Social Value Japan, a non-profit organization (Representative Director: Ken Ito), together with Development Bank of Japan Inc. (President: Hajime Watanabe) and Social Innovation and Investment Foundation (Chair of Executive Committee: Shuichi Ohno) held the “Study Group on Pay-for-Success Contracts/Social Impact Bonds” with the participation of various stakeholders including foundations, intermediary support organizations, corporations, financial institutions, and governments that are working to establish outcome-based contracts and social impact bonds. The report is now available.Sumitomo Mitsui Banking Corporation(President & CEO: Makoto Takashima) is a special co-sponsor, and the Asian Venture Philanthropy Network (CEO: NAINA SUBBERWAL BATRA) is cooperating for the study group.