Japan's Impact Investment Balance Expands to 18.65 Trillion Yen (108% YoY), "Current State and Challenges of Impact Investing in Japan FY2025 Survey" Released

The Social Innovation and Investment Foundation (SIIF), which serves as the secretariat for the GSG Impact JAPAN National Partner (formerly the GSG National Advisory Board), released the "Current State and Challenges of Impact Investing in Japan" fiscal 2025 survey report (hereafter, "this report") on March 31, 2026. This report announced that Japan's domestic impact investment balance reached 18.6531 trillion yen as of March 2025 (*including some data as of September 2025), based on the results of a questionnaire survey. Furthermore, this report organizes the latest topics such as domestic and international policy trends and market changes, and analyzes the current state and future prospects of the impact investment market in Japan. ## Japan's Impact Investment Balance Expands to 18.6531 Trillion Yen According to this report, Japan's impact investment balance for fiscal 2025 was 18.6531 trillion yen, an increase of 1.3514 trillion yen (108% YoY) from the previous fiscal year's 17.3016 trillion yen. This figure is the total of the investment balances of 47 organizations that meet the requirements for impact investing. It is estimated that the global impact investment balance is approximately 243 trillion yen (1.571 trillion dollars), and Japan's impact investment market continues to expand. ## Factors for the Increase in Impact Investment Balance The fiscal 2025 survey identifies the following two main factors for the expansion of Japan's impact investment balance. ### 1. Investment Expansion by Existing Impact Investing Organizations The investment balance of the 41 organizations that have been continuously responding since fiscal 2024 increased by 107% year-on-year, accounting for about 85% of the 1.3514 trillion yen increase. This result shows that investment expansion by existing organizations, rather than new entrants, was the main driver of market growth. ### 2. Investment Expansion, Especially by Major Financial Institutions Looking at the breakdown of the increase, - The top 5 organizations, mainly major banks, accounted for about 65% of the increase. - The top 10 organizations, including life insurance companies, accounted for about 86%. This confirms that the expansion of impact investing by large financial institutions is driving market growth. ## Major Movements Surrounding Impact Investing Domestically and Internationally This report summarizes the main movements related to impact investing in Japan and overseas from 2025 to early 2026. ### - GIIN announced the launch of the GIIN Japan Meeting (March 2025) - GIIN released the "State of the Market 2025" report (October 2025) - The UK government established the "Office for the Impact Economy" (November 2025) - The University of Oxford published a case study on the 10 years of Japan's impact economy (January 2026) ### - GPIF formulated a sustainability investment policy that explicitly mentions "investment considering impact" (March 2025) - Keidanren published a position paper on impact evaluation and investment/financing (May 2025) - The Cabinet Secretariat explicitly stated the promotion of impact investing in the "Grand Design and Action Plan for a New Form of Capitalism 2025 Revised Edition" (June 2025) - The Financial Services Agency and the Ministry of Economy, Trade and Industry announced the results and direction of the Impact Consortium subcommittee (June 2025) ## About This Report This report aims to grasp the current state and challenges of the impact investment market in Japan and to share information for the promotion of impact investing in Japan. The survey was conducted based on a questionnaire survey of 66 organizations, including investment management companies, banks, insurance companies, venture capitals, and foundations, of which 53 were confirmed to be engaged in impact investing. This report, based on the questionnaire survey