Japanese Households' Stock Holdings Surpass Insurance and Pensions for First Time

Revised BoJ data show Japanese household stock and fund investments reached ¥590 trillion in March 2026, exceeding insurance and pension assets (¥579 trillion) for the first time since 2005. The gap widened in preliminary June data, signaling a structural shift in household asset allocation toward risk assets. This reflects the impact of the NISA program and equity market gains, with implications for Japanese financial markets and household balance sheets.