BOJ Nominee Ueda Has Been a Skeptic on Central Bank Green Goals
- Ueda wrote in 2021 that ESG support may have negative effects
- Government interference in monetary policy a risk, Ueda wrote
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Kazuo Ueda, nominated to lead a Bank of Japan that’s backing ESG efforts, has voiced skepticism in the past about monetary authorities getting involved in green policies.
Policy makers can respond to climate change by taxing greenhouse gas emitters or applying quotas, but that’s more of a job for fiscal authorities than the central bank, the 71-year-old economist wrote for the Nikkei in December 2021. If the central bank gets too involved in fiscal policy, the government may respond by interfering more in monetary policy, he said.