Taking account of the work of the NGFS and other authorities, the Bank, in collaboration with the Financial Services Agency, is working on pilot exercises in scenario analysis targeting large financial institutions by using common scenarios.
The Bank will encourage financial institutions to enhance their disclosures, both qualitatively and quantitatively, based on the TCFD framework, which has been incorporated in the revised “Japan’s Corporate Governance Code." Research Research is extremely important in examining monetary policy measures and responses regarding the financial system. The Bank has hosted the International Research Workshop on Climate-related Financial Risks and published research papers.