for fiscal 2022 onward are calculated by multiplying the actual figure for fiscal 2021 by all successive projected growth rates for each year. sources : cabinet office ; bank of japan. chart 8 consumer prices cpi ( less fresh food and energy, excluding temporary factors ) cpi ( less fresh food ) y / y % chg. 4. 5 mobile phone charges 4. 0 effects of travel subsidy programs 3. 5 effects of the consumption tax hike and 3. 0 free education policies energy 2. 5 excluding the above factors 2. 0 cpi ( less fresh food ) 1. 5 1. 0 0. 5 0. 0 - 0. 5 - 1. 0 - 1. 5 - 2. 0 cy17 3. 5 y / y % chg. 3. 0 2. 5 2. 0 goods general services ( less housing rent ) housing rent ( private and imputed rent ) administered prices cpi ( less fresh food and energy ) 1. 5 1. 0 0. 5 0. 0 - 0. 5 cy 17 notes : 1. in the left - hand chart, figures for " energy " consist of those for petroleum products, electricity, and gas, manufactured & piped. 2. in the left - hand chart, figures for the " effects of the consumption tax hike and free education policies " from april 2020 onward are bank staff estimates and include the effects of measures such as free higher education introduced in april 2020. 3. in the right - hand chart, the cpi figures are staff estimates and exclude mobile phone charges and the effects of the consumption tax hike, policies concerning the provision of free education, and travel subsidy programs. figures for " administered prices " ( less energy ) consist of those for public services and water charges. source : ministry of internal affairs and communications. chart 9 changes in firms'price - setting stance dis for prices ( tankan ) firms'inflation outlook one year ahead ( tankan ) di ( " rise " - " fall " ), % points 3. 5 " rise " " fall " y / y % chg. 3. 0 general prices 2. 5 output prices 2. 0 1. 5 1. 0 - 20 input prices - 40 - 60 cy00 0. 5 output prices 0. 0 - 0. 5 cy 14 15 16 17 18 19 20 21 22 notes : 1. in the left - hand chart, figures are for all industries and enterprises. there is a discontinuity in the data for december 2003 due

is initiatives by financial institutions to address climate - related financial risks. proper assessment and management of physical and transition risks through scenario analysis are becoming a more important challenge for financial institutions. it is necessary for them to understand both climate - related risks and opportunities appropriately and to conduct their business and risk management on that basis. the second perspective is financial intermediation and capital market development when addressing climate change. new investment and finance for the transition are essential in pushing ahead with decarbonization realistically without compromising social welfare. there is therefore likely to be substantial demand for funds in the corporate sector. to meet such demand efficiently, financial institutions and investors should be able to assess appropriately the risks and returns of their investments, taking the effects of measures to address climate change into account. as a basis for this, it is very important to work on information disclosure. i hope that discussions at this meeting will contribute to improving the effectiveness of financial practices in addressing climate change. concluding remarks in conclusion, i am confident that this meeting will facilitate vibrant discussions and valuable insights, allowing us to deepen our understanding of the challenges confronting the apac financial system. reflecting on history, we recognize the numerous financial crisis episodes that have occurred. the current stability of the apac financial system results from continuous efforts by relevant stakeholders, drawing from the lessons and experiences of past crises. now, our pivotal mission is to pass on these invaluable lessons and experiences from the present to future generations. i am certain that the apac financial system will remain a cornerstone of the region's economy, characterized by its significant growth potential. the bank of japan remains 4 / 5 bis - central bankers'speeches committed to strengthening coordination and collaboration with all stakeholders to ensure the stability and resilience of the financial system for the future. thank you for your attention. 5 / 5 bis - central bankers'speeches