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The MSCI Japan Empowering Women (WIN) Select Index, 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 in terms of promoting and maintaining gender diversity, while also meeting certain quality factor  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 (WIN) Select Index2. The index also includes stocks of companies that have significantly increased their investment on capital goods or R&D while maintaining high level of sales growth and gender diversity.

  • The MSCI Japan Empowering Women (WIN) Select 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
  • MSCI ESG Research now offers Japan Workforce Gender Diversity Data, allowing MSCI ESG Manager subscribers to access ESG diversity data based on the data used in the calculation of this index. Japan Workforce Gender Diversity Data Factsheet

The Japanese government has set out explicit goals to increase women’s participation and promotion in the business world. Our research suggests that companies that encourage women’s workforce participation may be better positioned to withstand the challenges of a shrinking workforce.  

Several Global Asset Owners have selected MSCI ESG Indexes, with over $180 billion allocated in recent years3

For a list of the ten largest constituents, sector breakdown and more, view the latest index factsheet below



1 The Global Industry Classification Standard (GICS) developed by MSCI Inc. and S&P Global. 

2 Methodology Page.

3 Based on publically available information in press releases published from 2014 to date.


The index can be used to support:

  • 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..
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