When Japan’s finance minister, Shun’ichi Suzuki, announced in October that Japan would start to use its foreign reserves to buy ESG (environmental, social and governance) securities, it marked the latest in a long sequence of initiatives led by the country’s state institutions. The question is whether Japanese corporates will follow their lead.
There is no shortage of institutional landmarks. Japan has said it will reach carbon neutrality by 2050. Its central bank, the Bank of Japan, launched a strategy on climate change in July that committed it to buying green bonds, while also offering preferential borrowing terms to banks that make Taskforce on Climate-Related Financial Disclosures (TCFD) disclosures.
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