Its foundation hopes that the prize will further promote interreligious co-operation for peace and lead to the emergence of more people devoting themselves to this cause.
The award is given annually and consists of a certificate, a gold medal, and 20 million yen (roughly US$180,000).
The screening committee, which decides the recipients, is made up of religious leaders of international stature.
They select the recipient from candidates who are nominated by religious leaders and others of intellectual stature around the world.
His son, Nichiko Niwano, is his successor as chairman of the movement, which is dedicated to interreligious dialogue.