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Japan Asset Management Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Published: | Mordor Intelligence Pvt Ltd | 78 Pages | Delivery time: 2-3 business days


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Japan Asset Management Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
Published: January 17, 2022
Mordor Intelligence Pvt Ltd
Content info: 78 Pages
Delivery time: 2-3 business days
  • Description
  • Table of Contents

The Japanese asset management market registered a CAGR of 4.09% during the period, 2012 - 2017.

Key Highlights

  • Japan's mutual fund industry's assets rose by 5.24% through the first three months of 2019, as investor sentiment improved and global stock markets rebounded amid optimism that negotiations to end the US-China trade war, which roiled markets in 2018. The mutual fund industry had JPY 204.92 trillion (USD 1.83 trillion) of assets under management at the end of March 2019, increased from JPY 194.72 trillion in December 2018. Mutual fund industry's asset gain in the first quarter of 2019 was largely driven by public funds, almost 90% of which are invested in stocks. Assets of these funds, which are available to both retail and institutional investors, expanded from JPY 105.16 trillion in December 2017 to JPY 113.08 trillion in the first quarter of 2018, a gain of 7.53%. Additionally, JPY 101.52 trillion was invested in equity funds, while JPY 11.56 trillion was invested in bond funds.
  • Japan's Government Pension Investment Fund (GPIF's) that is Japan's public pension fund, which collectively manages two-thirds of Japan's total pension pool of JPY 305 trillion. While stocks helped the GPIF generate returns for the previous two fiscal years. The GPIF may have no choice, but to invest in equities, as fixed-income yields are too low. It makes a sense for the GPIF to hold some risk assets in this environment because yields are low, globally, and bond investments do not give good returns. However, Japanese pensionsers would have concerns about investments being made in risky assets, as safety is paramount for the pensioners.

Key Market Trends

Japanese Pension Funds: Slow but Better Returns

Japan's Government Pension Investment Fund (GPIF) manages two-thirds of Japan's total pension pool of JPY 305 trillion in stewardship & ESG activities. Approximately 90% of GPIF's equity is passively managed, and GPIF invests in a wide weight range of listed companies. GPIF has officially included alternative assets in its portfolio, setting a target of 5% of assets under management for real assets, infrastructure, and private equity. As of March 2018, GPIF invested JPY 196.8 billion in infrastructure, mostly in the United Kingdom (57%), Sweden (15%), and Spain (10%). The internal rate of return from its overall infrastructure investment, since February 2014, was 5.25%, in terms of the US dollar, with a dividend income of JPY 3.3 billion in 2017, demonstrating stable income.

Rising Assets under Management Increases Revenue of Management Fee

The asset management industry's aggregate management fee revenues have been increasing since 2012, due to inclusion of pension investment funds in other asset classes. In FY2016, the management fee revenue was JPY 730 billion, decreased by about 5% from FY2015 and in parity with revenues' of FY2014 level. The decline in revenues was largely attributable to a decrease in annual average investment trust of assets under management. Meanwhile, private investment trust of assets under management grew by more than 20% in FY2016, and the share of assets under management in public investment trusts decreased by about 7%. Revenue growths in other segments were insufficient to fully offset the decrease in public investment trust revenues.

Competitive Landscape

The Japanese asset management market has a sluggish growth, with very low returns. The market presents opportunities for growth during the forecast period, which is expected to further drive the market competition. With multiple domestic players holding significant shares, the market studied is competitive.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support
Product Code: 66507



  • 1.1 Study Deliverables
  • 1.2 Study Assumptions
  • 1.3 Scope of the Study




  • 4.1 Market Overview
  • 4.2 Market Dynamics
    • 4.2.1 Drivers
    • 4.2.2 Restraints
    • 4.2.3 Opportunities
  • 4.3 Technological Innovations
  • 4.4 Industry Policies and Government Regulations
  • 4.5 Trends Disrupting the Market
  • 4.6 Insights on Return Generated by Different Asset Classes
  • 4.7 Asset Management Process Flow
  • 4.8 Insights on Fee Structure and Operating Cost


  • 5.1 Asset Class (2012-2018)
    • 5.1.1 Equity
    • 5.1.2 Fixed Income
    • 5.1.3 Alternative Investment
    • 5.1.4 Multi Asset
    • 5.1.5 Others
  • 5.2 Source of Funds (2012-2018)
    • 5.2.1 Pension Funds
    • 5.2.2 Retail Investors
    • 5.2.3 Institutional Investors
    • 5.2.4 Insurance Companies
    • 5.2.5 Others
  • 5.3 Type of Asset Management Firms (2012-2018)
    • 5.3.1 Large Financial Institutions/Bulge Brackets Banks
    • 5.3.2 Mutual Funds and ETFs
    • 5.3.3 Private Equity and Venture Capital
    • 5.3.4 Fixed Income Funds
    • 5.3.5 Hedge Funds
    • 5.3.6 Managed Pension Funds
    • 5.3.7 Others
  • 5.4 Revenue by Type of Asset Management Firms (2015-2024)


  • 6.1 Nomura Asset Management
  • 6.2 Nikko Asset Management
  • 6.3 Daiwa Asset Management
  • 6.4 Okasan Asset Management
  • 6.5 T & D Asset Management
  • 6.6 Meiji Yasuda Asset Management
  • 6.7 Schroder Investment Management
  • 6.8 Aberdeen Standard Investment Limited
  • 6.9 Norinchukin Zenkyoren Asset Management
  • 6.10 Nissay Asset Management Corporation*