Expectations for impact investment have been increasing in Japan. The promotion of impact investment was established as a clear policy goal in the "Grand Design and Action Plan for a New Form of Capitalism, 2023 Revised Version", published by the Council for Realization of a New Form of Capitalism of the Cabinet Secretariat Council on June 16, 2023. In addition, Japan's Financial Services Agency （FSA） published a report titled "Draft Basic Guidelines for Impact Investing", and is soliciting public comments in order to summarize the basic concept and process of impact investment. In particular, non-listed startups are expected to play key roles in impact investment in Japan, as evidenced by the establishment of "J-Startup Impact" by the Ministry of Economy, Trade and Industry's (METI) and formation of the Impact Startup Association, a general incorporated association comprised of impact startups, as well as the announcement of its collaboration with the New Public Interest Association and Keizai Doyukai.
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