Endnotes
1 Takeshi Igarashi, “The essence of impact is ‘wabi sabi’,” Note, March 8, 2024. 2 Film interview with Nanako Kudo, November 22, 2024.
3 Ibid. 4 Ibid. 5 Ibid. 6 Ibid. 7 Global Impact Investing Network (GIIN), “What you need to know about impact investing,” January 24, 2025. 8 Prime Minister’s Office of Japan, “A New Form of Capitalism,” accessed January 24, 2025. 9 Financial Services Agency (FSA), “Basic Guidelines on Impact Investment (Impact Finance),” March 2024. 10 Joe Marsh, “How Japan’s giant public pension is turning to impact investing,” New Private Markets, December 5, 2024. 11 Takashi Nakanishi and Daiichi Konno, “Top Executives of Mizuho, Dai-ichi Life, and Resona Hold a Roundtable Discussion on ‘Challenges and Conflicts’ in Impact Investing” [in Japanese: みずほ、第一生命、りそなトップが鼎談 インパクト投資への「課題 と葛藤」 ], ITmedia Business Online, September 12, 2024. 12 FSA, “Basic Guidelines on Impact Investment (Impact Finance).” 13 Barend A. de Vries, “Public policy and the private sector,” Finance and Development, September 1981. 14 Social Impact Management Initiative, “About SIMI,” accessed January 24, 2025. 15 “MoU by the Value Balancing Alliance (VBA) and the Social Impact Management Initiative (SIMI),” Value Balancing Alliance, October 9, 2024. 16 Ministry of Foreign Affairs, “Japan SDGs Action Platform,” accessed January 24, 2025. 17 Interview with Tomomi Ishida, August, 2024. 18 Ministry of Foreign Affairs, “Japan SDGs Action Platform.” 19 Department of Economic and Social Affairs, “The 17 Goals,” United Nations, accessed June 4, 2025, https://sdgs.un.org/goals. 20 Film interview with Chunmei Huang, November, 2024. 21 Oxford English Dictionary defines the phrase as: to be diminished or destroyed by being translated into another language, medium, form, or situation; to be misinterpreted. 22 Oxford English Dictionary under “Equity,” accessed May 12, 2025. 23 PwC, “One in six asset and wealth management companies will be swallowed up or fall by the wayside in the next five years: PwC Global Asset & Wealth Management Survey,” July 10, 2023. 24 Impact Share, “Building a Better World: The Role of Impact Investing,” October 29, 2024, https://impactshare.substack. com/p/4ff. 25 Framework based on conversations with Bertrand Moingeon.
26 Interview with Fay Twersky, July 21, 2017. 27 Interview with Masataka Fukao, July 8, 2024.
28 Ibid. 29 Ibid. 30 Plus Social Investment, “en.try,” accessed June 10, 2025, https://www.psinvestment.co.jp/en-try/. 31 Interview with Masataka Fukao, July 8, 2024. 32 Ibid. 33 Zebras and Company, “About,” accessed June 10, 2025, https://www.zebrasand.co.jp/en/about.
34 Zebras Unite is an organization that advances research and education around capital markets, business culture, and community. The movement is based around the symbol of a “zebra” which is seen to embody an alternative to “unicorn” companies – disruptive and short-sighted start-ups. Zebra companies on the other hand are both black and white – they are both profitable and improve society. Additionally, they protect each other and are built with long-term stamina and efficiency. See their website for more information: https://www.zebrasunite.org/. 35 Interview with Yoshitaka Tabuchi, July 9, 2024. 36 Ibid. 37 Interview with Yuji Suyama, July 1, 2024. 38 Ibid. 39 Ibid. 40 Ibid. 41 Rod McNaughton, “Are Zebras the New Kings of the Start-up Jungle?” University of Auckland News , June 10, 2024, https:// www.auckland.ac.nz/en/news/2024/06/10/zebras-new-kings-start-up-jungle.html. 198
Ten Years in the Making
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