Japan Social Investment Intermediary Study

Social Finance, in partnership with Social Value Japan, is pleased to announce a new report commissioned by the United States-Japan Foundation (USJF): the Japan Social Investment Intermediary Study. The study explores how USJF can help strengthen Japan's impact-first investment ecosystem. The study identified four barriers that have contributed to a persistent trust deficit between capital providers and social change organisations, preventing new approaches to capital deployment from reaching scale.

Drawing on stakeholder engagement and market analysis from May to October 2025, the study recommends that USJF pilot an "Impact Accelerator": a structured, multi-year program to support high-potential social change organisations in testing innovative financial instruments and business models that could help address social issues. In addition, the report outlines two further strategic options: anchor investments in proven delivery models and co-investment in existing social impact funds. These options provide USJF with multiple entry points to build a credible track record, foster ecosystem-wide learning, and help move Japan's impact-first market from fragmentation to momentum.