Japanese retail investors’ hunger for overseas equities is weighing further on the yen, adding to downside risks posed by tariffs from Donald Trump and the wide interest-rate gap with the U.S.

Investment trusts that cater to Japanese individuals bought a net ¥10.4 trillion ($66 billion) of overseas equities and funds last year after the government expanded the scope of the Nippon Individual Savings Account system.

That’s the most since 2015, a year after Japan introduced NISA to encourage people to invest more for their retirement funds. There are early indications of large flows again in 2025.