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The Development of “Transnational Business Feminism” in Global Finance: Contextualizing Japan’s “Womenomics” Policies in Times of Crisis

“…In conjunction, Goldman Sachs' chief Japan strategist, Kathy Matsui, published a series of papers which outlined the benefits Japan's economy could experience by incorporating more women into the formal economy as well as leadership positions. These ideas were picked up by the Japanese government in 2013 and were incorporated into formal policies (Dalton, 2017;Pradipta & Kusumasari, 2021;Reynolds & Nohara, 2021).…”

“…Meanwhile, the Covid-19 pandemic also triggered a 'renewed focus on sustainability among Japanese companies' (Thomas, 2021) and conversations regarding gender equality within the Japanese political economy have been shifting away from Womenomics and towards the ESG framework and socially conscious investment behaviors. 'Assets under management in Japanese ESG exchange-traded funds have risen to about $35 billion, compared with $24 billion at the start of 2020' (Reynolds & Nohara, 2021) and just 'last year, the Japanese government changed the investment mandate of public-sector pension funds for requiring them to embrace ESG-based investment strategies' (Thomas, 2021). These developments bring with them a tangent of hope for the diversity agenda within finance as questions of gender and the inclusion of women in the economy are included in the social and governance aspects of this framework.…”

“…In fact, the inventor of Womenomics, Kathy Matsui, left Goldman Sachs Bank in 2020 to start the MPower Partners Fund, a venture fund aimed at investing $150 million in startups in industries like health care, fintech, education, and the environment, that value the ESG framework (Reynolds & Nohara, 2021). This fund, run in conjunction with three other experienced female executives, is a rare find in Japan due to its female leadership, and hopes to combine high returns with sustainable investment to charter a new way of doing finance.…”

“…At first glance, this like Womenomics, seems to hold a lot of promise. 'Women made up just 10.7% of board positions on the largest publicly listed companies in Japan in 2020, according to the Organisation for Economic Co-operation and Development, below the OECD average of 26.7%' (Reynolds & Nohara, 2021). By forging a new path and showing the value that women can bring to the table, Matsui is leading by example in Japan.…”