Endnotes
1 Kazuya Nagasaki et al., “Association between mental health and duty hours of postgraduate residents in Japan: a nationwide cross-sectional study,” Scientific Reports 12 (June 23, 2022): 10626. 2 Xinxin Ma, Atushi Kawakami, and Tomohiko Inui, “Impact of Long Working Hours on Mental Health Status in Japan: Evidence from a National Representative Survey,” I nternational Journal of Environmental Research and Public Health 21, no. 7 (June 27, 2024): 842. 3 Statista Research Department, “Degree of satisfaction with work and life in Japan as of March 2021, by gender,” Jan 9, 2024. 4 Yoshikazu Abe, Rina Shimada, and Mitsuru Igarashi, “Women in Employment in Japan 2024-2025,” International Comparative Legal Guides, July 3, 2024. https://iclg.com/practice-areas/employment-and-labour-laws-and- regulations/01-women-in-employment-in-japan. 5 Ibid. 6 Nippon, “More Japanese Households with Seniors Caring for Seniors,” July 27, 2023. 7 OECD, “Better Life Index: Japan,” 2024. 8 Shimada Yukiko, “Why couples aren’t having kids,” NHK World Japan , June 19, 2024. 9 Ibid. 10 Nippon, “Survey Reveals Japanese Attitudes Toward Work,” April 19, 2023. 11 Financial Service Agancy, “Proposals to Solve Gender Diversity Challenges in Japan’s Startup Ecosystem,” FSA, July 2022, https://www.fsa.go.jp/en/about/openpolicylab/dei_startup01.pdf. 12 Ibid. 13 Japan Impact Investment II LLP, “Disclosure Statement for Operating Principles for Impact Management,” August 31, 2024. 14 Shinsei Bank Group, “The Shinsei Bank Group Establishes the “Child-care Support Fund” and Undertakes Its First Investment in mama square,” January 30, 2017, https://corp.sbishinseibank.co.jp/en/news-archive/news-archive1/ news20170130103022/main/0/link/170130_impactinvestment_e.pdf. 15 Interview with Fumi Sugeno, December 6, 2024. 16 Ibid. 17 Impact IPO Working Group, GSG Impact JAPAN, “Guidance for Impact Companies on Disclosure and Engagement in Capital Markets, Version 1,” May 2024. 18 Nikkei, Emerging exits and M&A on the rise: 123 cases, up 5% in 2023”, February 20, 2024. 19 Katherine Klein and Maoz Brown, “The Challenge of Measuring Impact Performance,” Knowledge at Wharton Podcast, https://knowledge.wharton.upenn.edu/podcast/knowledge-at-wharton-podcast/challenge-measuring-impact- performance/January 24, 2022. 20 Mary Kay Gugerty and Dean Karlan, “Ten Reasons Not to Measure Impact —and What to Do Instead,” Stanford Social Innovation Review , Summer 2018. 21 BlueMark, “Impact performance reporting verification: Findings and recommendations,” May 29, 2022. 22 Ibid. 23 Shinsei Impact Investment Limited and Japan Social Innovation and Investment Foundation, “Disclosure Statement: 21 Operating Principles for Impact Management,” August 31, 2023. 24 BlueMark, “Fund Impact Diagnostic Assessment Results,” August 15, 2024. 25 Interview with Fumi Sugeno, December 6, 2024. 26 Ibid. 27 Hataraku Fund, “Impact Report 2023.” 28 Life is Tech, “Impact,” accessed December 2024. 29 Ibid. 30 Ministry of Economy, Trade and Industry, “J-Startup Impact Launched as Public-Private Program for Supporting the Growth of Impact Startups,” October 6, 2023. 31 Impact Capital Limited, “Launch of Impact Capital I Fund,” May 30, 2024, https://impactcapital.jp/wp-content/ uploads/2024/05/202405-IC1%E5%8F%B7%E3%83%AD%E3%83%BC%E3%83%B3%E3%83%81-eng-FINAL.pdf. 32 SIIFIC, “SIIFIC Wellness Fund: Fostering Wellness Equity through Impact Investing and Catalyzing System Transformation within the Wellness Sector,” September 1, 2023, https://siific.co.jp/siific-wellness-fund-fostering-wellness- equity-through-impact-investing-and-catalyzing-systemic-change-within-the-wellness-sector/. 33 SIIFIC, “SIIFIC Wellness Fund Raises ¥500 Million from Higo Bank bringing total fund size to over ¥3.5 Billion,” November 15, 2024, https://siific.co.jp/higo-bank-en/. 34 SIIFIC, “SIIFIC Disclosure Statement,” April 2024. 119
Ten Years in the Making
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