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Top banker vows loyalty to DEI at Tokyo Pride parade as Trump's pushback rages
Some Japanese firms have sought to bolster the pool of available workers by becoming more inclusive of different gender and sexual minorities. PHOTO: EPA-EFE
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 US efforts to roll back the diversity, equity and inclusion policies that had become common at global corporations, though many firms appear to have quietly maintained their initiatives.
'Even if the US has adopted an anti-DEI policy, Japan should press ahead and make up for lost time rather than following suit,' said Mr 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 on June 8 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, Goldman Sachs and Deutsche Bank are also among the sponsors of the event, according to its website.
Companies around the world that do business in the US have faced a dilemma in dealing with the abrupt about-face on the issue.
Mr Trump has vowed to stamp out diversity policies across the board, saying they are illegal and have disastrous consequences. In response, Citigroup withdrew its ambitious DEI goals and other US financial firms have made adjustments.
Mr Ogino said he doesn't necessarily oppose the anti-DEI movement in the US, 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 per cent of its ordinary profit last fiscal year through businesses in the Americas as a whole.
Japanese carmakers Nissan and Toyota rolled back some initiatives in the US in 2024 after pressure from conservative activists like Robby Starbuck.
Sumitomo Mitsui Financial Group erased references to DEI from its American websites, but the Japanese company left its international websites untouched, describing the US changes as part of a global digital restructure 'after many months of planning'.
A survey by the Mainichi newspaper published in March found 83 per cent of Japanese companies who responded agreed that DEI initiatives are necessary to secure talent. Bloomberg
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