ITOCHU Announces the Issuance of an Orange Bond with Funds Use Limited to Promote Women's Advancement

September 5, 2025

ITOCHU Corporation (headquartered in Minato-ku, Tokyo; Keita Ishii, President & COO; hereinafter “ITOCHU”) announced today that it has decided to issue an Orange Bond, with the use of proceeds limited to gender-positive*1 initiatives, marking the first such issuance in Japan.

Background and objective

ITOCHU has consistently maintained that the advancement of women is essential to enhancing corporate value. Guided by this conviction, it has instituted a wide range of initiatives, including increasing the representation of women in management and addressing challenges related to work styles and career development. In February 2024, ITOCHU announced measures to further promote the advancement of women*2. Beyond initiatives for its female workforce, the ITOCHU Group has been promoting women’s advancement throughout its value chain by offering support programs, investing in technologies that contribute to gender equality, and strengthening business relationships with companies that promote women’s advancement. By issuing an Orange Bond, ITOCHU has become the first company in Japan to issue an Orange Bond. Through this issuance, ITOCHU aims to demonstrate its commitment to gender equality and the promotion of women’s advancement to stakeholders, while further deepening its gender-positive initiatives.

Outline of ITOCHU’s Orange Bond

Issue amount 15.2 billion yen
Term 3 years

Use of funds
 Creating an environment in which all employees, regardless of gender, can play active roles over the long term
・Expenses for welfare benefits, including egg freezing storage, infertility treatments, and childcare facility development
・Expenses for external consulting services to build inclusive workplace environments
・Operating expenses for clinics providing perinatal medical care
Investment in and p rocurement of p roducts from c ompanies that promot es women’s advancement
・Procurement of coffee beans from Guatemala
・Investments in companies proactively supporting and empowering women
Investment in and procurement of products from companies that provide services and products that contribute to gender equality
・Investments in Femtech*3 businesses
・Procurement of Femtech products

Orange Bond and Framework

Orange Bonds are intended to provide financing for projects that promote gender equality and the empowerment of women and gender minorities. Based on the Orange Bond Principles™*4 established by the Orange Bond Initiative™, issuers must develop a framework that (1) allocates proceeds to gender-positive projects*5, (2) secures diversity in decision-making processes for issuing Orange Bonds and sets forth policies on gender equality, and (3) guarantees transparency in investment processes and reporting. In August 2025, ITOCHU published its Orange Bond Framework*6 and obtained a second party opinion* 7 from Impact Investment Exchange Pte. Ltd* 8, confirming its alignment with the Orange Bond Principles™. In addition, Daiwa Securities Co. Ltd. has been selected as the structuring agent to provide advisory support.

  • *1Gender-positive: Promoting gender equality
  • *2Press release dated February 28, 2024:
    ITOCHU Announces Efforts Toward Further Promoting Women's Participation and Advancement in the Workplace | Press Releases | ITOCHU Corporation
  • *3Femtech: A combination of “female” and “technology,” referring to devices, products, applications, and services that address women’s specific health issues through technology
  • *4Orange Bond Principles™: A set of guidelines established in October 2022 to support issuers, investors, arrangers, and external evaluation organizations in promoting Orange Bond transactions. To qualify as an Orange Bond, issuers are expected to comply with the Orange Bond Principles™, which call for (1) gender-positive allocation of proceeds, (2) the integration of gender perspectives into decision-making processes, and (3) transparency in investment processes and reporting. In addition, issuers must undergo an external review by an approved evaluation organization.
  • *5Gender-positive allocation of proceeds: More than 50% of proceeds must be allocated to gender-positive projects. Proceeds from this Orange Bond will be allocated and managed in accordance with the Orange Bond Principles™.
  • *6ITOCHU’s Orange Bond Framework: (published August 19, 2025):OrangeBondFramework_1.pdf
  • *7Impact Investment Exchange Pte. Ltd:Established in Singapore in 2009, the company provides platforms and services that promote impact investing, with a primary focus on gender equality and climate change. It utilizes funds and provides data-driven solutions to maximize social and environmental impact worldwide. As a member of the Orange Bond Initiative™ steering committee, the company is involved in the development of the Orange Bond Principles™. It also acts as an external evaluation organization, providing second party opinions to advance the adoption of Orange Bonds in line with the Principles.
  • *8Second-party opinion from Impact Investment Exchange Pte. Ltd, confirming alignment with the Orange Bond Principles™
    | OrangeBondExternalReview.pdf |