Understanding the Impact of the New NISA System in Japan's Third Year: Survey Insights

The Evolving NISA Experience in Japan: Insights from OkaneKo’s Survey

As Japan’s New NISA scheme reaches its third year in 2024, its adoption among users reveals significant trends and sentiments. The survey conducted by OkaneKo, a service of 400F, engaged 382 users across the nation to assess their experiences and investment strategies within this unique financial framework. The findings shed light on the successes and challenges faced by individual investors as they navigate this system.

Positive Performance Despite Financial Pressures

The survey unearthed a noteworthy statistic: over 90% of users reported positive investment outcomes since the scheme's inception. Specifically, 44.9% achieved returns exceeding 20%, while 45.3% experienced moderate gains between 1% and 20%. This strong performance is reflected in the satisfaction levels among participants, with an impressive 93.8% expressing contentment with the scheme, and 37.5% feeling 'very satisfied'.

However, not all responses were positive, revealing underlying concerns. Among a small group of dissatisfied respondents, the most common complaints included 43.8% indicating difficulty in securing necessary investment funds, and 37.5% asserting their profits did not meet expectations. The impact of rising living costs has seemingly strained individual finances, demonstrating that financial capability plays a significant role in perceived success within this investment environment.

Strategic Shifts Towards Domestic Investments

Looking ahead to 2026, the results illustrate a clear trend towards domestic investment strategies. Over 52.4% of respondents are planning to increase their investments in domestic mutual funds—reflecting a growing preference for Japanese equities and high-dividend stocks. In contrast, only 18.4% expressed interest in individual US stocks or ETFs. This active shift can be attributed to concerns over exchange rate fluctuations and a strengthened focus on shareholder returns from Japanese companies.

Barriers for Non-Participants

Despite the evident success among current users, a portion of potential investors remains on the sidelines. When asked why they hadn't yet engaged with the NISA scheme, 32.5% cited fear of risk associated with investing as beginners, while 31.7% mentioned the lack of funds to invest. Practical barriers also emerged, with 25.4% finding the procedures daunting and 20.6% lacking clarity on the system's distinctions. These insights reveal a persistent psychological barrier regarding investment, compounded by financial practicality and procedural complexity.

Concerns regarding market conditions also surfaced, with 14.3% worried about entering at a market peak and 12.7% feeling they had already missed the initial wave of opportunities. This apprehension illustrates a mentality among potential investors that may be hindering further engagement with the NISA framework.

Long-term Financial Planning and Utilization

In examining how respondents plan to utilize the maximum investment cap of 18 million yen, the survey showed varied strategies. A significant portion of users, 37.6%, aim to fully utilize their NISA allowance within 10 to 15 years, while 24.8% aspire to do so within the shortest time—5 years. Others are adopting a more sustained and cautious approach, aligning their investment strategies with personal financial situations and future life events.

The overall findings from this survey affirm that while many users enjoy success within the New NISA framework, satisfaction and continued utilization are heavily influenced by individual financial conditions. For those currently not participating, overcoming educational, psychological, and practical barriers continues to be a critical challenge.

Moving forward, OkaneKo is dedicated to providing users with thorough assessments of their financial standing, enabling better-informed decisions regarding their asset management through professional guidance and support. The evolution of the New NISA appears promising, yet the journey towards broad-based participation remains a work in progress.

Survey Overview

- Survey Name: OkaneKo New NISA Third Year Utilization Survey
- Method: Online Questionnaire
- Survey Period: January 10 to 12, 2026
- Participants: 382 users from across Japan
- Demographics: Age groups varied, with 30% under 40, and income levels ranging notably.