The Bank of Japan turns green.

The aid program boils down to the central bank lending banks money to finance investments and loans for climate protection.

Unlike the targeted purchases of “green bonds” that some European central bankers are considering, this is a contribution against greenhouse gases that is far removed from regular monetary policy and does not harm it.

Governor Haruhiko Kuroda knows the primacy of monetary policy goals, price level stability and financial stability.

It is all the more bizarre that the bank is getting involved in the financial aid.

If climate change comes as predicted, it will come predictably over decades.

Markets can adapt to this at an early stage.

A particular risk to price levels or financial stability is not evident, let alone a need for preventive special loans from the central bank.

The Bank of Japan is chasing after the political eco-goals for no reason and is giving up another piece of its independence.

The dependency can then damage monetary policy.

Japan is used to it.

Europe shouldn't start with that.