21 ESG Investment
ESG (Environmental, Social, and Governance) investment refers to allocating funds to companies and other entities after evaluating their environmental practices, social responsibilities, and corporate governance standards. Traditionally, investments focused primarily on a company’s financial information as a measure of business performance. In contrast, ESG investment prioritizes global environmental conservation, human rights, and legal compliance. For instance, some major banks have announced a halt to new investments in coal-fired power plants that emit large amounts of CO2.
The ESG market began gaining significant attention in 2005 when the United Nations introduced the Principles for Responsible Investment (PRI). These principles require investors to consider ESG factors in their decision-making processes. Many financial institutions endorsed the principles and committed to their implementation. In Japan, the Government Pension Investment Fund (GPIF), which manages funds exceeding the national budget, became a signatory in 2015.
Companies seeking ESG investments are expected to actively disclose non-financial ESG-related information. Recently, an increasing number of firms have published integrated corporate reports combining financial and non-financial data. Within supply chain activities, addressing human rights issues—known as Human Rights Due Diligence—is considered essential. Notably, in April 2023, Japan’s Ministry of Economy, Trade, and Industry released guidelines to assist companies lagging in implementing these measures.
However, challenges such as “greenwashing”—misleading claims about environmental initiatives—have emerged. To address this, Europe and the United States have imposed strict regulations on environmental claims and representations.
ESG投資とは、投資先のESGの取り組みをしっかりと評価して投資対象を選別し、またESG課題への継続的な配慮を促す投資のことです。 ESG投資は、環境・社会・ガバナンスにおける課題の解決に資する投資ですが、同時に十分な投資のリターンを追求します。 この点が、寄付や援助との大きな違いです。

22 Crypto Assets (Virtual Currency)
The term crypto assets refers to digital currency composed solely of electronic data, primarily used for online transactions and protected by advanced cryptography. Crypto assets can be exchanged for legal tender, such as the U.S. dollar or the Japanese yen.
There are two main types of crypto assets:
Bitcoin-Type Assets: These are not issued or regulated by any authority, such as a nation or central bank, which traditionally maintain the value of legal currencies through issuance and administration.
Stablecoins: These are issued by banks and other entities and are backed by assets tied to legal currency.
Currently, around 20,000 different crypto assets are issued globally, with a total market value estimated to exceed 100 billion yen. Bitcoin and Ethereum are the leading crypto assets, accounting for two-thirds of the total market value.
Regarding Stablecoins, in August 2023, PayPal Holdings, a major American payment company, launched its own payment service linked to the U.S. dollar. In Japan, legislative changes in June 2023 revised the Act on Settlement of Funds, allowing banks, investment companies, and fund transfer service providers to issue crypto assets. Mitsubishi UFJ Trust and Banking Corporation plans to issue crypto assets in 2024, having already invested in a blockchain company. Mizuho Financial Group is also preparing to participate in this sector, while Sony Bank has begun conducting demonstration experiments.
However, crypto assets face several challenges. For instance, significant amounts have been stolen from exchanges, and they are often used for illegal activities such as money laundering. In response, the Japan Cryptoasset Business Association (JCBA), a major industry group, is working to establish self-regulatory rules in collaboration with the Japan Virtual and Crypto Assets Exchange Association (JVCEA) and the Financial Services Agency.
2024年11月21日、ビットコインは円建て最高値を更新し1,500万円に到達した。アメリカの大統領選挙の結果を受けて、仮想通貨に友好的だと言われているトランプ氏が勝利したことなど追い風となったことが理由だと言われている。

FSB は、暗号資産市場における課題として、①価格下落時の市場の脆弱性、②暗号資産事業者のビジネスモデルの複雑化、③金融システムとの相互連関性の高まり、④事業者の内部管理態勢等に対する監督不備、といった点を指摘
23. Global Minimum Tax/Digital Services Tax
In the era of economic digitalization and globalization, the failure of multinational companies to pay their fair share of taxes has become a significant issue. This issue refers to instances of tax avoidance or evasion by establishing subsidiaries in tax haven countries where tax rates are set at zero or extremely low levels. Major IT companies, commonly referred to as ‘GAFAM,’ are criticized for not paying appropriate taxes on their enormous profits in the market countries where their consumers reside.
In response, the Organization for Economic Co-operation and Development (OECD) has taken a leading role in addressing this issue by revising international tax rules. In October 2021, 136 countries and regions, including OECD member countries, reached an agreement on the GloBE rules, which includes a 15 percent minimum corporate tax and provisions for a digital services tax. Additionally, the G20 Finance Ministers and Central Bank Governors’ Meeting reached an agreement on the rules.
Regarding the global minimum tax, each country plans to revise its laws to introduce this tax. Japan enacted it in April 2024. As for the digital services tax, 138 countries and regions agreed on the general framework of a multilateral treaty. The treaty aims to be enacted by 2025, but it faces challenges in negotiating adjustments with the United States.
デジタル課税は、デジタル経済化による市場国への利益や課税権の公平な分配が目的であるのに対し、グローバル・ミニマム課税は、多国籍企業の租税回避防止が目的です。 なお、グローバル・ミニマム課税の導入により、世界全体で年間約1,500億米ドルの追加税収が発生すると推測されています

24 The SDGs
The resolution for the SDGs (Sustainable Development Goals) was adopted at the UN General Assembly in September 2015 as a global initiative to be achieved by 2030. Its aim is to eradicate poverty and promote sustainability. Based on the principle “No one will be left behind,” 17 overarching goals—such as eradicating poverty and hunger, protecting the environment, and promoting social equity—comprising 169 specific targets, were established. Although the SDGs are not legally binding, UN member states are expected to uphold a moral obligation to achieve them.
According to the global ranking for SDG achievements, surveyed in 2024 by a UN study group, Japan ranked 18th out of 167 countries. This marks an improvement from 21st place last year, the first such advancement in seven years. However, Japan faces significant gender disparity, exemplified by the low participation of women in national politics, which contributes to its poor performance on “Goal 5: Gender Equality.” Regarding “Goal 12: Responsible Production and Consumption,” plastic waste has been identified as a significant issue.
To achieve the SDGs by 2030, the Japanese government’s “SDGs Action Plan 2023” prioritizes initiatives such as promoting women’s active participation in the workforce, implementing measures to address child poverty, and realizing policies for coexistence with foreign nationals.


25 Refugees and Evacuees Around the World
According to the Office of the United Nations High Commissioner for Refugees (UNHCR), as of the end of 2023, the number of people who had been forced to leave their homelands due to conflict or persecution was estimated at 117.3 million. This represents an increase of 8.8 million compared to the previous year and is the highest figure ever recorded. The total includes 31.6 million refugees, 68.3 million internally displaced persons, 6.9 million asylum seekers, and 5.8 million others in need of international support.
Notably, 6.4 million people left Afghanistan due to the re-establishment of Taliban rule and a major earthquake. An equal number were displaced from Syria, where over a decade of civil conflict has persisted between the Assad regime and opposition factions. These figures were followed by 6.1 million from Venezuela, 6 million from Ukraine, and 2.3 million from South Sudan. Many of these individuals remain in neighboring countries. A number of nations, including Iran, Turkey, Colombia, Germany, and Pakistan, have accepted significant numbers of refugees. Some of these host countries are developing nations that require substantial support to manage the influx.
In Japan, the number of individuals recognized as refugees increased for six consecutive years, reaching a record high of 303 in 2023. Refugees from Afghanistan accounted for nearly 80% of this total, followed by individuals from Myanmar. While some applicants do not meet the criteria for refugee status, the Japanese government allows them to remain in the country under a “special activity” designation within residency-status regulations.

理由①就労目的による難民認定申請を防止するため
日本では2010年に、すべての難民認定申請者に対して一律で就労を許可することにしました。その結果、本当に避難生活を余儀なくされ支援を必要としている難民ではなく、出稼ぎを目的として難民認定を受けようとする人が急増したのです。
これらの状況を考慮に入れ、2018年には一律での就労許可を廃止し、各国の大使館に周知することによって難民認定申請の門をさらに狭めました。
つまり、日本は難民に対して厳しく、受け入れる姿勢がなっていないわけではなく、偽装難民の在留を防止するために厳格化しているということになります。
(出典:法務省「難民認定制度に関する検討結果(最終報告)」)
理由②「難民」の定義が狭いため
日本が加入している難民条約では難民が定義されています。その定義によると、自国にいると迫害を受ける恐れがあるために他国に逃れる人々が難民であるということです。
しかし、この条約は政治亡命者を念頭に置かれており、現在の紛争や内戦による難民には当てはまらない点もあります。
そのため、日本の法務省は紛争や内戦から逃れてきた人々を「難民」と認めないことがあるのです。迫害を受ける可能性があるかどうかの証明が求められ、迫害の程度も判断基準の材料となります。
26 NFTs (Non-Fungible Tokens)
NFTs (Non-Fungible Tokens) refer to digital data issued or distributed using blockchain technology, a type of distributed ledger. Easily altered data, such as authorship information and transaction records, can be verified as original when managed on blockchains, which are highly resistant to data falsification. When paintings or music are converted into NFTs, they can be bought and sold as unique items. This conversion enables secondary transactions and allows part of the resale value to be returned to the original creator.
NFTとは「Non-Fungible Token」の略称で、日本語では「代替不可能なトークン」を意味するものです。 従来のデジタルデータは容易にコピーや改ざんができていたため、データそのものに希少価値はありませんでした。 しかしNFTは「代替不可能なトークン」のため、唯一無二の価値を持っているという特徴があります。
NFTアート最大のメリットは、何といっても唯一無二の価値を保証できるということです。 これまでのデジタルアートは、簡単にコピーが行えました。 しかし、NFTと紐づけることによって、ブロックチェーン技術によって所有権を証明できるようになりますので、市場にコピー品や盗作が出回るのを防げるのです。
データ改ざんが困難なNFTですが、データ自体が偽物である盗作や詐欺商品が多く出回っているのが現状です。

27 AUKUS
AUKUS is a security framework established in September 2021 by the United States, the United Kingdom, and Australia to counter China’s territorial ambitions and hegemonic activities. This partnership focuses on military collaboration, including the construction of submarines and the development of hypersonic weapons in Australia. Unlike QUAD, which also addresses climate change and other global challenges, AUKUS prioritizes strengthening military capabilities. An expanded version of this framework, known as “Five Eyes,” includes Canada and New Zealand, with which Japan is deepening its ties.



28 National Politics and Important Bills in 2024
During the ordinary session of parliament in 2024, which began on January 26, Prime Minister Fumio Kishida delivered a policy speech at a plenary session of the House of Representatives on January 30. He outlined measures to boost incomes, including ensuring appropriate price pass-through to achieve the goal of “realizing income growth that exceeds the high cost of living in 2024.” He also proposed a flat-rate personal income tax cut of 40,000 yen per person, scheduled for June, to increase disposable income. To support sustained wage growth, the “Large-Bone Policy,” issued in June, included detailed plans to advance labor market reforms. Additionally, in response to the Noto Peninsula earthquake, the Japanese government announced the establishment of a new headquarters to oversee recovery and reconstruction efforts.
At the same time, the ruling Liberal Democratic Party (LDP) faced severe criticism from the public over political fundraising events held by some party factions. Opposition parties strongly condemned these activities, making the issue of “money in politics” a central topic of debate in the Diet in 2024.
In June 2024, the Revised Political Funds Control Law was passed and enacted during a plenary session of the House of Councillors. Opposition parties criticized the revisions, arguing they were insufficient. One key provision requires each member of parliament to submit a verified income and expenditure report. After extensive debate, the government decided to implement the law in January 2026.
During the ordinary Diet session, 61 of the 62 draft bills proposed by the government were passed. These included significant legislation such as the “Revised Child-Raising Support Act.”
In September, the LDP approved a proposal to include the Self-Defense Forces in a newly revised Constitution as part of the party’s fundamental principles. The party aims to intensify discussions on constitutional revision. The Kishida administration, which lasted three years, ended with the appointment of a new Prime Minister, who took over the government’s policy agenda.
第216回国会 議案の一覧 リンク 公式サイト

29. The New Form of Capitalism
The “New Form of Capitalism,” as defined by the Prime Minister’s Office, aims to achieve both economic growth and equitable distribution through public-private cooperation. This policy emerged in response to the negative impacts of neoliberal policies from the 1980s to the 2000s, which emphasized minimal government intervention in market activities. These policies led to widening economic disparities, including income gaps and a growing divide between rural and urban areas, as the benefits of economic growth were not evenly distributed. The “New Form of Capitalism” seeks to address these issues through strategic government investments in the private sector.
To stimulate economic activity, the government focuses on raising incomes through policies that support businesses increasing wages and improving workforce skills. These measures aim to create a virtuous cycle where companies generate higher profits and distribute them more effectively to employees and society, fostering sustainable economic growth through public-private partnerships.
The initiative prioritizes investments in four key areas:
Human Capital Development
Science, Technology, and Innovation
Startups
Green Transformation (GX) and Digital Transformation (DX)
At the Meeting for Achieving the New Form of Capitalism in June 2024, specific plans were outlined, including measures to establish wage increases for small and medium-sized enterprises (SMEs), reform the labor market, drive industrial innovation, and promote investment.
Notably, wage increases reached their highest levels in 30 years, but SMEs lagged significantly behind larger corporations in implementing these changes. To encourage further wage growth, the government has directed companies to offset rising costs, such as living expenses, by adjusting prices accordingly. Additionally, efforts are underway to enhance the competitiveness of Japanese industries by providing greater support for startups and content creators.
新しい資本主義」では、成長と分配の好循環、賃金と物価の好循環を実現する ことを目指してきた。 まず「賃金」が上がる。 その結果、「消費」が活発化し、企業収益が伸びる。 そ れを元手に企業が成長のための「投資」を行うことで、「労働生産性」が上がり、 賃金が更に持続的に上がるという好循環を実現する。

30 Unprecedented Low Birthrate Countermeasures
According to the Ministry of Health, Labor and Welfare, the number of live births in 2023 was 727,277, and the total fertility rate, which represents the average number of children a woman is expected to have in her lifetime, was 1.20—both the lowest in recorded history. Japan’s birthrate continues to decline, with Tokyo recording the lowest figure, at 0.99.
The Japan Research Institute, a think tank, estimated that the number of births would fall below 700,000 in 2024. However, government projections had placed this milestone in 2038. If the 2024 prediction proves accurate, it indicates the declining birthrate is progressing faster than the government had anticipated.
The government has prioritized the low birthrate issue, introducing the “Unprecedented Low Birthrate Countermeasures” policy. Key measures include increasing income levels among younger generations, supporting the child-rearing generation on an ongoing basis, and encouraging a shift in outdated attitudes toward child-rearing.
A significant policy highlight is the revised child allowance system, starting in October 2024. Changes include removing the income cap for eligible families and extending the age limit to senior high school students. Additionally, from April 2024, parents on childcare leave will receive 100% of their salary.
The government is also working to establish a “Universal Childcare Attendance Program” (tentative name) by fall 2024. This program aims to ensure that all children can attend nursery schools or kindergartens, regardless of their parents’ employment status. Full implementation by local governments is expected by fiscal year 2026, aiming to alleviate the burdens and isolation often experienced by parents.Looking further ahead, the government plans to establish the “Child Safe” initiative in 2030, aiming to unify budget management under the Children and Families Agency.

日本の少子化対策が空回りした要因は、①子育て支援にばかり目が向き、結婚支援が必要という認識が希薄だったこと②経済的理由から結婚・子育てを断念する傾向を把握できなかったことの2点だという。