The Current State and Challenges of Impact Investing in Japan (FY2023 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  11.5414 trillion yen .

2.Impact investments increased 197% from the last year, existing institutions increased 1.7 times, and the total number of new institutions increased 1.3 times.

(*)This figure is the sum of assets under management (AUM) held by 58 organizations that responded to the Impact Investing Survey 2023 and meet the impact investing requirements.

(*) The factors behind this increase include the following two:
1) An increase in investments by existing impact investing organizations was greater than that in investments by newcomers.
2) Investments by banks and life insurance companies, new or existing players, make up most of the increase from last year.

Investments by 41 impact investing organizations that had responded to the survey since FY2022 increased by 3,976.2 billion yen (171%) compared to last year. This figure accounts for 70% of the overall increase of 5,693.4 billion yen. This explains that an increase in investments by existing impact investing organizations was the major factor.

3. Developments in impact investing from 2023 to the beginning of 2024

The International Foundation for Valuing Impacts (IFVI) and The Value Balancing Alliance (VBA) established the Valuation Technical & Practitioner Committee to begin reviewing studies and methodologies of impact-weighted accounting. (April 2023)
The World Economic Forum (WEF) published a new white paper about impact investing titled “Private Market Impact Investing: A Turning Point.” (May 2023)
The Global Impact Investing Network (GIIN) published the “2023 GIINsights” series based on data collected from 308 impact investing organizations around the world. (June 2023)
The Impact Task Force (ITF) published “The Impact Taskforce: State of Play 2023” to announce that it would pursue the initiative in impact transparency and capital mobilization. (December 2023)

by Japanese
public bodies
The Cabinet Secretariat announced the “Impact Investment Initiative for Global Health” at the G7 Hiroshima Summit. (May 2023)
The Financial Services Agency (FSA) published “Report by the Working Group on Impact Investment” and “Draft Basic Guidelines on Impact Investment.” (June 2023)
The Ministry of Economy, Trade and Industry (METI) launched J-Startup Impact, a program to foster and support impact startups through collaboration between the public and private sectors. (October 2023)
The FSA organized a launch event for the Impact Consortium, a conference for collaboration between the public and private sectors on impact investing. (November 2023)

by Japanʼs
private sector
Keidanren (Japan Business Federation) published its opinion on the FSA’ s “Report by the Working Group on Impact Investment.” (July 2023)
Keizai Doyukai (Japan Association of Corporate Executives) entered into the Partnership Agreement for Collaboration between the Impact Startup Association, the Japan Association of New Public, and the Japan Association of Corporate Executives to launch the collaboration. (July 2023)
The Japan Impact-driven Financing Initiative published “The Japan Impact-driven Financing Initiative: Medium-term Plan (2023 - 2025)” in July 2023. The number of institutions that have signed the Japan Impact-driven Financing Initiative reached 75. (March 2024)

For more information, please see this report.


  • ホーム
  • 最新情報
  • The Current State and Challenges of Impact Investing in Japan (FY2023 Survey)" is now available in English.