A microencapsulated pigment comprising a plurality of pigment particles, each of the pigment particles having a hydrophilic group on the surface thereof and being coated with a polymer to form a polymer coating, wherein the polymer is prepared by polymerizing at least one of a polymerizable surface active agent having a hydrophilic group, a hydrophobic group and a polymerizable group, and a hydrophilic monomer in the presence of a polymeric azo initiator comprising a repeating unit represented by formula (I):
- wherein D represents a portion having at least a hydrophobic segment;
- L1 and L2, which may be the same or different, each represent a linking group;
- R1, R2, R3, and R4 each represent an alkyl group having 1 to 4 carbon atoms or a cyano group;
- and n represents an integer of 1 or greater.