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.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.