Stocks

Japanese Retail Investors Buy US Stocks Without Picking Individual Stocks

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Placing two numbers side-by-side reveals something strange. The amount of US stocks held by Korean retail investors exceeds 300 trillion won, an all-time high. In Japan, NISA investment has surpassed 12.6 trillion yen, with funds pouring into overseas stocks. In both countries, people are diligently buying US stocks. However, what they are buying is different. Looking at Japan's rankings for recurring investment purchases, the top spot is eMAXIS Slim US Stocks (S&P500), followed by the same asset manager's World Stocks, and then another World Stocks fund at third place. The highest-ranking Japanese stock fund is the Nikkei 225 Index, which is 5th. There are no individual stocks in the top ranks. Korea is the opposite. Individual stocks and leveraged ETFs occupy the top positions. While buying from the same market, one side buys the index, and the other buys companies. This is not to talk about national character. The explanation lies in the system. First, the vessels they can hold are different. Products that can be held in NISA's recurring investment slots are only those that have passed the Financial Services Agency's standards, and most are low-cost index funds. In Korea, you can buy even 3x leverage as soon as you open an account. The breadth of options directly shapes behavior. Second, there is no reason to sell. Profits earned within NISA are tax-exempt and the holding period is indefinite. Since there is no maturity, there is no need to calculate when it's advantageous to sell. In Korea, the 2.5 million won exemption resets annually, and anything above that is taxed at 22%, so calculations begin in December. Third, their memory of their own market is different. Even now, as the Nikkei hits a historic high, Japanese retail funds are going into US and global indices. After experiencing 30 years, not betting on a single market becomes the default. This is not to say one is better than the other. If index investing is the answer, Japanese retail investors should have better returns, but this can be flipped depending on when the period is cut off. However, it is surprising how much the system can change people's behavior.
같은 미국 주식을 사는데, 담는 그릇이 다르다 제도를 나란히 놓으면 사는 물건이 갈리는 이유가 보인다 일본 · NISA 한국 · 해외주식 계좌 비과세 계좌 비과세 보유 기간 매도 이익 과세 담을 수 있는 상품 있다 무기한 비과세 금융청 기준 통과분 없다 해당 없음 250만원 초과분 22% 제한 없음 연 360만엔, 생애 1,800만엔 만기가 없다 팔 이유가 생기지 않는다 저비용 인덱스 펀드가 대부분 일반 위탁계좌로 매매 해당 없음 공제는 매년 리셋, 이월 없음 개별 종목·레버리지 ETF 포함
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