． status of efforts in each country ( according to fsb and ngfs survey ) about 40 countries or regions had already conducted or are planning to conduct scenario analysis the objectives include understanding the impacts on individual fis and the financial system as a whole, improving the analytical capacity of both authorities and fis, and identifying data constraints [UNK] ． status of efforts in japan the bank of japan and the financial services agency jointly conducted a pilot scenario analysis exercise with major financial institutions in 2021 the results were released in august 2022 the pilot exercise was not intended to provide a quantitative assessment of the impact of climate change. rather, it was intended to serve as a means to continuously improve and develop analytical methods of the scenario analysis and it focused on understanding data constraints, assessing the validity of analytical assumptions and methods, and identifying issues relevant to future improvement and development ( slide 7 ) market functioning survey concerning climate change climate - related risks and opportunities in stock prices and corporate bond prices in japan % stock prices all respondents corporate bond prices banks " somewhat tight " to " tight " " more or less balanced " financial institutions other than banks " somewhat accommodative " to " accommodative " nonfinancial corporates reflected somewhat reflected 0 10 20 30 40 50 60 70 80 90 100 % not reflected not reflected much notes : the top left chart asked whether the risks and opportunities arising from climate change were reflected in stock prices and corporate bond prices in financial markets in japan. 2. the bottom right chart asked the respondents to rank their answers in the order of importance from first to third. 3. survey was conducted from april 13 to may 31, 2022. it was distributed to 663 recipients, of which 290 responded ( i. e., the response rate was 44 % ). source : bank of japan. 1. view / impression on the supply and demand conditions of climate change - related esg bonds in japan challenges for increasing the size of the climate change - related esg bond market in japan increasing investors and / or issuers that place a high value on climate - related risks and opportunities enhancing and / or standardizing information disclosure increasing efforts and projects to respond to climate change improving transparency in esg evaluation further developing analysis methodologies for climaterelated risks, opportunities, and'impacts'clarifying policy measures for climate change bridging data gaps on climate - related data promoting engagement and enhancing dialogues first second third other 80 % ( slide 8 ) issues in financial and economic analysis [UNK] ． further development

recent problems related to the apartment construction wrongdoings in yokohama and other related problems may dampen such investment temporarily. however, i continue to project a steady recovery in residential investment under the low interest rate environment, since a front - loaded increase in demand prior to the planned consumption tax hike will gradually materialize. for fiscal 2016, i am projecting relatively high economic growth owing to a front - loaded increase in private consumption and residential investment prior to the planned consumption tax hike, amid the favorable employment situation. however, i made a moderate downward revision compared with the july 2015 interim assessment, mainly due to lower - than - expected real export growth. my outlook is more cautious than the median of the policy board members ’ forecasts, probably because i allocate a greater weight to a potential loss of economic opportunities arising from labor shortages, resulting in a more moderate pace of economic growth. in japan, firms with good business conditions tend to feel labor shortages and to be increasingly constrained from expanding business activities, while firms with bad business conditions tend to operate their businesses by managing existing employment. this may be one reason why the pace of replacing nonviable less active firms with viable active firms is slow, thereby hampering economic growth. b. upside and downside risk assessment with regard to economic activity in the october 2015 outlook report, the bank pointed out the following as risks to its baseline scenario for economic activity : ( 1 ) developments in overseas economies ; ( 2 ) the effects of the planned consumption tax hike in april 2017 ; ( 3 ) firms ’ and households ’ medium - to longterm growth expectations ; and ( 4 ) fiscal sustainability in the medium to long term. on the whole, it assessed that risks are skewed to the downside. see ministry of economy, trade and industry, “ global shipment index. ” bis central bankers ’ speeches in my risk assessment related to economic activity, the upside and downside risks are likely to remain balanced through fiscal 2015 and 2016. by contrast, risks for fiscal 2017 are tilted to the downside. particularly, i find the following risks related to overseas economies important : • in the chinese economy, while the labor force population ratio declines, private consumption and internet sales are firm, due in part to a continuing rise in wages. but the year - on - year rate of increase in retail sales for the first ten months of 2015 remains moderately below the annual target of 13 percent. the tertiary sector, i. e., services industries, is growing