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Overview of the MONEX Individual Investor Survey

In June 2025, Monex Securities conducted an online survey targeting its account holders from June 5 to June 9, with a total of 1,007 responses. The survey aimed to capture individual investors’ market perspectives, usage of NISA, and special insights regarding investment conditions in light of market fluctuations in April 2025 and recent inflation trends.

Market Outlook for 2025

Predictions for the Nikkei and Dow Index

The survey first assessed expectations for the Nikkei and Dow average stock prices for 2025. The majority of respondents forecasted the 2025 high for the Nikkei to be below 40,500 yen, specifically 61.1% predicted this outcome, while the most common prediction for the low was above 30,500 yen at 49.3%, indicating a belief against a significant decline beyond current levels.

For the Dow, the high was also expected to be under 45,500 dollars, with 38.4% reflecting this view, while a substantial contingent expected a low above 36,000 dollars, suggesting a stable outlook within the current market dynamics.

Reactions to the April 2025 Market Drop

Monex's survey captured investor feelings following the April 2025 market decline, largely influenced by political factors, including former President Trump's policy statements leading to worldwide plummeting stock prices. Interestingly, more than 40% of respondents viewed the drop as a financial opportunity, alluring them to invest further despite the turmoil. In contrast, a tiny percentage reported feelings of wanting to withdraw from investing entirely.

The survey provided insights into how investors modified their behaviors. The predominant action was maintaining current investments and awaiting market recovery, reflecting a composed attitude despite the downturn. Furthermore, a significant majority did not revise their investment strategies post-drop, suggesting a continued confidence in their overall investment approaches.

Adjustments Amid Rising Inflation

With inflation continuing to escalate, the survey also examined its impact on investment appetites and household expenditures. Most respondents (over 60%) indicated that their investment amounts or assets remained unchanged despite the inflationary pressures. However, some did choose to invest more in assets as a hedge against inflation, demonstrating a proactive approach.

In terms of household spending, the increasing percentage of food expenses was observed, likely reflecting rising commodity costs, particularly rice. On future inflation expectations, 63.4% planned to maintain their current investment amounts even if prices continue to rise, indicating a steadfast investment strategy amid economic fluctuations.

Awareness and Perception of Activism in Investments

Monex Securities’ survey delved into current perceptions regarding activist investors, particularly amidst the performance of the Monex Activist Fund. Nearly 39.3% of respondents claimed familiarity with activists, highlighting a growing acceptance compared to historical stigma associated with such individuals.

Furthermore, perceptions toward activist proposals have shifted positively over time, as many investors now associate them with improved corporate governance and performance. This reflects a general trend toward welcoming activists as a tool for operational transformation within companies.

NISA Account Utilization

The survey comprehensively addressed the usage of the new NISA system initiated in 2024. It revealed that over 90% of participants had opened NISA accounts, with a majority utilizing both growth and accumulation investment options. The level of intended investment in these accounts aligns with historical trends but also reflects evolving attitudes among individual investors towards long-term wealth accumulation strategies.

Future Market Outlook

Lastly, regarding the outlook for various stock markets, individuals exhibited a more optimistic evaluation for Japanese, American, and Chinese equity markets compared to previous periods, suggesting a recovering confidence among investors globally. Also notable was the adjustment in expectations for the exchange rate of the U.S. dollar against the yen, indicating fewer believing in continued yen strengthening in the near future.

Conclusion

Overall, the June 2025 MONEX Individual Investor Survey illuminates the resilient mindset of individual investors facing economic uncertainties. With steadfast strategies in place, a fresh perspective on activist investing, and a strong commitment to long-term growth through NISA accounts, the findings suggest a robust engagement in evolving market dynamics.