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MSCI Japan Empowering Women Index

The MSCI Japan Empowering Women Index (WIN), which is part of the MSCI environmental, social and governance (ESG) indexes, aim to represent the performance of companies that are leading within their GICS®1  sector groups in terms of promoting and maintaining gender diversity, while also meeting certain quality criteria.

Companies that promote and maintain higher levels of gender diversity among their workforce may be better positioned to withstand talent shortages and generate more sustainable performance with reduced risk. To support institutional investors seeking exposure to companies that are promoting and maintaining gender diversity among their workforce, MSCI has developed the MSCI Japan Empowering Women Index (WIN)2.

Key Points
  • The MSCI Japan Empowering Women Index looks at the top 500 Japanese companies by market capitalization
  • The index is constructed using the MSCI Japan IMI Top 500 Index
  • MSCI ESG Controversy Scores are used in the index construction process, with an aim to exclude companies implicated in serious labor rights or human rights controversies, or any companies involved in very severe controversies as defined by MSCI ESG Research

The Japanese government has set out explicit goals to increase women’s participation and promotion in the business world. Institutional investors in Japan may have a vested interest in supporting this goal as companies that are encouraging women’s workforce participation are potentially more likely to withstand the challenges of a shrinking workforce.  

MSCI is the world’s largest provider of ESG research3 and indexes4 and currently has over $85bn5 in assets benchmarked to our ESG indexes, which includes more than 700 indexes.

Sector Weights


The index can be used to support:

  • Asset allocation: Consistent, complete representation that captures the full spectrum of the global equity opportunity set without home bias.
  • Performance measurement and attribution: An industry-leading benchmark for global mandates, with regional, country, sector and other subsets available for more targeted investment mandates.
  • Research: A trusted source for global equity markets and underlying security-level data for sell-side research.
  • Investment product development: May be licensed for use as the basis for structured products and other index-linked investment vehicles, such as ETFs and ETNs.


1 The Global Industry Classification Standard (GICS) was developed by and is the exclusive property of MSCI and Standard & Poor’s.  “Global Industry Classification Standard (GICS)” is a service mark of MSCI and Standard & Poor’s.

2 Methodology Page

3 By client coverage based on public information produced by Sustainalytics, Vigeo EIRIS, Trucost, as of February 2016

4 By number of indexes and by assets tracking the indexes compared with publically available information produced by FTSE and S&P Dow Jones

5 As of September 2017, based on Bloomberg, Morningstar and MSCI data. Active AUM includes data as of June, 2017 reported on September, 2017 by eVestment. Data excludes mandate or policy benchmark related assets.

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