Japan Consumer Products: Conference Call Takeaways: Wellbeing is becoming a concept closer to capital markets

Research evidence excerpt

Japan Consumer Products: Conference Call Takeaways: Wellbeing is becoming a concept closer to capital markets

Equity Research

16 July 2026 | 7:25PM JST

Japan Consumer Products: Conference Call Takeaways: Wellbeing is

becoming a concept closer to capital markets

On July 16, we hosted a group call around the theme of the basics of wellbeing, Takashi Miyazaki

+81(3)4587-9896 |

featuring Mr. Yoshiki Ishikawa, head of the Well-being for Planet Earth Foundation, as takashi.miyazaki@gs.com

Goldman Sachs Japan Co., Ltd.

the keynote speaker. Mr. Ishikawa noted that while traditional ESG investing has

Megumi Taniguchi

tended to lean more toward E (environment) and G (governance), there is growing +81(3)4587-9877 |

recognition that the essence of S (social) is people’s wellbeing, which is increasingly megumi.taniguchi@gs.comGoldman Sachs Japan Co., Ltd.

becoming one of the criteria considered when making investment decisions. Looking

ahead, more investors may call for disclosures regarding people’s wellbeing under

the TISFD, a proposed new disclosure framework following the TCFD and TNFD. We

summarize the key takeaways from the conference call below.

Key takeaways (guest speaker’s comments unless stated otherwise)

n The meaning of wellbeing: “Wellbeing” is often literally translated as

“satisfaction with life” in Japanese, covering individual satisfaction with life

overall rather than just with work. In business, it is often discussed from four

perspectives: 1) customer wellbeing, 2) employee wellbeing, 3) the wellbeing of

workers in the value chain, and 4) the wellbeing of people in local communities.

n Relationship with ESG: While traditional ESG investing has tended to lean more

toward E (environment) and G (governance), there is growing recognition that the