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Behavioral characteristics affecting household portfolio selection in Japan


  • Mizuki Nakajo

    (Bank of Japan)

  • Junnosuke Shino

    (Bank of Japan)

  • Kei Imakubo

    (Bank of Japan)


In Japan, cash and deposits continue to make up the vast majority of households' financial assets. Since the 2000s, the percentage of households holding risk assets as investment/savings-oriented financial assets has been growing moderately. Nonetheless, households holding no risk assets still account for the majority. While the securities business industry and academics have identified a number of factors impeding household investment in risk assets, the aim of this report is to re-examine household behavior that prevents a move away from a concentration on cash and deposits. Understanding household behavior, such as households' reluctance to hold risk assets and insufficient planning for the future, holds important lessons for future changes in households' portfolio choices, for the debate on institutional reforms and the provision of products, and for the course of financial education.

Suggested Citation

  • Mizuki Nakajo & Junnosuke Shino & Kei Imakubo, 2017. "Behavioral characteristics affecting household portfolio selection in Japan," Bank of Japan Review Series 17-E-3, Bank of Japan.
  • Handle: RePEc:boj:bojrev:rev17e03

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