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As the world’s third largest economy, Japan’s government and financial regulators have taken significant steps to better enable its financial sector to contribute toward global sustainability goals. The PRI Japan policy team works with and alongside signatories to engage with policy makers to ensure that upcoming policies increasingly position Japan as a leader in sustainable finance Although Japanese investors are increasingly attuned to sustainability issues, investors also face a lack of tools, information, and guidance as they seek to turn awareness into action. To help support signatories realise their responsible investment objectives, the PRI Japan policy team will focus its support for further reforms on the following themes: investor duties to consider sustainability risks and impacts, ESG disclosure, and stewardship.
The PRI supports the JFSA’s efforts to address concerns of “greenwashing” among publicly offered investment trust funds with express ESG claims. PRI recommends that the JFSA provide clearer explanations on key concepts and stay aware of international developments in this area. See response in English and Japanese
PRI welcomes the FSA’s movement toward mandating sustainability reporting alongside financial reporting. PRI recommends that the FSA provide better clarity for companies on the reporting requirements through improvements to the ordinance revision, supplementary guidance, and broader signalling about alignment with international standards.
PRI welcomes JFSA's proposal to introduce a Draft Code of Conduct for ESG Evaluation and Data Providers. PRI recommends that JFSA implements appropriate accountability and enforcement mechanisms, commits to periodic reviews and revisions of the code, and provides clarity on key concepts and the extent of the overall scope of applicability to ensure alignment and coherence among the market.
A presentation of key findings from the legal analysis of Japanese investment regulation.
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It is crucial that assessing and accounting for sustainability impact becomes a core part of investment activity. That’s why PRI, UNEP FI and The Generation Foundation are leading our work programme “A Legal Framework for Impact.”