Banker backs DEI at Tokyo parade amid backlash

The Star

5 hours ago

TOKYO: The head of one of Japan's largest investment banks used the Tokyo Pride parade to strike a rare public stance on pushing ahead with diversity initiatives, as US President Donald Trump seeks to abolish such policies.
Few Japanese corporate executives have taken a clear position on United States efforts to roll back the diversity, equity and inclusion (DEI) policies that had become common at global corporations, though many firms appear to have quietly maintained their initiatives.
'Even if the United States has adopted an anti-DEI policy, Japan should press ahead and make up for lost time rather than following suit,' said Akihiko Ogino, president and chief executive officer of Daiwa Securities Group Inc, before the start of the Tokyo Pride parade near the bustling Shibuya area.
He was speaking yesterday at his first visit to the Tokyo iteration of the global event that organisers describe as 'advocating LGBTQ+ rights and dignity'.
Faced with a rapidly ageing and shrinking population, some Japanese firms have sought to bolster the pool of available workers by becoming more inclusive of different gender and sexual minorities, as well as women.
Major financial firms including Nomura Holdings Inc, Goldman Sachs Group Inc and Deutsche Bank AG are also among the sponsors of the event, according to its website. Companies around the world that do business in the United States have faced a dilemma in dealing with the abrupt about-face on the issue.
Trump has vowed to stamp out diversity policies across the board, saying they are illegal and have disastrous consequences.
In response, Citigroup Inc withdrew its ambitious DEI goals, and other US financial firms have made adjustments.
Ogino said he doesn't necessarily oppose the anti-DEI movement in the United States but that he thinks it's 'important to recognise that there are people with different viewpoints and work together within an organisation'.
'I believe we should acknowledge such diversity, recognise the differences between ourselves and others, and work together while respecting each other,' he said.
Daiwa earned less than 7% of its ordinary profit last fiscal year through businesses in the Americas as a whole.
Japanese automakers Nissan Motor Co and Toyota Motor Co rolled back some initiatives in the United States last year after pressure from conservative activists like Robby Starbuck. — Bloomberg