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BOJ's Kuroda says c.banks should avoid one-size-fits-all climate standards

06/04/2021 | 06:46am EDT
FILE PHOTO: Bank of Japan Governor Haruhiko Kuroda speaks at a news conference in Tokyo

TOKYO (Reuters) -Bank of Japan Governor Haruhiko Kuroda said on Friday central banks must allow for differences when setting standards for climate risk, as the necessary responses to climate change could vary from region to region.

Kuroda also said any policy action on climate change by central banks must be "carefully assessed" against their monetary policy mandates, such as achieving price stability.

"Central banks' policy responses on climate change should avoid a one-size-fits-all nature," Kuroda said at the Green Swan conference of the Bank for International Settlement.

Unlike some other central banks that manage foreign reserves, the BOJ has bought government bonds and risky assets such as exchange-traded funds (ETF) solely for monetary policy purposes, Kuroda said.

"This is one of the instruments of our monetary policy," Kuroda said of the BOJ's ETF buying. "As such, I still think we have to respect our central bank mandate, which is basically to achieve price stability and financial sector stability."

Asked whether central banks should use asset buying as a tool to promote green bonds or other environment-friendly investments, Kuroda said the BOJ's monetary policy response must avoid distorting resource allocation.

(Reporting by Leika Kihara; Editing by Hugh Lawson)

By Leika Kihara


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / JAPANESE YEN (AUD/JPY) -0.66% 80.88 Delayed Quote.2.57%
BANK OF JAPAN -3.39% 28500 End-of-day quote.15.24%
BRITISH POUND / JAPANESE YEN (GBP/JPY) -0.55% 151.659 Delayed Quote.7.79%
CANADIAN DOLLAR / JAPANESE YEN (CAD/JPY) -0.58% 87.41 Delayed Quote.8.43%
EURO / JAPANESE YEN (EUR/JPY) -0.44% 129.61 Delayed Quote.3.31%
INDIAN RUPEE / JAPANESE YEN (INR/JPY) -0.49% 1.477934 Delayed Quote.5.09%
NEW ZEALAND DOLLAR / JAPANESE YEN (NZD/JPY) -0.88% 76.502 Delayed Quote.4.14%
US DOLLAR / JAPANESE YEN (USD/JPY) -0.24% 110.04 Delayed Quote.7.12%
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