FACT BOOK [English] FACT BOOK | 日本証券業協会

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Overview

1 Economy and Market Trends

3 1 Economic Overview

3 2 Stock Market

6 3 Bond Market

9 4 Investment Trusts

11 5 Derivative Market

13 6 Investor Trends

14 7 Household Financial Assets

16 Ⅰ

Securities Industry Overview

19

1 Number of Member Firms, etc

19

2 Performance Summary

24 Ⅱ

International Comparison

27 Ⅲ

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Ⅰ

Economy and Market Trends

1 Economic Overview

The Japanese economy maintained a moderate recovery trend from 2015 to the irst half of 2016.

While real GDP growth increased 1.2% over the previous period in the irst quarter of 2015, it decreased by 0.4% in the second quarter. This decline was primarily due to the impact of slowdown in the growth of emerging economies. In the third quarter, consumer spending began to recover, and growth increased by 0.5%. However, in the fourth quarter demand remained weak in many categories, and growth fell by 0.4%. In the first quarter of 2016, factors such as growth in consumer spending due to the leap-year effect contributed to growth, which was up 0.5%. In the second quarter, though, business conidence declined due to factors such as the strong yen, which prevented growth in capital expenditures, with the result that growth remained lat from the previous period.

Corporate profits (ordinary profits) maintained high levels throughout iscal 2015 and reached a record high of ¥69,168.0 billion. The ratio of ordinary profits to sales was also high at 5.3%.

Consumer Price Index (CPI) continued to rise as in the previous year and achieved year-on-year growth of 0.5% in 2015. The Corporate Goods Price Index (CGPI) fell 2.3% year on year in response to a decline in the oil price.

Regarding employment conditions, the unemployment rate has been decreasing steadily since 2009, when it was the highest after the bankruptcy of Lehman Brothers. It has fallen to approximately 3.4%, and the ratio of job ofers to seekers rose to 1.20 times.

2 Stock Market

In 2015, the Nikkei 225 Stock Average started at ¥17,219 and steadily rose during the first half of the year to the highest annual level of ¥20,952 in June. This increase was driven by expectations for improvement in corporate performance supported by a weaker yen and reduced oil prices, and the corporate governance reform of Japanese companies. The market capitalization of companies listed on the First Section of the Tokyo Stock Exchange reached the highest level in history. However, from August the stock market fell substantially to below ¥17,000 due partly to investors avoiding risks in response to rising concerns over the economic slowdown of China. From October, the price partially recovered from the fall thanks to an increasingly weaker yen. In December, at times the Nikkei 225 returned to the ¥20,000 level during the continuous sessions. However, the monetary easing of the Bank of Japan on

December 18 was limited to supplementary measures, and this and other factors caused the stock price to decline again, and trading ended at ¥19,033 at the end of the year. On an annual basis, the Nikkei 225 rose for four consecutive years. The declining trend continued even after the beginning of 2016 due largely to the global economic downturn. In March, however, the easing of the economic concerns of emerging counties and resource-rich countries helped to boost stock prices, although this increase was limited. After reaching the ¥17,000 level, the market repeatedly went up and down until the U.K. referendum held on June 23 (local time) in which the U.K. decided to leave the E.U. The following day on June 24 the Nikkei 225 plunged to the lowest level so far this year of ¥14,864.

Equity financing (paid-in capital increase) by publicly listed companies totaled ¥1,879.0 billion, a year-on-year decrease of ¥123.6 billion. The number of initial public offerings (IPOs) increased by 14 companies from a year earlier to 104 companies, while IPOs totaled ¥91.3 billion, down ¥254.9 billion from the prior year.

3 Bond Market

In 2015, the long-term interest rate (simple interest yield on newly issued 10-year JGBs) began at 0.325%, but it then moved on a decreasing trend due to expectations for additional monetary easing, etc., occasionally falling below 0.2%. From late January, being affected by factors such as the unchanged monetary policy of the Bank of Japan and an increase in the long-term interest rates of the U.S. and Germany, the long-term interest rate temporarily rose to the mid 0.5% level in June. From the summer, the interest rate was generally on a downward trend due to the global stock market decline, which was triggered by a rapid fall in the Chinese stock market. While the U.S. policy interest rate was raised on December 16, the increase in the U.S. long-term interest was limited due to lower oil prices, etc., which caused the Japanese long-term interest rate to remain at approximately 0.3% and end at 0.265% on the final day of trading for 2015. After the beginning of 2016, the long-term interest rate stayed at approximately 0.2%. On January 29, however, the Bank of Japan’s decision to introduce “quantitative and qualitative easing with a negative interest rate” caused a rapid fall of 0.129 points from the previous day, to 0.1%, and on February 9, the rate plunged to the irst-ever negative igure of -0.035%. Since, there has been some movement in the rate, while the negative range has been widening slightly.

The total OTC bond trading volume rose 3.5% year on year, to ¥10,536 trillion (including JGBs of ¥10,393 trillion), maintaining a level of over ¥10 quadrillion that was seen in the previous

Overview

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Ⅱ

Securities Industry Overview

year. Public and corporate bond issuance generally remained at about the same level as in the previous year at ¥200 trillion.

4 Investment Trusts

Net assets of investment trusts reached a record high of ¥167,938.4 billion (up 13.8% year on year) at the end of 2015 due to signiicant growth in private placement investment trusts, etc. Within that amount, publicly ofered investment trusts were ¥97,756.2 billion (up 4.5%), private placement investment trusts totaled ¥61,973.7 billion (up 32.2%), and real-estate investment trusts were ¥8,208.5 billion (up 15.0%).

5 Derivative Market

In 2015, the market derivative trading amount was 361.45 million units (up 17.4% from the previous year), which was a record high. Moreover, the amount of OTC securities derivative transactions in fiscal 2015 was ¥239,525.3 billion (up 94.8% from the previous year), which was also a record high.

6 Investor Trends

The breakdown of stockholdings by investor type as of the end

of 2015 indicates that stockholding by individuals remained at 17.5%, which was mostly at the same level as the previous year. Meanwhile, stockholding of investment trusts increased by 0.8 points year on year, to 5.6%, the highest level in the last 15 years. The percentage held by foreigners, which had grown for three consecutive years, fell 1.9 points from the previous iscal year to 29.8%.

7 Household Financial Assets

In regards to the composition of household inancial assets as of the end of fiscal year 2015, stocks and other equities went down to 9.0% and investment trusts fell to 5.4% from the previous year in response to a stock price fall, etc. As for others, cash and deposits was 52.4%, bonds was 1.6%, insurance and pension reserves was 29.9%.

Regarding NISA (Nippon Individual Savings Account), which was introduced in 2014, there were 10.12 million NISA accounts at the end of fiscal year 2015, with the amount of purchases increasing signiicantly from the previous iscal year to ¥7,755.4 billion.

1 Number of Member Firms, etc.

As of the end of fiscal year 2015, the number of regular members (securities firms which are members of the Japan Securities Dealers Association) totaled 256 companies, increasing two irms from a year earlier, with ten irms joining and eight leaving, etc. The number of special members (banks and other registered inancial institutions which are members of the Japan Securities Dealers Association) was 212, with one financial institution added to the number last year.

The number of employees at the end of 2015 was 88,000, up by 2,000 from the previous year, which was the second consecutive annual increase, with the number recovering to the level of 2011. In addition, the number of domestic offices of regular members also increased in two consecutive years to 2,145, up by 27 from the previous year.

The number of registered sales representatives of member irms also rose (by 2,000) two consecutive years, to 523,000 by the end of 2015. By membership category, the number of sales representatives registered by regular members increased to 74,000 (up 2,000 year on year), and the number of sales representatives registered by special members was 352,000 (up 1,000 year on year). However, the number of financial instruments intermediary service providers belonging to special

2 Performance Summary

In the fiscal year 2015 ended March 2016, total operating revenues of the 246 regular member firms* in the securities industry amounted to ¥4,038.2 billion, down 2.8% from the previous year. The breakdown of operating revenues was ¥2,297.0 billion in commission and ¥1,088.0 billion in trading gain.

On the other hand, selling, general and administrative costs decreased by 0.5% year on year to ¥2,798.5 billion. Among them, transaction expenses were ¥741.8 billion, and personnel expenses were ¥1,034.3 billion.

As a result, the industry posted ordinary profits of ¥895.2 billion, a 12.1% decrease from the prior year. Current net proit was down 13.9% to ¥623.9 billion, maintaining good results despite the decline from the previous fiscal year in which the stock market was generally strong. Return on equity (ROE) was 8.6%, decreasing 1.7% from the previous iscal year.

* Ten securities firms, whose businesses have been discontinued or otherwise is not operating, are excluded from a total of 256 securities irms as of the end of March 2016.

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Economy and Market Trends

Ⅰ

Economy and Market Trends

1 Economic Overview

14 15 16 13

12 11 10 09 08 07 06 01 02 03 04 05

(CY, Quarterly) Notes: 1. Data is seasonally adjusted.

2. Data published on August 15, 2016. Source: Japanese Cabinet Oﬃce

(Trillion yen)

460 470 480 490 500 510 520 530 540

Nominal GDP Real GDP

14 15 16 13

12 11 10 09 08 07 06 01 02 03 04 05

(%)

(CY, Quarterly) Public demand Real GDP Net exports

Private demand

Notes: 1. Data is seasonally adjusted.

2. Real GDP points indicate quarterly comparison ﬁgures. Breakdown categories indicate contribution ratios. 3. Data published on August 15, 2016.

Source: Japanese Cabinet Oﬃce

-5.0 -4.0 -3.0 -2.0 -1.0 0.0 1.0 2.0 3.0

Nominal and Real GDP

■

Real GDP Growth Rate (quarter on quarter)

■

▶For numerical data, please see page 31.

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14 15 16 13

12 11 10 09 08 07 06 01 02 03 04 05

(CY) Coincident Index Leading Index

Lagging Index

Notes: 1. 2010 average = 100

2. Data published on August 5, 2016. Source: Japanese Cabinet Oﬃce

70 80 90 100 110 120 130

14 15 13

12 11 10 09 08 07 06 01 02 03 04 05

(%)

(FY) Notes: 1. FY 2015 ordinary proﬁts and the ratio of ordinary proﬁts to sales are on a preliminary report basis.

2. FY2015 return on equity is not yet published.

3. Ordinary proﬁts, the ratio of ordinary proﬁts to sales, and return on equity exclude performances of the banking and insurance industries. Source: Ministry of Finance

Ratio of ordinary proﬁts to sales (right scale) Return on equity (right scale)

Ordinary proﬁts (left scale)

(Trillion yen)

-10 0 10 20 30 40 50 60 70

-1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0

Indexes of Business Conditions (Composite Indexes)

■

Corporate Proits (all industries and all scales of business)

■

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14 15 13

12 11 10 09 08 07 06 01 02 03 04 05

(%)

(CY) Note: Annual average (year on year).

Sources: Ministry of Internal Aﬀairs and Communications, Bank of Japan

Consumer Price Index (excluding fresh food) Corporate Goods Price Index

-6.0 -4.0 -2.0 0.0 2.0 4.0 6.0

14 15 13

12 11 10 09 08 07 06 02 03 04 05

(%) (Times)

(CY) Note: Annual average (seasonally adjusted).

Sources: Ministry of Internal Aﬀairs and Communications, Ministry of Health, Labour and Welfare

Job-oﬀers to seekers ratio (excluding new school graduates but including part-time workers, right scale) Unemployment rate (left scale)

01 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0

0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4

Consumer Price and Corporate Goods Price Indices (year on year)

■

Employment Conditions

■

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2 Stock Market

14 15 16 13

12 11 10 09 08 07 06 01 02 03 04 05

(Points) (Points)

(CY) Note: Base Date for JPX-Nikkei 400 calculation is August 30, 2013. (Base value: 10,000 points).

Source: Nikkei Inc., Japan Exchange Group

TOPIX (right scale) Nikkei 225 Stock Average (left scale)

JPX-Nikkei 400 (left scale)

5,000 10,000 15,000 20,000 25,000

500 1,000 1,500 2,000 2,500

14 15 13

12 11 10 09 08 07 06 01 02 03 04 05

(End of CY) Notes: 1. Total of domestic stocks.

2. The spot market of former Osaka Securities Exchange was merged with Tokyo Stock Exchange in July 2013. Source: Japan Exchange Group

(Firms) (Trillion yen)

Market capitalization (right scale) Number of listed companies (left scale)

0 100 200 300 400 500 600 700 800

0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000

Stock Price

■

Number of TSE listed companies and market capitalization

■

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14 15 13

12 11 10 09 08 07 06 01 02 03 04 05

(CY) Source: Japan Exchange Group

(Billion yen) (Trillion yen)

Total TSE trading value (right scale)

Daily Average Stock Trading Value of TSE (1st Section) (left scale)

0 100 200 300 400 500 600 700 800

0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000

14 15 13

12 11 10 09 08 07 06 01 02 03 04 05

(End of CY) Note: Spaces for the end of 2002 and 2009 are left blank as the total net profit per share was negative.

Source: Japan Exchange Group (Times)

0 20 40 60 80 100

TSE Trading Value

■

Average PER (Simple Average) of TSE (1st Section)

■

(10)

14 15 13

12 11 10 09 08 07 06 01 02 03 04 05

(Trillion yen)

(CY) Rights oﬀerings Public oﬀerings

Third-party allotments and others

Notes: 1. Third-party allotments include private placements.

2. Initial public oﬀerings made in conjunction with the listing of shares on exchanges before 2007 are not included in the calculations. Source: Japan Exchange Group

0 1 2 3 4 5 6 7

14 15 13

12 11 10 09 08 07 06 01 02 03 04 05

(CY) Notes: 1. IPOs include public offerings made when foreign companies list on a Japanese exchange.

2. The figures for the number of new listed companies are for the First and Second Sections, the Mothers and JSADAQ markets of the TSE. Figures for other domestic exchanges are not included.

Sources: Japan Exchange Group, Japan Securities Dealers Association

(Companies) (Billion yen)

IPO amounts (right scale)

Number of newly listed companies (left scale)

0 100 200 300 400 500 600

0 30 60 90 120 150 180

Equity Financing (paid-in capital increase) by Corporations

■

Number of Newly Listed Companies and IPO Amounts

■

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3 Bond Market

14 15 16 13

12 11 10 09 08 07 06 01 02 03 04 05

(%) (%)

(CY) Sources: Bank of Japan, Japan Bond Trading Co., Ltd.

Call rates (uncollateralized overnight, left scale)

Simple yield of newly issued 10-year JGBs (daily average, right scale)

-0.1 0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8

-0.3 0.0 0.3 0.6 0.9 1.2 1.5 1.8 2.1 2.4

14 15 13

12 11 10 09 08 07 06 02 03 04 05

(Hundred trillion yen)

(CY) Medium-term, long-term, super-long-term JGBs Short-term JGBs, etc.

Others

Note: Short-term JGBs, etc. are the total of ﬁnancial bills, treasury bills and Treasury Discount Bills (since 2009). Source: Japan Securities Dealers Association

01 0 20 40 60 80 100 120 140

Long-term and Short-term Interest Rates

■

OTC Bond Trading (including Repos)

■

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(Trillion yen)

(CY) Straight corporate bonds

Convertible-type bonds with subscription rights

Notes: 1. Straight corporate bonds include asset backed corporate bonds.

2. Convertible-type bonds with subscription rights were previously termed convertible bonds before being renamed in accordance with 2002 revisions in the Commercial Code.

Source: Japan Securities Dealers Association

14 15 13

12 11 10 09 08 07 06 02 03 04 05 01

0 2 4 6 8 10 12

13

12 14 15 11

10 09 08 07 06 05 04 03 02 01

(%)

(CY) Gov-guaranteed bonds Others

Municipal bonds Straight corporate bonds JGBs

FILP agency bonds

Notes: 1. Excluding private placement municipal bonds. In addition, for 2008 and later, excluding private placement special bonds and private placement corporate bonds.

2. Straight corporate bonds include asset backed corporate bonds. Source: Japan Securities Dealers Association

0 10 20 30 40 50 60 70 80 90 100

Corporate Bond Financing

■

Composition of Bond Issuance

■

▶For numerical data, please see page 35. URL http://www.jsda.or.jp/shiryo/toukei/hakkou/index.html URL http://www.jsda.or.jp/shiryo/toukei/inance/index.html

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4 Investment Trusts

14 15 13

12 11 10 09 08 07 06 01 02 03 04 05

(End of CY) Source: The Investment Trusts Association, Japan

(Trillion yen)

Real-estate investment trusts Number of funds (right scale) Publicly offered investment trusts

Private placement investment trusts

0 30 60 90 120 150 180

0 5,000 10,000

14 15 13

12 11 10 09 08 07 06 01 02 03 04 05

(Trillion yen)

Bond investment trusts Number of funds (right scale) Stock investment trusts

Money management funds

0 10 20 30 40 50 60 70 80 90 100

0 3,000 6,000

Net Assets, etc. Held in Investment Trusts

■

Net Assets, etc. Held in Publicly Ofered Contractual-type Securities Investment Trusts

■

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14 15 13

12 11 10 09 08 07 06 01 02 03 04 05

(Trillion yen)

Open type (excluding ETFs) Number of funds (right scale) Unit type

ETFs

0 10 20 30 40 50 60 70 80 90 100

0 3,000 6,000

14 15 13

12 11 10 09 08 07 06 01 02 03 04 05

(Trillion yen)

Number of funds (right scale) Bond investment trusts

Stock investment trusts

0 10 20 30 40 50 60 70 80

0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000

Net Assets, etc. Held in Publicly Ofered Contractual-type Stock Investment Trusts

■

Net Assets, etc. Held in Private Placement Contractual-type Investment Trusts

■

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5 Derivative Market

14 15 13

12 11

10 09

08 07

06

(CY) Notes: 1. The derivative market of Tokyo Stock Exchange was merged with that of Osaka Securities Exchange in March 2014.

2. Figure show the total of the derivative markets of Tokyo Stock Exchange before the merger and Osaka Securities Exchange. 3. Current outstanding open contracts are as of year-end.

Source: Japan Exchange Group (million

contracts) (Thousandcontracts)

Current outstanding open contracts (right scale) Transaction volume (left scale)

0 50 100 150 200 250 300 350 400

0 3,000 6,000

14 15 13

12 11

10 09

08 07

06 05

04

(FY) Notes: 1. On a notional value basis.

2. End of term balance is as of fiscal year-end. Source: Japan Securities Dealers Association (Trillion yen)

End-of-term balance Transaction value

0 50 100 150 200 250

Derivative Market Transaction Volume, etc.

■

Value of Securities OTC Derivative Transactions

■

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6 Investor Trends

14 15 13

12 11

10 09

08 07

05 06

(Trillion yen)

(FY) Stocks Foreign securities Bonds

Investment trusts

Notes: 1. Changes during the ﬁscal year. 2. Stocks include other equities. Source: Bank of Japan

-5 0 5 10 15

14 15 13

12 11

10 09

08 07

05 06

(Trillion yen)

(FY) Stocks Foreign securities Bonds

Investment trusts

Notes: 1. Changes during the ﬁscal year. 2. Stocks include other equities. Source: Bank of Japan

-10 -5 0 5 10 15

Investment by Institutional Investors (Insurance Companies and Pension Funds)

■

Investments by Individual Investors (Household)

■

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Economy and Market Trends 14 15 13 12 11 10 09 08 07 06 01 02 03 04 05

(%)

(End of FY) Individuals Insurance companies Governments Business corporations Financial institutions Foreigners Pension trusts Securities ﬁrms Investment trusts

Notes: 1. Governments include central and regional governments.

2. Financial Institutions do not include pension trusts, investment trusts and insurance companies. 3. Figures cover all exchange-listed stocks excluding foreign stocks.

4. Pension trusts include investment assets of pension related funds of welfare pension funds, etc. for which banks operating trust business are appointed as trustee, but do not include those of public pension funds.

5. Treasury shares owned by each listed company are included under the investor type in which the companies are categorized. Source: Tokyo Stock Exchange

0 5 10 15 20 25 30 35

Share of Stockholdings by Type of Investors (market value basis)

■

14 15 13 12 11 10 09 08 07 06 05 04 02 03 01

(End of FY)

(Trillion yen) Financial institutions Foreigners Pension trusts Securities ﬁrms Investment trusts Governments Business corporations Individuals Insurance companies 0 100 200 300 400 500 600

Stockholdings by Type of Investors

■

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7 Household Financial Assets

13

12 14 15

11 10

09 08

07 06

05

(End of FY) Stocks and other equities Others

Bonds

Insurance and pension reserves Cash and deposits

Investment trusts

Note: Bonds include trust beneﬁciary rights. Source: Bank of Japan

(Trillion yen)

0 200 400 600 800 1,000 1,200 1,400 1,600 1,800

Household Financial Assets

■

13

12 14 15

11 10

09 08

07 06

05

(%)

(End of FY) Stocks and other equities Others

Bonds

Insurance and pension reserves Cash and deposits

Investment trusts

Note: Bonds include trust beneﬁciary rights. Source: Bank of Japan

0 10 20 30 40 50 60 70 80 90 100

Composition of Household Financial Assets

■

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2016.3 2015.12

2015.9 2015.6

2015.3 2014.12

2014.1 2014.3 2014.6

(Year/Month) Notes: 1. At the time of introduction for January 2014; end of month for others.

2. Figures for September 2014 have not been disclosed. Source: Financial Services Agency

Number of accounts (left scale) Purchase amount in 2015 (right scale) Purchase amount in 2016 (right scale)

Purchase amount in 2014 (right scale)

(Ten thousand

accounts) (Trillion wyen)

0 1 2 3 4 5 6 7 8

400 600 800 1,000 1,200

Nippon (Japan) Individual Savings Account (NISA)

■

2015

1997 2000 2005 2010

(Ten thousand yen)

(CY) Notes: Households with two people or more (including those without ﬁnancial assets.).

Source: Central Council for Financial Services Information

20s 50s

30s 60s

40s 70s or older

0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000

Average Financial Assets Held by Age Group

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Economy and Market Trends (Thousands) Female Male

2065 (prospect)

(Thousands) Female Male

2015

(Thousands) Female Male

1965

6,000 4,000 2,000 0 100 or older

95∼99 90∼94 85∼89 80∼84 75∼79 70∼74 65∼69 60∼64 55∼59 50∼54 45∼49 40∼44 35∼39 30∼34 25∼29 20∼24 15∼19 10∼14 ５∼９０∼４

6,000 4,000 2,000 0 100 or older

95∼99 90∼94 85∼89 80∼84 75∼79 70∼74 65∼69 60∼64 55∼59 50∼54 45∼49 40∼44 35∼39 30∼34 25∼29 20∼24 15∼19 10∼14 ５∼９０∼４

6,000 4,000 2,000 0 100 or older

95∼99 90∼94 85∼89 80∼84 75∼79 70∼74 65∼69 60∼64 55∼59 50∼54 45∼49 40∼44 35∼39 30∼34 25∼29 20∼24 15∼19 10∼14 ５∼９０∼４

2,000 4,000 6,000 2,000 4,000 6,000 2,000 4,000 6,000

Demographic Pyramid

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Securities Industry Overview

Ⅱ

Securities Industry Overview

1 Number of Member Firms, etc.

13

12 14 15 11

10 09 08 07 06 01 02 03 04 05

(End of FY) No less than ¥1 billion to less than ¥3 billion Foreign securities ﬁrms

No less than ¥300 million to less than ¥1 billion No less than ¥10 billion

No less than ¥200 million to less than ¥300 million No less than ¥5 billion to less than ¥10 billion No less than ¥50 million to less than ¥200 million

No less than ¥3 billion to less than ¥5 billion

Note: The amount in the breakdown for the number of member firms shows the classification of capital for domestic securities firms. Source: Japan Securities Dealers Association

0 50 100 150 200 250 300 350

14 15 13

12 11 10 09 08 07 06 01 02 03 04 05

(FY) Note: The companies that withdrew effective March 31 are included in the withdrawals of the next fiscal year.

Withdrawals, etc. Changes (right scale) Enrollments

0 5 10 15 20 25 30 35

-40 -30 -20 -10 0 10 20 30

Regular Members (Securities Firms)

■

Enrollments and Withdrawal, etc. (Regular Members)

■

▶For numerical data, please see page 41. URL http://www.jsda.or.jp/shiryo/toukei/kaiinsu.html

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13

12 14 15 11

10 09 08 07 06 01 02 03 04 05

(End of FY) Regional banks

Other banks Money market brokers Shinkin banks

Foreign banks

City banks Government-aﬃliated ﬁnancial institutions Non-life insurance companies Credit cooperatives

Second-tier regional banks

Securities ﬁnance companies Trust banks

Life insurance companies

0 50 100 150 200 250

14 15 13

12 11 10 09 08 07 06 01 02 03 04 05

(End of CY) Source: Japan Securities Dealers Association

(Thousands)

75 80 85 90 95 100

Special Members (Registered Financial Institutions)

■

Regular Members’ Employees

■

▶For numerical data, please see page 42. URL http://www.jsda.or.jp/shiryo/toukei/gyotai.html

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14 15 13

12 11 10 09 08 07 06 01 02 03 04 05

Note: From the end of FY2014, the category of “Branches” is included in that of “Business offices.” Source: Japan Securities Dealers Association

Business offices Head office Branches

(End of FY)

0 500 1,000 1,500 2,000 2,500

Regular Members’ Domestic Oices

■

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Note: The number of head oﬃces is in parentheses. Source: Japan Securities Dealers Association

（As of end March 2016）

Hokkaido 26（1） Aomori 7 Akita 6 Iwate 8 Yamagata 10（2） Fukushima 18（1） Niigata 45（3） Miyagi 9 Tochigi 27（1） Saitama 84（3） Gunma 24（1） Nagano 35（2） Toyama 25（4） Ishikawa 19（3） Fukui 16（2） Ibaraki 37（2） Kanagawa 138（1） Chiba 75（1） Yamanashi 9 Tokyo 558（172） Aichi 152（11） Mie 39（2） Shizuoka 60（3） Gifu 27（1） Shiga 14 Nara 26（1） Osaka 175（12） Wakayama 20 Hyogo 88（4） Kyoto 31（4） Okayama 26（1） Tottori 9（1） Shimane 11（1） Hiroshima 50（2） Yamaguchi 34（1） Fukuoka 73（3） Oita 8 Miyazaki 8 Kagoshima 6 Kumamoto 14（1） Saga 5 Nagasaki 10 Okinawa 13（2） Kagawa 19（2） Tokushima 16（2） Kochi 7 Ehime 28（3）

Regular Members’ Domestic Oices by Prefecture

■

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14 15 13

12 11 10 09 08 07 06 01 02 03 04 05

Notes: 1. The JSDA began recording the number of securities sales representatives of financial instruments intermediary service providers in 2005. 2. Excluding representatives of financial instruments intermediary service providers that are individuals rather than companies.

Source: Japan Securities Dealers Association (Thousands)

Financial instruments intermediary service providers belonging to Regular Members Financial instruments intermediary service providers belonging to Special Members Regular Members

Special Members

(End of CY)

0 100 200 300 400 500 600

14 15 13

12 11

10 09

08 07

06

Notes: As of January 2012, JSDA lifted its restrictions (must be an officer or employee of an association member firm, must have qualified as Class-2 Sales Representative) on eligibility for taking the Class-1 Sales Representative examination.

(Thousands) (%)

Special Members’ Class-2 (No. of Examinees)（left scale） Special Members’ Class-2 (Pass rate)（right scale） Special Members’ Class-1 (No. of Examinees)

Special Members’ Class-1 (Pass rate) Class-1 (No. of Examinees)

Class-1 (Pass rate) Class-2 (Pass rate) Class-2 (No. of Examinees)

0 20 40 60 80 100 120 140

0 10 20 30 40 50 60 70

Securities Sales Representatives

■

Securities Sales Representative Exam Candidates

■

▶For numerical data, please see page 43. URL http://www.jsda.or.jp/shiryo/toukei/jyugyoinsu/index.html

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2 Performance Summary

15.3 16.3 14.3

13.3 12.3 11.3 10.3 09.3 08.3 07.3 02.3 03.3 04.3 05.3 06.3

Notes: 1. Securities firms that were not in business as of the end of March in each year are excluded. 2. Figures for fiscal 2015 ended March 2016 are on a preliminary report basis.

Source: Japan Securities Dealers Association (Trillion yen)

Trading gain Others Commission

Financial revenue

(FY ended)

0 1 2 3 4 5

15.3 16.3 14.3

13.3 12.3 11.3 10.3 09.3 08.3 07.3 02.3 03.3 04.3 05.3 06.3

Source: Japan Securities Dealers Association （兆円）

Underwriting and offering commissions Other commissions

Brokerage commission

Subscription and distribution commissions

(FY ended)

0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5

Operating Revenues of Regular Members

■

Commissions Received of Regular Members

■

▶For numerical data, please see page 44. URL http://www.jsda.or.jp/shiryo/toukei/kessan/index.html

(27)

15.3 16.3 14.3

13.3 12.3 11.3 10.3 09.3 08.3 07.3 02.3 03.3 04.3 05.3 06.3

Others

Employment cost Real estate & equipment costs Financial expenses

Transaction expenses

Data processing & office supplies costs

(FY ended)

0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5

15.3 16.3 14.3

13.3 12.3 11.3 10.3 09.3 08.3 07.3 02.3 03.3 04.3 05.3 06.3

Current Net Profits / Losses Ordinary Profits / Losses

(FY ended)

-0.5 0.0 0.5 1.0 1.5 2.0

Operating Expenses of Regular Members

■

Ordinary Proits/Losses and Current Net Proits/Losses of Regular Members

■

▶For numerical data, please see page 44. URL http://www.jsda.or.jp/shiryo/toukei/kessan/index.html

(28)

07.3 08.3 09.3 10.3 11.3 12.3 13.3 14.3 15.3 16.3

(Billion yen)

(FY ended) Foreign firms Other domestic firms Major firms

Notes: 1. Securities ﬁrms that were not in business as of the end of March in each year are excluded.

2. Major securities ﬁrms: SMBC Nikko Securities Inc., Daiwa Securities, Co., Ltd., Nomura Securities Co., Ltd., and other securities ﬁrms capitalized at a hundred billion yen or more.

3. Figures for ﬁscal 2015 ended March 2016 are on a preliminary report basis. Source: Japan Securities Dealers Association

-300 -200 -100 0 100 200 300 400 500

15.3 16.3 14.3

13.3 12.3 11.3 10.3 09.3 08.3 07.3 02.3 03.3 04.3 05.3 06.3

(FY ended) Notes: 1. Securities firms that were not in business as of the end of March in each year are excluded.

2. Major securities firms: SMBC Nikko Securities Inc., Daiwa Securities, Co., Ltd., Nomura Securities Co., Ltd., and other securities firms capitalized at a hundred billion yen or more.

3. Figures for fiscal 2015 ended March 2016 are on a preliminary report basis. Source: Japan Securities Dealers Association

(%)

All member securities firms Major firms Foreign firms Other domestic firms

-20 -10 0 10 20 30 40

Current Net Proits/Losses by Type of Regular Members

■

ROE by Type of Regular Members

■

(29)

International Comparison

Ⅲ

International Comparison

14 15 13

12 11 10 09 08 07 06 01 02 03 04 05

（CY） Source: International Monetary Fund

（％）

Euro area United States

Japan

-6.0 -4.0 -2.0 0.0 2.0 4.0 6.0

Real GDP Growth Rate (year on year)

■

14 15 13

12 11 10 09 08 07

06 16

02 03 04 05

（CY） Note: The initial stock price index in 2002 was 100.

Source: Bloomberg

Nikkei 225 Stock Average ST Index, Singapore Dow Jones Industrial Average, USA

Hang Seng Index, Hong Kong

FTSE 100, UK

CSI 300 Index, Shanghai/ Shenzhen

0 50 100 150 200 250 300 350 400 450

Stock Price

■

(30)

Japan 4,894

United States

25,067

UK

3,878

France 3,305 Germany 1,715

Singapore

639

Hong Kong

3,184

China 8,188

Brazil 490

Australia 1,187

Market capitalization

■

Note: Unit: billion USD

(31)

14 15 13

12 11 10 09 08 07

06 16

02

01 03 04 05

（CY） Source: Bloomberg

Germany United States

Japan France UK

China

（％）

-1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0

Australia Japan United States UK France Germany Singapore Hong Kong China Brazil

Source: World Federation of Exchanges (Billion USD)

2015 2014

0 5 10 15 40 50

Long-term Interest Rate (10 yr. Government Bond Yield)

■

Value of Share Trading

■

(32)

（％） Stocks and other equities Others

Cash and deposits Investment trusts

Bonds

Insurance and pension reserves

Note: As of December 31, 2015

Sources: Bank of Japan, Federal Reserve Board, European Central Bank

Japan

United States

Euro Area

0 20 40 60 80 100

Composition of Household Financial Assets

■

China Singapore

Germany France

UK Japan United States

Note: As of July 1, 2015 Source: United Nations

（％）

15 to 64 yrs. old

0 to 14 yrs. old 65 yrs. & older

0 20 40 60 80 100

Population Composition

■

(33)

Statistical Data

The following statistics update the data on the Association’s website. URL http://www.jsda.or.jp/shiryo/toukei/factbook/index.html

Economy and Market Trends

　

Statistical Data

1 Economic Overview

Nominal GDP, Real GDP and Real GDP Growth Rate

（Billion yen, ％）

CY, Quarterly Nominal GDP Real GDP _{Growth Rate Private demand Public demand}Real GDP _{Net exports}

2001

1Q 514,180 480,113 　0.6 　0.6 　0.4 －0.4 2Q 508,750 479,234 －0.2 　0.1 －0.1 －0.1 3Q 501,168 473,973 －1.1 －1.1 　0.0 　0.0 4Q 498,990 473,406 －0.1 －0.3 　0.1 　0.1

2002

1Q 498,902 472,389 －0.2 －0.7 　0.0 　0.4 2Q 498,542 477,288 　1.0 　0.5 　0.1 　0.5 3Q 499,852 480,346 　0.6 　0.8 　0.1 －0.2 4Q 500,042 482,045 　0.4 　0.3 －0.2 　0.2

2003

1Q 493,936 479,670 －0.5 －0.4 －0.2 　0.1 2Q 500,570 485,500 　1.2 　0.7 　0.2 　0.3 3Q 500,526 487,516 　0.4 　0.3 －0.1 　0.2 4Q 501,490 492,402 　1.0 　0.8 －0.2 　0.3

2004

1Q 504,979 497,465 　1.0 　0.4 　0.3 　0.4 2Q 503,675 497,616 　0.0 　0.2 －0.4 　0.2 3Q 503,722 498,198 　0.1 　0.3 　0.0 －0.2 4Q 502,570 496,883 －0.3 　0.0 －0.1 －0.1

2005

1Q 500,892 498,148 　0.3 　0.2 　0.0 　0.0 2Q 505,386 504,609 　1.3 　1.2 －0.3 　0.4 3Q 505,143 506,241 　0.3 　0.2 　0.1 　0.1 4Q 504,678 507,309 　0.2 －0.2 －0.1 　0.5

2006

1Q 505,265 509,401 　0.4 　0.3 　0.1 　0.1 2Q 505,768 511,618 　0.4 　0.5 －0.1 　0.1 3Q 504,720 511,219 －0.1 －0.2 －0.2 　0.3 4Q 511,146 517,894 　1.3 　1.2 　0.0 　0.1

2007

1Q 513,792 522,717 　0.9 　0.6 　0.0 　0.3 2Q 514,878 523,695 　0.2 －0.1 　0.1 　0.2 3Q 510,716 521,771 －0.4 －0.8 －0.1 　0.5 4Q 512,364 526,337 　0.9 　0.3 　0.2 　0.3

2008

1Q 513,293 529,375 　0.6 　0.5 －0.2 　0.3 2Q 506,038 523,522 －1.1 －0.8 －0.5 　0.1 3Q 496,972 518,037 －1.0 －1.1 　0.0 　0.0 4Q 488,155 501,111 －3.3 －0.4 　0.1 －2.9

2009

1Q 468,080 480,610 －4.1 －3.2 　0.3 －1.2 2Q 472,742 489,274 　1.8 －0.6 　0.5 　1.9 3Q 469,513 489,572 　0.1 －0.7 　0.2 　0.5 4Q 474,030 498,173 　1.8 　0.9 　0.2 　0.7

2010

1Q 479,752 505,196 　1.4 　0.9 　0.0 　0.6 2Q 482,754 510,932 　1.1 　1.1 　0.0 　0.0 3Q 486,851 518,459 　1.5 　1.3 　0.1 　0.1 4Q 481,785 515,898 －0.5 －0.4 　0.0 －0.1

2011

1Q 471,356 505,816 －2.0 －1.4 －0.2 －0.3 2Q 464,930 502,684 －0.6 　0.2 　0.3 －1.1 3Q 475,291 516,064 　2.7 　1.8 －0.1 　0.9 4Q 475,836 517,524 　0.3 　1.1 －0.2 －0.7

2012

1Q 480,705 522,341 　0.9 　0.2 　0.6 　0.1 2Q 476,123 520,100 －0.4 　0.2 －0.1 －0.4 3Q 472,766 517,592 －0.5 　0.0 　0.0 －0.5 4Q 472,677 517,463 　0.0 　0.0 　0.1 －0.1

2013

1Q 476,429 522,652 　1.0 　0.2 　0.3 　0.5 2Q 478,458 526,062 　0.7 　0.5 　0.3 －0.1 3Q 481,260 528,687 　0.5 　0.6 　0.2 －0.3 4Q 481,144 528,355 －0.1 　0.4 　0.1 －0.5

2014

1Q 487,471 534,980 　1.3 　1.6 －0.1 －0.2 2Q 487,543 523,996 －2.1 －2.6 －0.2 　0.8 3Q 483,757 520,793 －0.6 －0.9 　0.2 　0.1 4Q 488,259 523,598 　0.5 　0.1 　0.1 　0.3

2015

1Q 498,105 529,917 　1.2 　1.1 　0.0 　0.1 2Q 498,147 527,679 －0.4 －0.1 　0.1 －0.4 3Q 501,044 530,246 　0.5 　0.3 　0.0 　0.2 4Q 499,687 527,922 －0.4 －0.5 　0.0 　0.1 2016 1Q 503,574 530,590 　0.5 　0.2 　0.2 　0.1 2Q 504,745 530,845 　0.0 　0.2 　0.1 －0.3 Notes: 1. Data is seasonally adjusted.

2. Breakdown categories indicate contribution ratios. 3. Data published on August 15, 2016.

(34)

Statistical Data

Indexes of Business Conditions (Composite Indexes)

Corporate Proits (all industries and all scales of business)

FY 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Ordinary proits

(Trillion yen) 28.2 31.0 36.1 44.7 51.6 54.3 53.4 35.4 32.1 43.7 45.2 48.4 59.6 64.5 69.1

Ratio of ordinary

proits to sales (%) 2.1 2.3 2.7 3.1 3.4 3.5 3.4 2.4 2.3 3.2 3.3 3.5 4.2 4.5 5.3

Return on equity

(%) －0.1 1.8 3.9 4.5 5.9 6.3 5.6 1.5 1.9 3.7 3.8 4.5 6.7 6.9 －

Notes: 1. FY2015 ordinary profits and the ratio of ordinary profits to sales are on a preliminary report basis. 2. FY2015 return on equity is not yet published.

3. Ordinary profits, the ratio of ordinary profits to sales, and return on equity exclude performances of the banking and insurance industries. Source: Ministry of Finance

Consumer Price and Corporate Goods Price Indices

(%)

CY 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Consumer Price Index

(excluding fresh food) －0.8 －0.9 －0.3 －0.1 －0.1 0.1 0.0 1.5 －1.3 －1.0 －0.3 －0.1 0.4 2.6 　0.5

Corporate Goods

Price Index －2.3 －2.1 －0.9 　1.3 　1.6 2.2 1.8 4.6 －5.3 －0.1 　1.5 －0.9 1.3 3.2 －2.3

Note: Annual average (year on year).

Sources: Ministry of Internal Affairs and Communications, Bank of Japan

Employment Conditions

CY 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Unemployment Rate

(%) 5.0 5.4 5.2 4.7 4.4 4.1 3.8 4.0 5.1 5.1 4.6 4.3 4.0 3.6 3.4

Job-ofers to Seekers Ratio

(excluding new school graduates but including part-time workers) (Times)

0.59 0.54 0.64 0.83 0.95 1.06 1.04 0.88 0.47 0.52 0.65 0.80 0.93 1.09 1.20

CY 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Leading Index 87.8 94.5 101.2 107.9 111.3 111.1 106.2 83.1 96.2 100.6 100.2 97.7 110.0 103.0 99.1

Coincident Index 96.2 102.7 110.3 113.4 117.5 120.1 118.6 92.9 93.9 102.2 106.4 103.3 113.5 112.4 110.4

Lagging Index 102.4 103.2 109.9 114.7 117.3 122.9 126.2 112.8 97.7 101.4 104.3 104.4 107.9 113.2 113.7

Notes: 1. 2010 average = 100

(35)

Statistical Data

2 Stock Market

Stock Market, etc.

(Points)

End of CY 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Nikkei 225

Stock Average 10,542.62 8,578.95 10,676.64 11,488.76 16,111.43 17,225.83 15,307.78 8,859.56 10,546.44 10,228.92 8,455.35 10,395.18 16,291.31 17,450.77 19,033.71 TOPIX 1,032.14 843.29 1,043.69 1,149.63 1,649.76 1,681.07 1,475.68 859.24 907.59 898.80 728.61 859.80 1,302.29 1,407.51 1,547.30 JPX-Nikkei 400 －－－－－－－－－－－－ 11,767.24 12,768.42 13,951.93

Notes: 1. Stock price indexes show closing prices.

2. Base Date for JPX-Nikkei 400 calculation is August 30, 2013. (Base value: 10,000 points). Source: Nikkei Inc., Japan Exchange Group

Number of TSE Listed Companies, Market Capitalization, Trading Volume, and Trading Value

(companies, billion yen, million stocks)

End of CY TSE Listed Number of Companies

Market Capitalization

Trading volume Trading value

Total Daily average Total Daily average

2001 2,103 296,789 204,037 829 202,261 822

2002 2,119 247,860 213,173 867 193,354 786

2003 2,174 316,483 316,124 1,290 242,371 989

2004 2,276 364,554 378,755 1,539 343,121 1,394

2005 2,323 539,739 558,901 2,281 491,772 2,007

2006 2,391 549,789 502,463 2,026 673,762 2,716

2007 2,389 483,828 562,118 2,294 752,227 3,070

2008 2,373 283,460 555,106 2,265 576,319 2,352

2009 2,319 307,779 563,576 2,319 373,766 1,538

2010 2,280 310,451 520,052 2,122 359,170 1,466

2011 2,279 255,855 536,774 2,190 347,112 1,416

2012 2,293 300,797 529,928 2,136 310,886 1,253

2013 3,406 477,509 887,952 3,624 682,702 2,786

2014 3,456 524,899 709,104 2,906 643,105 2,635

2015 3,502 589,788 709,718 2,908 745,955 3,057

Notes: 1. Total of domestic stocks.

2. Number of listed companies and market capitalization were those at the end of the year.

3. The spot market of former Osaka Securities Exchange was merged with Tokyo Stock Exchange in July 2013. Source: Japan Exchange Group

Average PER (Simple Average) of TSE (1st Section)

(Times)

End of CY 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

PER 61.4 － 96.7 28.1 32.3 25.9 19.5 14.1 － 32.9 15.0 18.4 23.5 18.5 18.5

(36)

Statistical Data

Number of Newly Listed Companies and IPO Amounts

CY 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Number of newly

listed companies 168 123 118 152 98 113 65 54 23 26 50 66 75 90 104 IPO amounts

(Billion yen) 368 147 347 421 402 594 176 43 33 206 128 39 377 346 91

Notes: 1. IPOs include public offerings made when foreign companies list on a Japanese exchange.

2. The figures for the number of new listed companies are for the First and Second Sections, the Mothers and JSADAQ markets of the TSE. Figures for other domestic exchanges are not included.

Sources: Japan Exchange Group, Japan Securities Dealers Association

Equity Financing (paid-in capital increase) by Corporations

（Billion yen）

CY 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Public oferings 1,372 223 653 994 884 1,659 511 362 4,968 3,320 1,014 473 1,134 1,384 963 Rights oferings 32 － 2 11 4 3 9 0 0 1 － 0 1 － 0 Third-party allotments

and others 847 1,566 2,808 2,150 2,509 1,220 1,626 1,116 1,366 655 510 1,444 519 617 915 Total 2,252 1,789 3,464 3,156 3,397 2,883 2,147 1,479 6,334 3,977 1,524 1,918 1,655 2,002 1,879

Notes: 1. Third-party allotments include private placements.

2. Initial public offerings made in conjunction with the listing of shares on exchanges before 2007 are not included in the calculations. 3. “—” indicates nil. “0” indicates an amount less than 1 unit amount.

Source: Japan Exchange Group

(%)

End of CY 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Simple yield of newly

issued 10-year JGBs 1.365 0.900 1.360 1.435 1.470 1.675 1.500 1.165 1.285 1.110 0.980 0.795 0.735 0.330 0.265 Call rates

(uncollateralized

overnight) 0.002 0.002 0.001 0.002 0.004 0.275 0.459 0.103 0.094 0.079 0.075 0.076 0.068 0.066 0.038

Sources: Bank of Japan, Japan Bond Trading Co., Ltd.

3 Bond Market

Long-term and Short-term Interest Rates

OTC Bond Trading (including Repos)

(Trillion yen)

CY 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

JGBs 3,863.4 3,429.8 4,836.1 6,178.6 6,428.0 8,881.6 11,890.1 11,118.4 8,458.1 7,452.4 7,860.2 8,738.9 8,968.6 10,075.4 10,393.4 Short-term JGBs, etc. 2,243.2 1,490.0 1,933.7 2,179.3 1,817.5 1,872.1 2,554.8 2,680.6 3,083.9 2,646.5 2,497.8 2,475.5 2,693.7 2,449.3 2,499.7 Medium-term, long-term,

(37)

Statistical Data

_{Corporate Bond Financing}

(Billion yen)

CY 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Straight corporate bonds 8,609 7,736 7,728 5,879 7,088 6,858 9,258 9,125 11,493 9,678 8,483 8,409 8,708 8,456 6,898 Convertible-type bonds

with subscription rights 300 427 72 561 889 1,423 127 653 287 171 39 36 97 104 237 Total 8,909 8,163 7,800 6,440 7,977 8,281 9,385 9,778 11,780 9,849 8,522 8,445 8,805 8,560 7,135

Notes: 1. Straight corporate bonds include asset backed bonds. 2. Financing by corporate bonds with share options was zero.

3. Convertible-type bonds with subscription rights were previously termed convertible bonds before being renamed in accordance with 2002 revisions in the Commercial Code.

Bond Issuance

(Billion yen)

CY 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

JGBs 133,970 147,831 154,686 175,268 186,155 175,683 140,455 125,751 145,660 165,823 164,064 172,248 181,032 175,848 174,508

Municipal bonds 2,299 2,582 4,264 5,251 6,152 6,031 5,703 5,873 7,439 7,608 6,654 6,771 7,079 6,880 6,849

Gov-guaranteed bonds 4,815 4,216 6,476 8,243 7,821 4,434 4,461 4,494 4,925 4,540 3,153 4,699 4,873 4,600 3,134

FILP agency bonds 546 2,408 2,457 3,188 4,187 4,493 4,556 4,472 4,599 4,998 5,647 5,439 4,811 4,134 4,298

Straight

corporate bonds 8,609 7,736 7,728 5,879 7,088 6,858 9,258 9,125 11,493 9,678 8,483 8,409 8,708 8,456 6,898

Others 23,681 17,159 15,757 15,812 16,684 13,561 12,150 8,822 5,995 5,838 5,395 4,944 4,368 5,097 4,607

Total 173,922 181,934 191,371 213,642 228,090 211,062 176,585 158,540 180,113 198,488 193,398 202,513 210,873 205,019 200,297

2. Straight corporate bonds include asset backed corporate bonds. Source: Japan Securities Dealers Association

Composition of Bond Issuance

(%)

CY 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

JGBs 77.0 81.3 80.8 82.0 81.6 83.2 79.5 79.3 80.9 83.5 84.8 85.1 85.8 85.8 87.1

Municipal bonds 1.3 1.4 2.2 2.5 2.7 2.9 3.2 3.7 4.1 3.8 3.4 3.3 3.4 3.4 3.4

Gov-guaranteed bonds 2.8 2.3 3.4 3.9 3.4 2.1 2.5 2.8 2.7 2.3 1.6 2.3 2.3 2.2 1.6

FILP agency bonds 0.3 1.3 1.3 1.5 1.8 2.1 2.6 2.8 2.6 2.5 2.9 2.7 2.3 2.0 2.1

Straight

corporate bonds 4.9 4.3 4.0 2.8 3.1 3.2 5.2 5.8 6.4 4.9 4.4 4.2 4.1 4.1 3.4

Others 13.6 9.4 8.2 7.4 7.3 6.4 6.9 5.6 3.3 2.9 2.8 2.4 2.1 2.5 2.3

Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

(38)

Statistical Data

4 Investment Trusts

Net Assets, etc. Held in Investment Trusts

(Billion yen)

End of CY 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Publicly ofered investment trusts

Number

of funds 2,867 2,718 2,617 2,552 2,640 2,753 2,997 3,333 3,656 3,905 4,196 4,384 4,922 5,404 5,843 Net

assets 45,280 36,016 37,435 40,996 55,347 68,927 79,760 52,146 61,455 63,720 57,327 64,063 81,523 93,504 97,756

Real-estate investment trusts

Number

of funds 2 6 10 15 28 40 42 42 42 35 34 37 52 62 68 Net

assets 236 441 766 1,246 2,050 3,153 3,687 3,968 4,020 3,908 4,109 4,578 6,078 7,137 8,208 Private

placement investment trusts

Number

of funds 660 1,085 1,306 1,588 1,881 2,192 2,477 2,603 2,639 2,689 2,698 2,753 2,883 3,351 3,961 Net

assets 6,106 7,381 10,384 15,596 25,643 32,987 36,030 25,555 29,667 30,626 28,542 31,818 40,413 46,870 61,973

Total

Number

of funds 3,529 3,809 3,933 4,155 4,549 4,985 5,516 5,978 6,337 6,629 6,928 7,174 7,857 8,817 9,872 Net

assets 51,624 43,839 48,586 57,839 83,041 105,068 119,478 81,670 95,143 98,255 89,979 100,461 128,014 147,512 167,938 Changes in

net assets －1,468 －7,784 4,746 9,253 25,201 22,027 14,410 －37,808 13,472 3,112 －8,275 10,481 27,553 19,498 20,425

Source: The Investment Trusts Association, Japan

(Billion yen)

End of CY 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Number

of funds 2,401 2,351 2,339 2,308 2,408 2,533 2,789 3,135 3,468 3,724 4,017 4,209 4,756 5,242 5,684 Net

assets 14,905 16,372 21,339 27,435 40,828 55,657 66,784 40,842 50,243 52,464 46,761 52,913 65,027 77,095 81,738

Bond investment trusts

Number

of funds 446 346 263 230 218 206 194 184 174 167 165 161 152 148 146 Net

assets 22,652 14,121 11,746 9,955 11,498 10,576 10,059 8,691 8,755 9,026 8,536 9,302 14,569 14,433 14,375

Money management funds

Number

of funds 20 21 15 14 14 14 14 14 14 14 14 14 14 14 13 Net

assets 7,722 5,521 4,350 3,606 3,020 2,693 2,917 2,612 2,456 2,229 2,028 1,847 1,925 1,975 1,642

Total

Number

of funds 2,867 2,718 2,617 2,552 2,640 2,753 2,997 3,333 3,656 3,905 4,196 4,384 4,922 5,404 5,843 Net

net assets －4,118 －9,264 1,419 3,561 14,350 13,579 10,832 －27,614 9,308 2,264 －6,392 6,736 17,459 11,981 4,251

(39)

Statistical Data

(Billion yen)

End of CY 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Unit type

Number

of funds 187 200 221 255 289 249 246 365 393 350 293 239 206 295 359 Net

assets 617 697 1,161 1,799 1,945 1,875 1,876 1,287 1,522 1,266 881 1,275 1,479 1,791 1,734

Open type (excluding ETFs)

Number

of funds 2,205 2,133 2,100 2,038 2,106 2,271 2,527 2,706 3,003 3,289 3,629 3,866 4,440 4,824 5,180 Net

assets 13,398 13,165 17,216 22,522 35,180 49,665 61,029 37,029 46,430 48,588 43,152 47,423 55,456 64,688 63,838

ETFs

Number

of funds 9 18 18 15 13 13 16 64 72 85 95 104 110 123 145 Net

assets 889 2,509 2,962 3,113 3,703 4,116 3,878 2,524 2,290 2,610 2,728 4,214 8,090 10,616 16,165

Total

Number

of funds 2,401 2,351 2,339 2,308 2,408 2,533 2,789 3,135 3,468 3,724 4,017 4,209 4,756 5,242 5,684 Net

net assets 294 1,467 4,966 6,095 13,393 14,828 11,126 －25,942 9,401 2,220 －5,702 6,152 12,113 12,067 4,642

Net Assets, etc. Held in Publicly Ofered Contractual-type Stock Investment Trusts

(Billion yen)

End of CY 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Number

of funds 509 926 1,124 1,410 1,718 2,060 2,363 2,475 2,512 2,568 2,597 2,667 2,789 3,135 3,580 Net

assets 5,040 6,469 9,388 14,646 24,723 32,186 35,406 24,967 28,976 29,912 27,938 31,297 39,618 45,155 59,370

Bond investment trusts

Number

of funds 151 159 182 178 163 132 114 128 127 121 101 86 94 216 381 Net

assets 1,066 911 995 949 919 800 623 587 691 714 604 520 794 1,715 2,603

Total

Number

of funds 660 1,085 1,306 1,588 1,881 2,192 2,477 2,603 2,639 2,689 2,698 2,753 2,883 3,351 3,961 Net

net assets 2,413 1,274 3,003 5,211 10,046 7,344 3,043 －10,474 4,111 958 －2,083 3,275 8,594 6,457 15,103

(40)

Statistical Data

Derivative Market Transaction Volume, etc.

(Unit: In thousands)

CY 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Transaction

volume 89,873 142,010 196,191 191,703 218,655 208,424 228,058 360,575 308,009 361,459 Current outstanding

open contracts 1,666 1,700 1,888 2,805 3,462 3,361 5,012 5,346 4,773 3,787

Notes: 1. The derivative market of Tokyo Stock Exchange was merged with that of Osaka Securities Exchange in March 2014. 2. Figures show the total of the derivative markets of Osaka Securities Exchange and Tokyo Stock Exchange before the merger. 3. Current outstanding open contracts are as of year-end.

Source: Japan Exchange Group

6 Investor Trends

Investment by Institutional Investors (Insurance Companies and Pension Funds)

(Billion yen)

FY 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Bonds 9,307 7,143 2,152 －1,931 8,649 4,080 10,881 10,755 6,004 －3,274 －3,301

Stocks －3,454 －184 1,314 450 407 －308 －1,206 －1,814 －1,726 －1,781 957

Investment trusts 3,956 2,764 249 350 2,492 －242 －807 1,665 86 402 375

Foreign securities 2,589 －833 －1,201 1,106 －597 5,412 －1,200 －1,113 －1,070 3,704 9,971

Notes: 1. Changes during the fiscal year. 2. Stocks include other equities. Source: Bank of Japan

Investments by Individual Investors (Household)

(Billion yen)

FY 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Bonds 3,959 2,542 516 －1,353 －1,215 －3,625 －3,525 －3,285 －2,420 －2,242 －677

Stocks －1,736 －3,309 －232 1,955 －1,866 1,395 －251 －2,014 －6,643 －6,676 －3,221

Investment trusts 9,634 12,024 9,790 －813 1,206 3,237 －1,762 1,739 5,521 6,245 6,359

Foreign securities 1,304 778 2,880 1,069 783 847 921 265 302 1,010 1,412

Notes: 1. Changes during the fiscal year.

(Billion yen)

FY 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Transaction

value 65,062 88,456 97,214 147,591 88,021 98,697 79,420 69,467 44,041 136,503 122,946 239,525

End-of-term

balance 25,667 40,652 44,471 72,803 69,290 35,564 35,156 37,243 28,784 27,034 56,126 93,863

Notes: 1. On a notional value basis.

2. End of term balance is as of fiscal year-end. Source: Japan Securities Dealers Association

(41)

Statistical Data

(Billion yen)

End of FY 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Individuals 61,033 48,679 75,599 84,740 117,977 108,419 76,653 54,345 68,469 63,040 62,838 76,447 83,429 99,790 90,770 Governments 533 538 789 722 977 1,866 1,567 1,137 1,152 940 793 791 845 974 765

Financial

institutions 61,797 47,553 67,554 67,402 94,097 87,678 59,843 42,541 52,628 48,575 49,007 57,843 65,309 90,484 83,587 Pension

trusts 18,696 13,630 16,581 15,430 20,927 20,185 14,149 9,364 11,697 9,963 9,169 9,580 9,236 10,635 7,693 Investment

trusts 10,302 9,384 13,602 15,219 25,537 26,865 19,739 13,378 15,956 13,606 13,881 17,034 21,292 27,530 28,882 Insurance

companies 31,687 21,988 29,566 29,441 42,688 43,452 30,875 19,652 23,728 20,017 18,707 21,468 23,042 29,010 24,345 Business

corporations 67,578 50,789 80,489 88,077 126,167 121,043 87,649 60,030 72,542 66,031 66,641 81,938 94,752 122,598 117,394 Foreigners 56,733 41,824 80,604 92,765 155,978 161,400 112,222 62,373 88,295 83,037 81,030 105,849 137,377 182,337 154,457 Securities

irms 2,170 2,088 4,494 4,596 8,198 10,385 6,293 2,711 5,341 5,569 6,240 7,463 10,149 12,707 10,703 Total 310,533 236,476 369,281 398,396 592,550 581,297 408,992 265,535 339,812 310,783 308,310 378,415 445,434 576,067 518,598

(%)

End of FY 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Individuals 19.7 20.6 20.5 21.3 19.9 18.7 18.7 20.5 20.1 20.3 20.4 20.2 18.7 17.3 17.5 Governments 0.2 0.2 0.2 0.2 0.2 0.3 0.4 0.4 0.3 0.3 0.3 0.2 0.2 0.2 0.1

Financial

institutions 19.9 20.1 18.3 16.9 15.9 15.1 14.6 16.0 15.5 15.6 15.9 15.3 14.7 15.7 16.1 Pension

trusts 6.0 5.8 4.5 3.9 3.5 3.5 3.5 3.5 3.4 3.2 3.0 2.5 2.1 1.8 1.5 Investment

trusts 3.3 4.0 3.7 3.8 4.3 4.6 4.8 5.0 4.7 4.4 4.5 4.5 4.8 4.8 5.6 Insurance

companies 10.2 9.3 8.0 7.4 7.2 7.5 7.5 7.4 7.0 6.4 6.1 5.7 5.2 5.0 4.7 Business

corporations 21.8 21.5 21.8 22.1 21.3 20.8 21.4 22.6 21.3 21.2 21.6 21.7 21.3 21.3 22.6 Foreigners 18.3 17.7 21.8 23.3 26.3 27.8 27.4 23.5 26.0 26.7 26.3 28.0 30.8 31.7 29.8 Securities

irms 0.7 0.9 1.2 1.2 1.4 1.8 1.5 1.0 1.6 1.8 2.0 2.0 2.3 2.2 2.1 Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

Stockholdings by Type of Investors

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Statistical Data

7 Household Financial Assets

Household Financial Assets

(Billion yen)

End of FY 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Cash and

deposits 774,817 775,286 781,823 793,014 804,761 814,920 833,115 847,223 864,288 882,293 893,596 Bonds 40,371 43,226 44,521 43,166 41,850 38,172 34,966 32,141 29,286 27,208 27,047 Stocks and

other equities 199,780 200,430 115,159 84,788 101,118 105,212 108,236 132,314 150,296 169,701 152,906 Investment trusts 54,724 70,009 66,505 48,417 59,891 62,366 59,309 71,229 78,472 95,458 91,961

Insurance and

pension reserves 481,599 482,697 473,447 465,477 463,669 463,837 468,948 485,404 489,751 508,269 509,368 Others 28,315 28,342 26,933 26,371 28,316 27,064 27,410 28,334 26,340 32,809 30,625 Total 1,579,607 1,599,992 1,508,390 1,461,235 1,499,606 1,511,572 1,531,987 1,596,646 1,638,435 1,715,740 1,705,505

Note: Bonds include trust beneficiary rights. Source: Bank of Japan

(%)

End of FY 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Cash and

deposits 49.1 48.5 51.8 54.3 53.7 53.9 54.4 53.1 52.8 51.4 52.4 Bonds 2.6 2.7 3.0 3.0 2.8 2.5 2.3 2.0 1.8 1.6 1.6 Stocks and

other equities 12.6 12.5 7.6 5.8 6.7 7.0 7.1 8.3 9.2 9.9 9.0 Investment trusts 3.5 4.4 4.4 3.3 4.0 4.1 3.9 4.5 4.8 5.6 5.4

Insurance and

pension reserves 30.5 30.2 31.4 31.9 30.9 30.7 30.6 30.4 29.9 29.6 29.9 Others 1.8 1.8 1.8 1.8 1.9 1.8 1.8 1.8 1.6 1.9 1.8 Total 100.0 100 100 100 100 100 100 100 100 100 100.0

Note: Bonds include trust beneficiary rights. Source: Bank of Japan

Composition of Household Financial Assets

Year/Month 2014.1 2014.3 2014.6 2014.12 2015.3 2015.6 2015.9 2015.12 2016.3

Number of accounts

(Unit: Ten thousand accounts) 492 650 727 825 879 921 957 987 1,012

Purchase amount

(Billion yen) － 10,034 15,631 29,769 44,109 51,884 58,597 64,444 77,554

Listed stocks － 3,645 4,949 9,705 13,983 16,282 18,867 21,654 27,464 Investment trusts － 6,212 10,395 19,439 29,154 34,477 38,381 41,297 48,126 ETF － 91 140 343 562 655 835 952 1,314 REIT － 86 145 281 409 468 512 540 649

Notes: 1. At the time of introduction for January 2014; end of month for others. 2．Figures for September 2014 have not been disclosed.