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sustainable japan

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Womenomics originator Matsui funds ESG startups
Roundtable
LOUISE GEORGE KITTAKA
CONTRIBUTING WRITER

Former Japanese Prime Minister Shinzo
Abe attracted global attention in 2013 fordrawing on womenomics — the idea thatfemale economic advancement benefits
the entire economy — as a cornerstone ofhis policies. However, it was Kathy Matsui
who first introduced the concept early inher career as an equity strategist, informedby her own experiences juggling motherhood and a job.
In this interview, the former Goldman
Sachs vice chair shares insights gleaned
from more than three decades in the Japanese financial sector and tells us about her
new mission to bring ESG to Japanese startups with MPower Partners, Japan’s first
ESG-focused global venture capital fund.

Bloom where you’re planted

The daughter of Japanese immigrants,
Matsui grew up in California, where herfamily ran a commercial flower nursery.
The Matsui children helped out on theweekends as a matter of course. “I’d haveon five layers of gloves, trying to graderoses and measuring the length of eachstem in this machine. Despite all the layers, I’d feel the thorns, and I still havetrauma to this day — don’t even try giving
me roses!” she said, laughing ruefully.
Later her family pivoted to growing potted orchids, selling them through super-

only one who fell out of my chair!” shesaid candidly, but noted that it helped togive weight to the concept that diversity isimperative for growth.
“That economic argument made itmuch more compelling, and then businesspeople became interested. My whole
point is, yes, Japan is still very far from
where it needs to be. But first we need tochange the mindset, so let’s talk about
it as a normal topic of conversation in abusiness context,” she explained. “Let’s
first encourage more women who want
to work outside the home to do so - evenin part-time roles - then build their confidence that they can do more. Then overtime I think we will see a healthy pipeline
for getting more women into those toppositions.”

market chains, and today their businesshas a 20% share of the total U.S. orchidmarket. Although Matsui’s parents did
not attend university, they understood
the transformational impact of education on their own children, and set up
the Matsui Foundation to provide college
scholarships for immigrant children, offering other youngsters a path to a brighter
future.
Following graduation from Harvard University, Matsui came to Japan on a twoyear Rotary scholarship, and later returned
for a summer internship at Mitsui Bank
during graduate school.
She smiled as she recalled showing up
for work in a business suit, while all theother female staff members were dressedin the bank’s uniform. “After a few days ayoung woman gingerly approached mewith a plastic bag: ’We prepared this foryou ….’ I loved it, as I had to commute in
the middle of the humid summer. I could
arrive in jeans and a T-shirt, put on my uniform in the locker room, then change backinto to my own clothes when I left!”
During this time Matsui met her futurehusband, a fellow expat, and so she cameback to settle in Japan. She began working
at Barclays in 1990, then moved to Goldman Sachs fours later when invited to join
its strategy team.

Making diversity compelling
Matsui had her first child in 1996. Returning to work following the four months ofmaternity leave that was offered at theFormer Vice Chair ofGoldman Sachs Japanand Chief Japan
Equity Strategist,
Matsui’s ‘Womenomics’ research prompt
the Japanese government to promote
gender diversity
YUICO TAIYA

Tips from a trailblazer

General Partner of MPower Partners, Kathy Matsui YUICO TAIYA FOR PHOTOMATE

time, she realized that many of her female
mother friends quit work after giving birth
because it was too challenging to balancea career and child care. While Matsui fully
respects that some mothers prefer to stayhome with their children, her analyst’s
mind began wondering about Japan’s
female labor participation rates and theeffect of the loss of so many bright, capable women.
Hoping to make her clients reflect on an
unfamiliar topic, she drew on her perspective as Japan’s only female equity strategist

and used data to show what could happen
if more women remained in the workforce. Although her report attracted attention when it was published, the Japanesemarket was not yet ready for changes.
“It was a novel idea, but back in 1999 theterm ‘diversity’ was not part of the vernacular in Japan,” she explained.
Fast forward to 2013. When she heardthat Prime Minister Abe had selected
womenomics as one of the drivers forhis new economic policy, Matsui at firstwondered if it was a joke. “I was not theBased on her own experiences, Matsui offers three key pieces of advice toyounger women aspiring to move aheadin their careers:
Follow your heart: As a woman and amother, you’ll be getting a lot of unsolicited, if well-meant, advice about what a“good mother” should or shouldn’t do. Do
what makes you happy — and articulatethat to those around you.
Create your own personal BOD (boardof directors): This is a group of people
who know you holistically and who willoffer you sound, honest advice on everything from work situations to dealing withteenagers or aging parents. Moreover,investing in such relationships is a twoway process — you should support eachother.
Find people who can be a megaphone
for your career accomplishments:
Whether you call them mentors, sponsors
or coaches, have someone who can speak
up about your performance in the workplace, giving you the confidence to set
goals and aim for promotions.
After leaving Goldman Sachs in 2020,The funding trio of MPower Partners, fromleft: Miwa Seki, Kathy Matsui and Yumiko
Murakami. MPOWER PARTNERS

Matsui formed MPower Partners Fundwith Yumiko Murakami and Miwa Seki.
The trio, who by chance all share the samebirth year and month, have known eachother for over 20 years. “It was actually
Yumiko’s idea to try a venture capital fund,because Japan desperately needs moreinnovation. They have the capital, talentand technology — so why is the venture
capital market here one-sixtieth of that ofthe U.S.?” Matsui said.
Matsui notes that if ESG is embedded in
a company’s DNA when they are younger,
it becomes part of its purpose and narrative in a very natural way. “In my experience working with large listed companies,
it is much harder to ‘teach old dogs newtricks.’ Startups are simply more nimble,”
she pointed out. “The current generationof entrepreneurs is quite focused on ESG.
The hard part for them is not ‘why’ but‘how.’ As Japan’s first ESG-integrated venture capital fund,our aim is to provethat ESG can drive
value creation.”Roundtable is a monthly series of Englishlanguage events organizedby The Japan Times Cube.
For more information visit
https://sustainable.japantimes.com/roundtable

On Shimokita Peninsula,
WELgee founder takes initiative
geopark dining and robot tours on opening doors for refugees
ern edge; and in the fishing village of Kazamaura, where the lights of fleets of squid
fishing boats can be seen on the horizon atnight starting at the beginning of summer.
Sakai explained that there was also a plan
MAIKO MURAOKA
to hold one in October in a vineyard in theCONTRIBUTING WRITER
city of Mutsu, at the tip of the peninsula,with the aim of promoting the city as one
Enjoying beautiful views and eating localof the major wine-producing areas in Japan.
delicacies are the best parts of traveling
Unfortunately, this was postponed until
for most people. Now there is a series
next year due to the COVID-19 pandemic.
of gastronomic events held on Aomori
https://shimokita-tabi.jp/geodining/
Prefecture’s Shimokita Peninsula, thekazamaura
northernmost tip of Japan’s main island of
https://shimokita-tabi.jp/geodining/
Honshu, that allows guests to appreciatesiriyazaki
both scenery and cuisine at the same time.
https://shimokita-tabi.jp/geodining/
The events are called Shimokita Geo
yokohama
Dining because they take place in variSome of the events were funded by theous locations offering unique landscapes
government for regional branding and prowithin Shimokita Geopark, one of 44
motional purposes. However, Sakai said
areas certified by the Japanese Geopark
they are working to make this project profCommittee.
itable and self-sustaining.
https://geopark.jp/
Among the new ideas are offering tickets
Executive Director Takashi Sakai offor the gastronomic events as gift incenShimokita Tabi Assist, a nonprofit deditives of the furusato nōzei (hometown tax
cated to promoting the area by runningdonation) program, which gives taxpayers
tourism projects and organizing events,
the ability to pay part of their taxes to otherincluding Shimokita Geo Dining, spoke inlocalities of their choosing, and collaborata recent online interview with The Japaning with luxury cruise ships that stop at theTimes about their achievements since theports in the area.
first event in 2018 and how they intend to“This year, we carried out a so-called
evolve it in anticipation of the revitalization
workation project on a trial basis,” Sakaiof tourism.
said. It sounds very much like an idea comThe first event was held at an outdoor
ing from the city that achieved the target
venue at Hotokegaura, a coast with hugeof having more than 70% of city officials
whitish rock formations and cliffs, inviting
work remotely during the pandemic. “Thefour chefs: three local and one from Tokyo.
combination of workation and Geo Dining
Three other locations have hosted feasts
could be another possibility,” Sakai added.
served by various chefs: in a vast field ofhttps://nativ.media/18096/
blossoming rape in the town of Yokohama,
They are also keen to get more people toon the western base of the peninsula; atstay longer in the area. “More than 70% of
the foot of the oldest brick lighthouse in
the visitors to the Shimokita Peninsula stayShiriyazaki, on the peninsula’s northeastonly for less thantwo days,” Sakai
said, blaming thisin part on a lack oftransportation fromone destination toanother. Therefore,
they also plan tolook into the possibility of involving
rental car and carsharing services intheir tourism proThe first Shimokita Geo Dining event at Hotokegaura, with the rockmotion projects, informations as scenic background. SHIMOKITA TABI ASSISTSatoyama~AuthenticJapan

ESG/SDGs
JACOB REEDCONTRIBUTING WRITER

RoBoHoN robots posing with the Ominato
base of the Maritime Self-Defense Force in thebackground. MUTSU CITY

addition to resuming loop bus services fortourists, which connect multiple spots ofinterest but are currently suspended due tothe pandemic.
In a bid to showcase the area and attract
visitors, online tours have been conductedfeaturing local people such as the wife of aretired fisherman. Mutsu Mayor Soichiro
Miyashita, who in previous interviews
with The Japan Times has commented
that people are what count, said people-topeople interactions are the most important.
In a separate online interview, he said, “Thecommunication between scenery or spacewith a person is one-way, but it becomes
two-way when there is another person
talking about the place,” potentially making
for a once-in-a-lifetime moment.
Referring to a 2019 event in which 50
Sharp RoBoHoN robots made a tour
around Mutsu not only to broadcast thetour live to their owners but also to bringhome memories to share with them,Miyashita said: “People even want to communicate with robots to see and experience through them. Communication iswhat people really need, which is something we have become increasingly awareof through the pandemic.”
A follow-up trip to Mutsu for the robots’
owners that the city planned has been postponed to a later date, but Miyashita looks forward to the time when travel becomes partof people’s lives again for a chance to offer
each visitor a moment that will never recur.
This section highlights the environment and asustainable society. For more
information on Satoyama,
ESG and SDG issues, please
visit www. sustainable.japan
times.com

For her work with refugees in Japan, Sayaka
Kakolongo-Watanabe had the honor ofbeing among the recipients of the 2020 CCJA
award (Champions of Change Japan Award).
The award, established by the Fish Family
Foundation in 2017, highlights the efforts offemale leaders in Japan who actively contribute toward addressing the most pressing
issues facing their communities.
Champions of Change winners come fromall walks of life, and Watanabe is no exception. She first became interested in refugee
issues as a university student intern in Bangladesh working for the U.N. Development
Programme. In her studies, she had learned alot about international relations and peacebuilding, but “what I learned in books andwhat I experienced in Bangladesh weretotally different.” She spent time with indigenous people who could not include Bangladesh in their future plans due to persecution.
“For me, that was the first time I met people
who are not protected by their own government,” she said.
In 2016, she founded WELgee, a nonprofit
organization focused on helping refugees
and international migrants to overcome barriers and acclimate to life in Japan.

WELgee: ‘Welcome refugee’

Religious persecution, discrimination, war.
There are a host of reasons why refugeesare forced to flee their home countries, andsome end up in Japan. After an arduous
application and evaluation process, the vast
majority are tragically not granted refugee
status and are forced to return to an uncertain fate.
“We know that no country can accept

Presentation about the situation of refugees
and the possibilities they have WELGEE

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100% of refugees,
but while somecountries accept
more than 60% ofrefugee applicants,
Japan accepts lessthan 1%,” Watanabe
explained. WELgeeis one group that isSayaka Kakolongo
trying to close theWatanabegap by collaboratingwith private sectors, petitioning the government to be more proactive, and empowering
refugees directly.
According to Watanabe, the average waiting time for refugee application processing
is about four years and four months. “Eventhough they have to wait so long, most know
they will not be accepted,” she said. But what
do they do in the meantime? This is where
WELgee steps in.
At its core, WELgee is a supportive community that assists refugees with theirmost pressing needs: searching for jobs,
learning Japanese and other skills usefulin their career, stabilizing their legal statusthrough corporate-sponsored work visa, andestablishing trusting relationships with thelocal community. “The first step is always
community-building,” Watanabe said. Even
with well-meaning groups like WELgee,
there is sometimes skepticism. As Watanabe
explained, “Unfortunately, there are stories ofhuman trafficking or smuggling operations
that pose as human rights organizations, sothat is why building trust is so important.”
Upon immigration, some are granted
work permission or are already highly qualified with at least a bachelor’s degree. Forthem, WELgee has been running a successfulcareer program. WELgee has created a network of partnerships with Japanese companies looking to hire international talents
and with schools for language training andfurther education when needed. However,
Watanabe made clear that the partnerships
are not just about employing refugees as philanthropic action: “The company hires themfor business growth because they see potential in the international talents with refugee
background ” At the same time, the refugees
are getting jobs in industries they want towork in. WELgee has now helped 14 people
to get jobs related to their background skills
and training, an average of one refugee every
two months. While Watanabe admits that

this is not many, WELgee isn’t “just about thenumber of employed” but also the quality ofthe employer-employee relationship. “Thereare companies who want to hire many refugees as underpaid labor and not pay insurance — that’s not the kind of organization
we introduce our community members to.”Others are not so lucky on arrival and are
not granted any visa or work permission
at all. If not detained, they may be granted
provisional release. “They have no money,
no place to stay and no insurance. For them,
there’s nothing we can do legally now,” Watanabe explained. In the future, WELgee hopes
to create a pathway for these refugees to begranted a visa and work permission throughemployment. She continued: “The government knows very well that the working
population in Japan is shrinking. Refugees
have skills, they want to work, and many
have already been living in Japan. All theyneed is a stable visa status.”

A brighter tomorrow

As part of its initiatives, WELgee is focusing
on youth. It recruits university student volunteers to help with day-to-day operations
and to increase visibility of refugee issues.
“Students interested in international issues
are really helping out. The last two years
have seen an increase in student internships
because they couldn’t study abroad due toCOVID.” Watanabe is also a sponsor of theJapanese Women’s Leadership Initiative(JWLI) scholarship, which grants four deserving foreign women already in Japan full university tuition, a living allowance, as well asJapanese-language and mentoring support.
Watanabe outlined WELgee’s goal for 2025,
provide career education program and skill
development opportunities for 400 newarrivals. There is a social movement theoryof 3.5%. The change of 3.5% of innovators
will change a society.. “I don’t expect theJapanese government to take the initiative,
so that’s why weare doing it withprivate sector firstand trying to makea difference.”
This section highlights theenvironment and a sustainable society. For more information please visit www.
sustainable.japantimes.com