Japan’s Financial Services Agency calls for financial products that focus on longevity risk
The Financial Services Agency has released a draft report calling for financial products that focus on longevity risk, or when people’s funds for living expenses run short due to a rise in longevity.
The draft includes plans for the agency to urge financial institutions to expand their ranges of financial products and services that respond to an aging society.
It also noted the need for services that preserve assets for when people’s cognitive functions deteriorate.
The document was presented to a task force under the Financial System Council, which advises the prime minister, on Wednesday.
The content of the draft will be explained at a meeting of Group of 20 finance ministers and central bank chiefs set to be held in the city of Fukuoka in June.
Read more @Japan Times
