2X Criteria Included in Japan’s Impact Investment Metrics
The Japan Impact Consortium has included the 2X Criteria in its recommended impact investment metrics - a significant signal in one of the world’s largest markets, of the value and relevance of 2X Global’s widely used industry standard for gender lens investing. The Consortium was launched in 2023 by the Japanese Financial Services Agency, the national regulator of the financial services industry, in order to guide businesses and investors in combining financial returns with solving pressing challenges for modern Japanese society, such as climate change and demographic change.
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The recommendation comes out of a recent report published by the Data & Metrics Committee of the FSA Impact Consortium, published in June 2025, which included a list of recommended indicators. This comprehensive report marks a significant milestone in advancing impact investing in Japan.
The report includes the 2X Criteria as one of the international social impact investing standards to be used for evaluating and promoting gender-responsive investments in the country.
The 2X Criteria, originally developed to underpin the 2X Challenge, the collective commitment by capital providers to mobilise billions in capital for women’s economic empowerment, has since gone on to become a widely-used standard for gender lens investing.
With Japan ranked 118th out of 146 countries on the Global Gender Gap Report 2024, efforts are underway at the highest levels to improve women’s access to finance, which is seen as crucial for gender equality and for investment in industries that impact women, such as child and elder care. By incorporating the 2X Criteria, the Japanese Impact Consortium has indicated its intent to ensure that investments are not only financially viable but also contribute to gender equality. The report includes detailed analysis and metrics that highlight the impact of gender-focused investments on economic growth and social development.
“We are excited to see recognition of gender lens investing in the report as a way to create opportunities. The report underscores the commitment of Japan to fostering gender equality through strategic investments,” said 2X Global CEO Jessica Espinoza. She added:
“By integrating the 2X Criteria and other gender indicators, the FSA Impact Consortium is paving the way for more inclusive and equitable economic growth.”
The report is available for download on the FSA Impact Consortium web-iste under the Data & Metrics Workgroup section https://impact-consortium.fsa.go.jp/wp-content/uploads/2025/06/unei_06_04.pdf
The list of indicators is provided in the Appendix to the report https://impact-consortium.fsa.go.jp/wp-content/uploads/2025/06/unei_06_05.pdf .
For more information on 2X Global’s work in Japan, please contact Tatjana Gerling, 2X Ambassador to Japan.
