Japan: stock holdings by investor type 2023

At the end of the fiscal year 2023, financial institutions, including insurance companies, investment trusts, and pension trusts, were the leading type of domestic investors in stocks in Japan, with stock holdings of around 291.1 trillion Japanese yen. Stock holdings of non-Japanese corporations and individuals amounted to 320.5 trillion yen.

Tokyo Stock Exchange

With a market capitalization of over 950 trillion Japanese yen and around 3.9 thousand constituents, the Tokyo Stock Exchange, operated by the Japan Exchange Group, is one of the largest stock exchanges in Asia and the world. In parallel to its reorganization in April 2022, a series of reforms were introduced to improve corporate governance of listed companies and make Japanese stocks more attractive to investors. Driven by global investors, the Nikkei 225 stock market index, Japan’s benchmark index, surpassed a 34 year-old record-high in February 2024.

Private investors

Stock holdings of individuals amounted to around 170.5 trillion yen in fiscal 2023. Japanese households hold a comparably large share of assets in cash and deposits. According to estimates, around 12 percent of the population were stock owners and equity and investment trusts accounted for around 19 percent of the financial assets of households. To boost private investment in stocks and bonds, an amended version of Japan’s tax-exempt investment scheme, Nippon Individual Savings Account (NISA), was launched in January 2024.

Value of stock holdings in Japan from fiscal year 2014 to 2023, by type of investor (in trillion Japanese yen)

Characteristic	Individuals	Governments	Financial institutions	Pension trusts	Investment trusts	Insurance companies	Business corporations	Non-Japanese corporations and individuals	Securities firms
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Release date

July 2024

More information

Region

Japan

Survey time period

fiscal years 2014 to 2023; the Japanese fiscal year starts on April 1 of the stated year and ends on March 31 of the following year

Special properties

as of the end of each fiscal year; market value basis; excluding foreign stocks

Supplementary notes

Financial institutions: excluding pension trusts, investment trusts, and insurance companies.

The survey comprised 3,984 common stocks out of 4,032 domestic companies listed on four stock exchanges (Tokyo, Nagoya, Fukuoka, and Sapporo) for which the accounting period falls within fiscal year 2023.

100 Japanese yen equal 0.69 U.S. dollars or 0.62 euros as of October 2024.

Values have been rounded.

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