Building Japan’s Impact Economy Case Series

Endnotes

79 Impact Investing Institute, “Fostering Impact: An Investor Guide for Engaging Communities in Place-Based Impact Investing,” September 27, 2023. 80 SOCAP Global, SOCAP Digital, “Who Decides Matters: A Closer Look at Participatory Investment Decisions,” August 15, 2024, https://socapglobal.com/2024/08/a-closer-look-at-participatory-investment-decisions/. 81 For more information on the Smarter Systems Framework, see https://vilcap.com/smarter-systems. 82 For more information on the Capital Explorer tool, see https://vilcap.com/our-tools. 83 Mission Investors Exchange, “Programs and Events,” accessed May 12, 2025. 84 Heron Foundation, “About us,” accessed May 12, 2025. 85 Collaborative Community Design Lab, University of Tokyo, “About this Lab,” accessed November 12, 2025. https://cd.t.u-tok yo.ac.jp/english/. 86 Stanford Design, “Program Info,” accessed May 12, 2025. 87 Social Workers Speak, “News Items – June 27, 2018,” June 27, 2018. 88 NYU Stern, “Blended Value Approach, Process of Measuring Social Impact, Examples from the field,” p. 2. 89 Ibid., 3. 90 Interview with Megan Kashner, May, 2025. 94 Ibid., 1. 95 Ibid., 2. 96 See “JICA 2023 Annual Report,” Japan International Cooperation Agency, December, 2023, https://www.jica.go.jp/english/ about/disc/report/2023/__icsFiles/afieldfile/2023/12/15/2023_all.pdf . 97 Japan International Cooperation Agency, “The Knowledge Co-Creation Program (KCCP),” accessed May 12, 2025. 98 Akena Godfrey, “My Journey with JICA’s Training Program,” Japan International Cooperation Agency, October 24, 2023, https://www.jica.go.jp/english/overseas/uganda/information/topics/2023/1520964_16903.html. 99 Ibid. 100 Environmental Finance’s Sustainable Debt Awards 2024, “Lead manager of the year, green bonds - local authority/ municipality and Lead manager of the year, transition bonds: Mizuho Securities,” Environmental Finance, accessed June 4, 2025. 101 Interview with Kotaro Sueyoshi, July 11, 2024. 102 Mizuho Financial Group, “Mizuho joins Impact Investment Initiative for Global Health (Triple I),” October 13, 2023, https:// www.mizuhogroup.com/news_release/20231013release_eng.html. 103 UNDP, “United Nations Development Programme (UNDP) and Mizuho Financial Group join forces to scale up sustainable finance in Asia,” October 10, 2024. 104 Mizuho Financial Group, “Mizuho to Become the World’s First Financial Institution to Participate in the UNDP’s SDG Impact Standards Training Programme,” July 4, 2022, https://www.mizuhogroup.com/bank/news/2022/07/20220714release_eng.html. 105 Mizuho Financial Group, “Our Vision & Values,” accessed May 12, 2025. 106 Mizuho Financial Group, “Impact Business Compass,” May 2024. 107 Ibid., 7. 108 Mizuho Financial Group, “Mizuho publishes Impact Business Compass,” May 14, 2024. 109 Mizuho Financial Group, Impact Business Compass, p. 10–11. 110 Film interview with Saori Odera, March 2025. 91 Jake Bullinger, “Why companies need to hire social workers,” Fast Company , June 20, 2018. 92 Financial Services Agency, “‘Launching Japan’s Impact Consortium’: Announced,” June 5, 2024. 93 FSA, “Basic Guidelines on Impact Investment (Impact Finance).”

111 Ibid. 112 Ibid. 113 Ibid. 114 Interview with Hiroyuki Nomura, July 17, 2024.

115 Ibid. 116 Ibid.

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Ten Years in the Making

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