Current State and Challenges of Impact Investing in Japan (FY2024 Survey)" is now available in English.

Summary

＜FY2024 Impact AUM in Japan＞
Impact AUM in Japan reaches 17.3 Trillion Yen (150% of the previous yearʼs figure).
[ Reference ] Impact AUM worldwide2 : Approximately JPY 235 trillion (USD 1.571 trillion) * 2024 data

(*)This figure is the sum of assets under management (AUM) held by 59 organizations that responded to the Impact Investing Survey 2024 and met the impact investing requirements.

＜Factors behind the Growth＞
The Report reveals that Japan's impact investment asset under management for FY2024 reached 17.3 trillion yen, marking an increase of 5.76 trillion yen (a 150% rise) from the previous year's 11.54 trillion yen. The following factors have been identified as key contributors to this growth:

1) Expansion by Existing Impact Investment Organizations Rather than New Entrants
The impact investment asset under management of 50 organizations that responded to the survey in both FY2023 and FY2024 grew by 4.12 trillion yen (a 136% increase), accounting for approximately 72% of the total increase.

2) Significant Growth in Impact Investments by Banks and Life Insurance Companies
Of the total increase of 5.76 trillion yen, 94% was attributed to eight major banks and life insurance companies, highlighting their growing commitment to impact investing.

＜Developments in impact investing from 2024 to the beginning of 2025＞

Global movements	United Nations Development Program (UNDP) partners with GRI, GSG Impact, the IFRS Foundation, and ISO to establish a sustainability information disclosure and management hub. (July 2024)
	GSG Impact directly responded to its call to The Impact Taskforce (ITF) and published “Impact Transparency from the Ground Up.” (August 2024)
	The Global Impact Investing Network (GIIN) released its “Sizing the Impact Investing Market 2024” report, which summarizes the latest estimates for the impact investing market. (October 2024)

Actions by Japanese public bodies	The Financial Services Agency published the “Basic Guidelines for Impact Investment (Impact Finance)” (March 2024) and held the “Impact Forum.” (May 2024)
	The Tokyo Metropolitan Government has decided to establish the “Public‒Private Partnership Impact Growth Fund.” (May 2024)
	The Cabinet Office and the Cabinet Secretariat stated their support for impact investing in the “Grand Design Action Plan for a New Form of Capitalism (Revised Edition 2024)” and the “Basic Policy on Economic and Fiscal Management and Reform 2024.” (June 2024)
	The Ministry of Health, Labor, and Welfare announced the “Outline of the Fifth MediumTerm Plan for the Government Pension Investment Fund (GPIF),” which includes the implementation of impact investment. (January 2025)

Actions by Japanʼs private sector	The Japan Association for Private Public Collaboration (JANPIA) plans to begin investing in dormant bank accounts. (January 2024)
	The Keidanren established the Impact Investment Working Group in May 2024 to consider measures to promote impact investment and provide feedback to the Impact Consortium. (May 2024)
	The Japan Impact-Driven Financing Initiative launched a new subcommittee called The Impact-Driven Corporate Value Enhancement Alliance. (August 2024)
	In its “Fiscal 2025 Tax Reform Proposal,” Japan Association of New Economy advocated creating tax breaks for social investments, such as impact investing. (September 2024)
	The Keizai Doyukai (Japan Association of Corporate Executives) published “Recommendations for Collaboration with the Social Sector: Guidance for Mutual Support Management,” which clearly states that they will consider impact-weighted accounting and other corporate evaluation methods in the future. (January 2025)

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