Japan households' offshore investments top trade deficit, weakening yen

NISA tax-free scheme drives record purchases of overseas assets

The yen has weakened past 160 per dollar due in large part to currency pressures posed by the new NISA program. (Photo by Yuji Murakami)

GENKI IKUTA and HANA SLEVIN OHAMA, Nikkei staff writers

July 9, 2024 03:58 JST

TOKYO -- Overseas asset purchases by Japanese individuals through a newly revamped tax-free investment scheme have emerged as a major factor driving down the yen, with their scale likely surpassing the country's trade deficit during the first half of this year.