, we are committed to playing our part and fulfilling our responsibilities, within our mandates, to support and contribute to a successful transition to net zero. with today ’ s announcement of the ngfs glasgow declaration – committed to action – our network of 100 central banks and supervisors is no longer just a coalition of the willing : we are a coalition of the committed. 1 ngfs ( 2019 ), a call for action : climate change as a source of financial risk, april. 2 reporting standards that are aligned with the recommendations issued by the task force on climate - related financial disclosures. 2 / 2 bis central bankers'speeches

masaaki shirakawa : overall review of the bank of japan ’ s conduct of monetary policy statement by mr masaaki shirakawa, governor of the bank of japan, concerning the bank ’ s semiannual report on currency and monetary control before the committee on financial affairs, house of councillors, tokyo, 22 may 2008. * * * introduction the bank of japan submitted its semiannual report on currency and monetary control for the first half of fiscal 2007 to the diet on december 11, 2007. i am pleased to have this opportunity to present an overall review of the bank's conduct of monetary policy. i. developments in japan's economy japan's economic growth is slowing, mainly due to the effects of high energy and materials prices. the deterioration in the terms of trade that results from rises in energy and materials prices leads to an outflow of real income, as japan depends heavily on imported resources. this exerts downward pressure on corporate profits and reduces households'purchasing power. although business fixed investment and private consumption remain firm, due attention should be paid to the possibility that the weakening of the economy's capacity to generate income will result in weaker domestic private demand. as for the outlook, japan's economy is likely to grow at a slower pace for the time being and follow a moderate growth path thereafter. exports are expected to continue rising – even though those to the united states have been falling for some time – as they have been increasing to a broader range of destinations, particularly emerging economies and countries that export natural resources. in the corporate sector, firms currently face no excess in production capacity, inventory, or employment, and corporate profits have been at historically high levels. as a result, it seems that japan's economy has become more resilient against negative shocks than in the past. the accommodative financial conditions are likely to continue to support private demand. the level of short - term interest rates has been very low relative to the potential growth rate and inflation. in addition, firms'liquidity positions and funding conditions have continued to be favorable on the whole. however, the liquidity positions of small firms and some nonmanufacturing firms are increasingly unfavorable, and therefore developments need to be closely monitored. global financial markets have been unstable due to continued disruptions stemming from the u. s. subprime mortgage problem. although overly pessimistic views about global financial markets have subsided compared with some time ago,