The Current State and Challenges of Impact Investing in Japan (FY2022 Survey)" is now available in English.

The Global Steering Group for Impact Investment (GSG) National Advisory Committee ("GSG National Advisory Committee") today released its annual report on the current status and challenges of impact investing.

▶Download the report here.

This report, published annually since 2016 by the GSG Domestic Advisory Committee, presents the investment balance of impact investments in Japan based on a questionnaire survey, as well as case studies of institutions involved in impact investing and trends in impact investing in Japan obtained from the questionnaire.


1.The balance of impact investment* in Japan was confirmed to be  5.8480 trillion yen (4.4 times more than last year).

2.Impact investments increased 4.4 times from the last year, existing institutions increased 3.7 times, and the total number of new institutions increased 1.5 times.

3. Developments in impact investing from 2022 to the beginning of 2023

Harvard Business Schoolʼ s Impact-Weighted Accounting Initiative (IWAI) created and published a tentative proposal for an impact weighted accounting framework (IWAF)(February 2022)
The International Sustainability Standards Board (ISSB) published drafts of IFRS sustainability disclosure standards (IFRS S1 and S2)(March 2022)
The Global Impact Investing Network (GIIN) Impact Lab was launched to start the development of impact analysis tools for investors that can be used in making investment decisions (October 2022)
Impact AUM reached 160 trillion yen (1.2 trillion dollars) worldwide, according to a global survey by the GIIN
Big Society Capital (BSC), a financial institution in the United Kingdom, opened an impact venture capital community, ImpactVC, for those that engage in impact investing (February 2023)
Russiaʼ s invasion of Ukraine caused an energy crisis, price hikes, demand for fossil fuels, and slow performance of ESG stocks, all working against impact investing

by Japanese
public bodies
In the “Grand Design and Action Plan for a New Form of Capitalism” and “Basic Policies for Economic and Fiscal Management and Reform 2022,” the Cabinet and Cabinet Secretariat clearly stated that the government will promote impact investing(June 2022)
The Cabinet Secretariat launched the Study Group on Impact Investment for Global Health (September 2022)
The Tokyo Metropolitan Government established a social impact investment fund (September 2022)
The Financial Services Agency established the Working Group on Impact Investment (October 2022)

by Japanʼs
private sector
Keidanren (Japan Business Federation) published the report “Using Impact Metrics to Promote Dialogue with Purpose as Starting Point” (June 2022)
The Impact Startup Association was established (October 2022)
The Social Innovation and Investment Foundation (SIIF) published a report on practical implications and an outlook for impact IPO titled, “Basic research for practice and promotion of Impact IPO” (November 2022)
A team in Keizai Doyukai (Japan Association of Corporate Executives) established a fund manager “&Capital Inc.” (January 2023)
The number of institutions that have signed the Japan Impact-driven Financing Initiative surpassed 47, signifying that it has doubled in one year since its launch in November 2021 (March 2023)

For more information, please see this report.

(※)The figure is the sum of the investment balances of the 46 organizations that responded to the “Questionnaire Survey regarding Impact Investment (2022)” and met the aforementioned inclusion criteria for impact investing based on self-reporting.The Survey results are the accumulation of responses to the questionnaire returned by mail or in electronic form. They are not meant to provide an estimated size of the impact investing market in a strict sense.


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  • The Current State and Challenges of Impact Investing in Japan (FY2022 Survey)" is now available in English.