis of the Impact of Floods on Firms' Financial Conditions 
Dec. 24, 2020 How Does Climate Change Interact with the Financial System? A Survey 
List of Research Papers Released by IMES
Date Title
Mar. 7, 2025 (IMES Newsletter) 2024 BOJ-IMES Finance Workshop
Apr. 22, 2024 International Comparison of Climate Change News Index with an Application to Monetary Policy (Link to the IMES website)
Feb. 4, 2022 CO2 Emissions and Corporate Performance: Japan's Evidence with Double Machine Learning (Link to the IMES website)

Market Functioning Survey concerning Climate Change

Table : Market Functioning Survey concerning Climate Change
Date Title
July 16, 2025 Results of the Fourth Market Functioning Survey concerning Climate Change - Progress in the Improvement of Market Functioning and Challenges for the Future - 
Oct.  1, 2024 Meeting on the Third Market Functioning Survey concerning Climate Change 
July 12, 2024 Results of the Third Market Functioning Survey concerning Climate Change - Progress in the Improvement of Market Functioning and Challenges for the Future - 
Aug. 10, 2023 Meeting on the Second Market Functioning Survey concerning Climate Change 
June 30, 2023 Results of the Second Market Functioning Survey concerning Climate Change - Progress in the Improvement of Market Functioning and Challenges for the Future - 
Oct. 19, 2022 Meeting on the Market Functioning Survey concerning Climate Change 
Aug.  5, 2022 Results of the First Market Functioning Survey concerning Climate Change - Progress in the Improvement of Market Functioning and Challenges for the Future - 
Mar. 11, 2022 Release of "Final Report on the Results of the Public Consultation on the Market Functioning Survey concerning Climate Change" 
Dec. 13, 2021 Public Consultation on the Market Functioning Survey concerning Climate Change 

International Finance

NGFS (Network for Greening the Financial System)

Table : NGFS (Network for Greening the Financial System)
Date Title
May 13, 2025 NGFS publishes the short-term climate scenarios
Nov. 11, 2024 NGFS publishes the latest long-term climate scenarios
Nov. 9, 2023 NGFS publishes the NGFS Climate Scenarios
June 13, 2023 NGFS publishes the "NGFS Survey on Climate Scenarios - Key findings"
Sep. 8, 2022 NGFS publishes the NGFS Climate Scenarios
May 20, 2022 NGFS publishes the "Credit Ratings and Climate Change - Challenges for Central Bank Operations"
Mar. 25, 2022 NGFS publishes the "Statement on Nature-Related Financial Risks"
Dec. 15, 2021 NGFS publishes the "Guide on climate-related disclosure for central banks"
Nov. 5, 2021 NGFS publishes the "NGFS Glasgow Declaration"
Jun. 7, 2021 NGFS publishes the second vintage of climate scenarios for forward looking climate risks assessment (Link to an external website)
Mar. 24, 2021 "Adapting central bank operations to a hotter world: Reviewing some options" [PDF] (Link to an external website)
Nov. 28, 2019 Bank of Japan Joins the NGFS

EMEAP (Executives' Meeting of East Asia and Pacific Central Banks)

Table : EMEAP (Executives' Meeting of East Asia and Pacific Central Banks)
Date Title
Jul. 12, 2021 EMEAP Central Banks Agreed to Promote Green Bond Investment through Asian Bond Fund [PDF] (Link to an external website)

Basel Committee

Table : Basel Committee
Date Title
Dec. 9, 2022 Basel Committee clarifies how climate-related financial risks may be captured in the existing Basel Framework (Link to an external website)
Aug. 2, 2022 Basel Committee publishes the comment letter on International Sustainability Standards Board (ISSB) consultation [PDF] (Link to an external website)
Jun. 16, 2022 Basel Committee issues principles for the effective management and supervision of climate-related financial risks (Link to an external website)
Nov. 18, 2021 Basel Committee consults on principles for the effective management and supervision of climate-related financial risks (Link to an external website)
Nov. 4, 2021 Basel Committee supports the establishment of the International Sustainability Standards Board (Link to an external website)
Apr. 14, 2021 Basel Committee publishes analytical reports on climate-related financial risks (Link to an external website)
Apr. 30, 2020 Basel Committee publishes stocktake report on climate-related financial risk initiatives (Link to an external website)

Financial Stability Board

Table : Financial Stability Board
Date Title
May 6, 2022 Supervisory and Regulatory Approaches to Climate-related Risks: Interim Report [PDF] (Link to an external website)
Jul. 7, 2021 FSB roadmap for addressing climate-related financial risks (Link to an external website)
Jul. 7, 2021 The availability of data with which to monitor and assess climate-related risks to financial stability (Link to an external website)
Jul. 7, 2021 Report on promoting climate-related disclosures (Link to an external website)
Dec. 22, 2020 FSB encourages the IFRS Foundation and authorities to use TCFD's recommendations as the basis for climate-related financial risk disclosures [PDF] (Link to an external website)
Nov. 23, 2020 FSB examines financial stability implications of climate change [PDF] (Link to an external website)
Jul. 22, 2021 FSB stocktake considers climate risks and financial stability [PDF] (Link to an external website)

Speeches and Statements

Table : Speeches and Statements
Date Speaker Title
Nov. 27, 2022 AMAMIYA Masayoshi, Deputy Governor "Climate Change and Finance"(Speech at the Japan Society of Monetary Economics) 
Nov. 15, 2022 KURODA Haruhiko, Governor "Sustainable Finance: Entering a New Phase of Implementation" (Remarks at the Paris EUROPLACE Tokyo International Financial Forum 2022) 
Nov. 29, 2021 KURODA Haruhiko, Governor "Role of Finance in Addressing Climate Change: Three Essential Elements" (Remarks at the Paris EUROPLACE Tokyo International Financial Forum 2021) 
Oct.  6, 2021 KURODA Haruhiko, Governor "Hopes for the Japanese and U.S. Business Communities: Economic Recovery from the COVID-19 Crisis and Efforts to Address Climate Change" (Speech at the 58th Japan-U.S. Business Conference) (via webcast) 
Oct.  5, 2021 KURODA Haruhiko, Governor Opening Remarks at the TCFD Summit 2021 (via webcast) 
Sept.  1, 2021 WAKATABE Masazumi, Deputy Governor "Japan's Economy and Monetary Policy" (Speech at a Meeting with Local Leaders in Hiroshima (via webcast)) 
Aug. 25, 2021 NAKAMURA Toyoaki, Member of the Policy Board "Economic Activity, Prices, and Monetary Policy in Japan" (Speech at a Meeting with Local Leaders in Miyazaki (via webcast)) 
July 27, 2021 KURODA Haruhiko, Governor The Bank of Japan's Strategy on Climate Change (Speech at the Japan National Press Club) (via webcast) 
July 21, 2021 AMAMIYA Masayoshi, Deputy Governor "Japan's Economy and Monetary Policy" (Speech at a Meeting with Local Leaders in Niigata) (via webcast) 
Mar. 25, 2021 KURODA Haruhiko, Governor "Addressing Climate-related Financial Risks -- From a Central Bank's Perspective --" (Opening Remarks at the International Research Workshop on Climate-related Financial Risks) 
Nov. 28, 2019 Haruhiko Kuroda, Governor "International Financial Regulation and Supervision:Past Achievements, Current Issues, and Future Agendas" (Remarks at the Paris EUROPLACE Financial Forum in Tokyo) 
Mar. 15, 2019 Haruhiko Kuroda, Governor "Toward Inclusive and Sustainable Development" (Remarks at the B20 Tokyo Summit hosted by Nippon Keidanren (Japan Business Federation)) 

Disclosure based on TCFD recommendations

Table : Disclosure based on TCFD recommendations
Date Title
May 28, 2025 Climate Change Initiatives: Disclosure Based on TCFD Recommendations [PDF 179KB]
May 29, 2024 Climate Change Initiatives: Disclosure Based on TCFD Recommendations [PDF 528KB]
May 29, 2023 Climate Change Initiatives: Disclosure Based on TCFD Recommendations [PDF 585KB]
Aug. 3, 2022 Climate Change Initiatives: Disclosure Based on TCFD Recommendations
May 27, 2022 Climate Change Initiatives: Disclosure Based on TCFD Recommendations [PDF 99KB]