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💴 | Points to note when a financial institution recommends risky products


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Precautions when a financial institution recommends risky products

 
If you write the contents roughly
・ I received a phone call to explain the interest rate on time deposits, and when I went to a financial institution, I was advised to use an investment trust.
 

Risky products recommended by financial institutions Risky products are products with price fluctuations.Handled by financial institutions ... → Continue reading

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Investment trust

Investment trust(Toshintaku) uses funds contributed by a large number of investors through sales companies.Asset management companyAsset management experts (fund managers, portfolio managers) belonging tostock,Bond,Financial derivativesFinancial assets, orReal estateEtcinvestmentInstruct investment to do so and return investment results to investorsFinancial instruments[1].. Profit/loss from investment belongs to the investor. Investment trusts are liquid securities.[Annotation 1].

Product characteristics of investment trusts

Mutual fundsstock,Bond,REITSuch asSecuritiesInvest in. in JapanSkipLike it was done in an era whenNo principal guarantee.. Banks, etc.Ordinary deposit,Time depositBetter return on investment is expected, but this is comparableriskFor takingRisk premiumCan be interpreted as receiving. EspeciallyPayoffBanned, lowinterest rate(Zero interest rate policyIn the current situation where interest income from deposits by () is hardly expected, it is attracting attention as a means for asset management.

The degree of risk taken and the degree of return obtained vary depending on the investment target of the investment trust. Stocks, for example, are said to be more risky and more rewarding than bonds. In addition, it is said that those targeting foreign countries are more subject to risks and returns than those targeting domestic investment are also affected by the exchange rate.[Annotation 2].

Additional investment trusts that can be purchased and canceled at any time respond to changes in the valuation of the assets held byBase price[Annotation 3]Is calculated. Operating profits can be received at the time of cancellation/sale if there is a gain on the increase in the base price, in addition to the distribution paid out at regular intervals.

If the management of trust assets raises a large amount of profits and raises the standard price, the unit price for purchasing in units of units increases and it becomes difficult to purchase.Therefore, the beneficiary right may be subdivided in order to lower the standard price.[Annotation 4].. 1999-2000IT bubbleBecame popular around that time. Therefore, a transfer system was needed. The beneficiary rights of all mutual fund are from January 2007, 1Securities custody transfer system[Annotation 5]Was migrated to (Paperless securities).No beneficiary certificates have been issued due to the complete computerization.

In the past, an account at a securities company or bank could only purchase funds affiliated with that company, but due to recent liberalization and competition, it has become possible to purchase funds from other companies as well.[2].. For exampleDeposit deposit boxHowever, it was neutral from a relatively early stage.

When the beneficiary purchases the fund, the selling financial institution gets a purchase fee (front load)[Annotation 6]..While the purchaser holds the fund, the financial institution that sold the investment trust can indirectly receive a portion of the trust fee from the trustee.

A certain rate (usually about 0.2 to 3% per year) of trust fees is deducted daily from the fund's net assets.Besides securities companiesbankIt is said that the reason why all companies are focusing on selling investment trusts is that the purchase fee and the indirect acquisition of trust fees are very high.[3].JapanMost of the investment trusts in Japan are around 3% of the purchase price,The United States of AmericaMutual funds do not collect any sales commissionsNo road fundIs common. This source is also usually the net assets of the fund.

Advantages/Disadvantages

In general, investment trusts are said to have the following five advantages for individual investors over individual stocks.

For ordinary investors who cannot set up mutual funds to avoid losses, it is said that there are five drawbacks below the right.

Recruitment method

In the old days, contract type and closed type were mainly,Euro clearAnd itsCustodianAfter that, company type and open were the mainstream.

Form of business entity
To hold funds and investee productsSpecial purpose entityDepending on the form of (SPV), it is classified into contract type and company type. The former istrustAnd the latter isLtd.SimilarCorporationIs used.
Contract type investment trust
JapaneseLaw on investment trusts and investment corporationsbased onInvestment trust,英国Etc.Unit trustetc.
Corporate investment trust
JapaneseInvestment corporationAnd BritishInvestment Trust,AmericanMutual fund,REITetc.
Classification by application/redemption opportunity
Open fund
Basically, you are free to buy anytime, except when the measure to stop buying is taken. You can also cancel or sell at any time.Additional typeAlso called an investment trust. Basically, it is necessary to pay the purchase fee separately from the purchase price.
Closed fund
The purchase period is fixed, and if that period expires, no additional purchases can be made. Depending on the fund, cancellation/sale may be restricted for a certain period of time.Unit typeAlso say. Most purchase fees are included in the purchase price.
Open end type
Investors are free to seek redemption at any time. Investors can redeem not only for sale but also for redemption. The amount to be refunded by redemption is generally the amount of net assets per unit (referred to as base price) multiplied by the number of redemption units.米 国Mutual funds, unit trusts in the UK, etc.
Closed end type
Investors cannot freely seek redemption. Investors basically sell to sell their products. The sale price and net assets do not necessarily match. This type is used when listed. UK investment trusts, etc.

Investment trust law classification

  • Investment trust: Contract type investment trust under Japanese law
    • Trustor-instruction type investment trust: Assets managed by the trustee's instructions. It is composed of three parties: "consignor", "consignee", and "beneficiary". The investment trust company that is the trustee is the trustee for the management of the trust propertyTrust bankInstruct operations of stock trading, etc.
      • Securities investment trusts: MainlyParagraph XNUMX SecuritiesWhat is invested in. An entrustor-instruction-type investment trust whose purpose is to manage more than half of the total investment trust property as investment in securities.
    • Non-consignor-type investment trust: Assets managed by a trustee (or a third party who consigns them) without depending on the contractor's instructions. It is composed of two parties, "consignor and beneficiary" and "consignee." The trust bank, which is the trustee, operates the fund based on one pre-determined trust agreement, and individual investors, who are the trustees, cannot manage the investment.
  • Foreign investment trust: Contract type investment trust under foreign law
  • Investment corporation: Japanese corporate investment trust
  • Foreign investment corporation: Corporate investment trust under foreign law

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Operation index
Investment target
  • Hedge fund type (market neutral, etc.)Hedge fundInvestment trust that is managed using the method of
  • Bull type (An investment trust that is managed so that the price movement of the base price moves about twice as much as the price movement of the index.LeverageWith type. )
  • Bear type (an investment trust that is managed so that the price movement of the base price moves in the opposite direction of the price movement of the index. Also known as the inverse type)
  • CommoditiesType (an investment trust that is operated so as to move in tandem with world commodity prices)
  • REIT(Real estate investment trust)
  • Local fund

Investment trust costs

Investment trusts have a mechanism to outsource their operations, so a prescribed fee (cost) is incurred at the time of purchase, during the operation period, and at the time of cancellation/purchase request. Until the spread of no-load, the tariff system has been debated for decades over fairness with customers[9].. The main fees are as follows.

Sales commission
The one collected by a sales company when an investor purchases an investment trust. Even for the same investment trust, the fee amount may differ depending on the purchase amount and the financial institutions that handle it. The front-loading system was once rampant due to exploitation. Also, some sales companies do not collect this, and such investment trustsNo road fundIt is called. In most cases, automatic reinvestment of distributions that are not “sold” can be purchased without fees. In addition, even for investment trusts that require sales fees, some sales companies offer discounts or free fees by cashing back fees at a later date (backload or exit road).
Trust fee
Collected by the investment management company and the sales company during the investment trust management period. The annual collection rate (about 0.1% to 2%) is set in advance, and is collected in the form of daily deduction from the total net assets of the trust property. Unlike sales fees, there are no differences due to the amount of ownership or the sales company. Basically, those who invest in stocks rather than bonds, those who invest overseas (especially in emerging countries) more than Japan, and those who actively change their investment destinations rather than passive types and index types that hold investment targets for a long time However, trust fees tend to be high. Since the standard price is displayed after deducting the trust fee, the beneficiaries rarely notice.
Trust property reservation amount
Expenses collected when selling or canceling investment trusts. There are many things in which the amount of retained trust assets does not apply. The amount of the trust property reservation is returned to the beneficiary who holds the remaining investment trust in the trust property, and is not a commission paid to the sales company or the management company. This is explained as a nuisance fee for other beneficiaries, because the expenses for selling the underlying assets such as stocks and receivables that are part of the trust property due to the cancellation will be paid from the trust property.[10].
Cancellation fee
Most mutual funds do not collect fees for cancellation. Fees may be charged for a small portion of investment trusts (such as bond investment trusts).

Distribution

The distribution amount of an investment trust is a portion of the trust property that is returned to the beneficiary when the investment trust is closed. Since it is the return of trust property, it has a different nature from interest on fixed deposits and dividends on stocks, and when a distribution comes out, the base price decreases by that amount. The distribution of the portion where the base price exceeds the individual principal isOrdinary distributionIf it is treated as taxable and the base price is less than the individual principal,Special distributionIt will be treated as tax exempt as (refund of principal, part of partial refund of principal). Even if automatic reinvestment is selected, ordinary distributions are taxed and the amount after taxation is reinvested.

Generally, many Japanese individual investors are particular about distribution (principal guarantee), and the side that sells the investment trust emphasizes the amount of distribution, schedule and frequency, but especially “special distribution (principal repayment)” '' is nothing but the ``octopus dividend'' paid back from the investment assets that you contributed, and the investment assets are also the balance after the sales commission and trust fee when purchasing the investment trust were deducted, and already reduced from the contribution amount. I tend not to pay attention to that. Even if such distribution is reinvested, ordinary distribution will be taxed at the time of distribution.TMJIt is like re-depositing the cash withdrawn as it is, and the collection of overtime withdrawal fees is equivalent to taxing ordinary distributions, and the compound interest effect is reduced by that amount, so there is practically no loss. Will be done. Generally, if the purpose is not to secure stable living expenses through regular distribution, but to increase the amount of assets over the long term, rather pay attention to the rise in the standard price without distribution. It is said that the increase in distribution and standard price should be comprehensively evaluated according to the purpose.[11][12].

Investment Trust

Mutual fundsThe United KingdomIt is the origin of international financial instruments. 1868, overseas colonial investment trust (Foreign & Colonial Investment Trust) Was established. The company issued fixed income securities and invested the funds in overseas and colonial securities. The company is not a charter company,trustIt is a corporate body with terms and conditions,Unit trustIt was a form close to. Then Robert Fleming (Robert Fleming & Co.now JP Morgan Chase) And other investment trusts were established.Suez CanalIn 1876 after the acquisition, UK investment trusts defaulted on interest payments. 1879, Investment trustCompanies Act 1862). Since then, until the 1930s, British investment trusts were banned from unit trusts and all investment trusts (Investment trust)Became. Investment Trust is a corporate type, and not only common stockCorporate bond・We also issued preferred stock. Investment Trust bought foreign securities exclusively, so in 1890bearingI was hit by the depression.Depression 1907Was also the same. Investment trusts are becoming less competitiveWorld War IA huge amount ofBritish bondAn insurance company played a leading role in the underwriting market. In 1918, insurance-backed UK debt was £1 million (6200% of total assets). Many investment trusts were newly established due to post-war reconstruction demand in the 25.5s.merchant bank) Has entered. 1925Viscount Goschen(Sir William Henry Goschen, chairman of the Sun Life Assurance Society) Founded Anglo Celtic is an example.[13]

Development on both sides of the line

Needed inflation hedgingWeimar RepublicIn 1923, Dr. Hermann (Hermann Zickert)ButBerlinCreated a trust funded union (Deutsche Kapitalverein)[Annotation 15].. In France, four ancestors of investment trusts were created between 1925 and 1929. These fiveWorld DepressionSo all is gone. From that point forward, investment trusts became established in the United States as international capital. HoweverEuro currencyCreated a large international market in the 1960s. As a background, it is meaningful to know post-war Germany and France together with the United States.

It was in 1949 when the international community turned to the opposite course all at once. Germany'sCommerz BankEstablished a management company that manages investment trusts through a joint investment with the Bavarian Joint Bank (Allgemeine Deutsche Investment Gesellschaft mbH). In France, a state-owned asset management company was born (Société Nationale d'Investissement, cf. Maghrib). The source was French company shares owned by Germany and others.[14]

By the law of June 1952, 6, the tax disadvantage against the former French state management company disappeared, and private investment trust companies also grew from the same year (Société d'investissement à capital fixe, SICAF). 1956Deutsche BankEstablished a management company as a joint venture with 13 other syndicates (Deutsche Gesellshaft für Wertpapiersparen mbH). The following year, in 1957, the German government institutionalized an open-ended contract investment trust (investment company law). France reorganized SICAF into SICAV by the law of December 1957, 12 and at the same time established FCP (Fond commun de placement). Under the law, rules were established on September 1963, 9, and the following year, in 20, SICAV1964 companies made their business a star (Offshore financial centerComposition). In 1968 Germany, some insurance companies and pension fundsInstitutional investorA private placement investment trust was established to issue shares (special fund). The de facto FOF was the first in Germany. In 1979, the French FCP finally opened. France introduced the MMF without price maintenance regulation in the 1980s. By the law of December 1988, 12, SICAF and FCP were united and an EC passport was granted (Organisme de placement collectif en valeurs mobilières, OPCM). Shortly after reunification, in 1990 Germany amended the Investment Company Act. And in 1994 MMF was lifted. In 1998, we introduced FOF and index funds to expand the investment target of derivatives.[14]

The 1988 Special Fund Manager isDresdner BankThe largest was DBI, which was funded by Deutsche Bank, and DEGEF, which was funded by Deutsche Bank. Commerzbank itself was third with $160 billion. Special fund investment regulations are loose. Bank deposits up to 73% of total assets. Up to 5% of shares/bonds of the same issue. There are no restrictions on foreign securities except for pensions. 5 SICAV operators in share rankingCredit AgricoleIs the top (13.9%),Society GeneralIs second (9.6%),Ques Des PagnesIs third (9.5%),BNP and ParibasWere fourth (8.7%) and eighth (5.1%), respectively. Even for short-term operations, the top ten is still occupied by the large banks already listed. France, like Germany, has a universal bank system.[15]

Unilateral market expansion

Depression 1907SinceThe United States of AmericaMutual fundsInternational financial marketIs an important player.Allegheny scandal,Central Investment Trust Pyramid World DepressionWhen it was exposed to white sun at, and Bernard Cornfeld (Bernard Cornfeld) First madeFund of fundsWhen the (FOF) collapsed, mutual funds were severely criticized. HoweverInvestment advisory businessWith the rise ofLife insuranceReplaced byInstitutional investorBecame a representative of. As FOF increases, investment trusts in JapanSecurities recessionWas the cause.

Federal Reserve inflationGlobal investment trust balances have been increasing monotonically until 1970, except in the 2014s when policies were adopted[16].Plaza agreementSince then, Japan's investment trust balance has also increased to around 10% of gross national product.[17].. From the 1990sDuffel BagFromMutual fundSucked the huge amount of money from general investors,Multi national companyHave been invested in.

Has been said to be solidBond investment trustAround 2000EnronThe principal was broken due to the bankruptcy case[18].FranceThe investment trust market is also attracting attention. As of 2007Credit AgricoleMaintain the top position of assets under management, mainly in the FOF in Japan.Money market fundAre often traded, and individuals often hold insurance through inheritance tax and other preferential treatment.[19].

However, the ratio of investment trusts to personal financial assets isスウェーデンIs higher (26.1%).World financial crisisThen, in the asset compositionSub prime loanPension funds, insurance companies, and investment trust companies that incorporated the subordinated securities of the company passed the damage on to its subscribers and customers. The world's mutual fund balance continued to increase monotonically during the course of the incident. In Japan since 2013Shinkin Central BankHave suddenly increased their investment trust holdings[20].

Since September 2017,Japan Post BankIs rapidly increasing the number of locations handling investment trusts[21].. by the wayAbenomics TheBitcoinTolerant to. But from BitcoinListed investment trustWas applied forSecurities and Exchange CommissionRefused it in March 2017[22].

History of investment trusts in Japan

Pacific War and disbandment of chaebol

1937 year 7 month,Fujimoto Building BrokerFormed the Fujimoto Securities Association. Fujimoto Securities bought a caretaker because it was difficult for its members to operate, but it was discontinued due to opposition from the industry and government authorities as a trust-like act. On June 1940, 6, the Ministry of Finance issued a generous order. "In the future, it is all right to be involved in investment trusts in the form of unit trusts within the scope of cooperation with trust companies, recruitment of trustors, and securities investment affairs of trust companies,"Nomura SecuritiesAsked for approval by the Ministry of Finance on November 1941, 11. Nomura Investment TrustPacific WarGained an unrealized gain from the rise in stock prices due to the outcome of the battle. September 1942, Fujimoto,Yamaichi, Koike,Kawashimaya,JointOf the Japanese investment trusts (founded in 5)Tokyo Trust Bank)Specified money trustAs a trustee of, the investment trust business was started all at once. It was successfully recruited every month until 1943. From the setting in April 1944, the income was tax-free up to the principal of 4 yen per unit, which was the subject of savings saved by the National Savings Union, so the recruitment amount increased dramatically. Since these closed funds also invested in securities of foreign companies such as the munitions industry, they were hit hard with the defeat.Reverse courseOnce the stock market recovered,Korean WarAll the money was redeemed before the outbreak.[23]

Nomura's investment trusts accounted for 47% of the total investment trusts set up during the war, almost double that of Yamaichi, who came in second place. Of the securities included, government bonds have a par value of 2 yen and a market price of about 100 yen. Stocks have unknown market prices, and there are foreign companies and restricted companies that cannot be disposed without permission.Closed organization・Bonds issued by corporate restructuring companies,Loss compensationThe redemption was postponed due to a contract with[24].

1951 year 6 month,Securities Investment Trust ActWas enforced. This systemZaibatsu DemolitionStarted as a substitute for stocks by[14].Okumura Tsunao GHQIn the debate of the billHayato IkedaThe finance minister had urged the need[25].. Nomura immediately after enforcement,Nikko, Yamaichi,Yamato4 companies registered[26].. Osakaya Securities (currentlyIwai Cosmo Securities) And Oi Securities (currentlyShinko Securities) Registered in July and September[26].. Although they were looking for a unit type, they adopted a new bearer type, institutionalized purchase and partial cancellation, released the asset composition from the contract, and abolished the pre-war loss compensation special agreement.[26].Ikeda-Robertson talksAt that time, the deflation policy was taken and the stock price dropped sharply, and the operating results were sluggish until 1955.[26].. The additional type that has already been set has an indefinite trust period from January 1956.[26].

Securities recession and international investment trusts

In 1958, 7 securities companies were licensed for investment trust business, and the number of consignment companies operated by securities companies became 14[27].. The following year, in 1959, four major securities companies established a new consignment company and responded to the conflict of interest problem of concurrent management.[27].. In the 30s, stock investment trusts became popular against the backdrop of a booming economy, and a cycle was seen in which increasing funds demanded stocks and raised stock prices. In January 1961, with Nikko SecuritiesKeiichiro NiwayamaBond bond investment trust was released to the public with the idea of[27].. When the bond issuance conditions were lowered in April, the fund lowered the ratio of newly issued bonds from 4% to 80% in order to secure a yield.[27].. In July, the official discount rate was raised and the number of cancellations of bond investment trusts increased[27].. The incorporated bond was taken over by the securities company[27].. In 1963 he was the then Minister of FinanceKakuei TanakaAlso supported public and corporate bond investment trusts. The remaining principal amount of stock investment trusts in the same year was 1955 trillion yen, 20 times higher than in 1.17[27].. The people of the times leave a parable that the medaka in the pond became a whale. Branch of a securities company is listed to complain to be "Farewell bank, Hello by securities" in placard[28].. Eventually, a bond that lost liquidity triggeredSecurities recessionHappened[27].

In August 1967, the investment trust law was amended to recognize the “deemed investment trust” that is the basis of family funds. A family fund is a mechanism in which a child investment trust is sold to consumers and the parent investment trust is bought with the money. If the FOF was a top-down investment trust pyramid, the family fund was, on the contrary, a bottom-up one. In 8, when Euroclear was established, both the unit type and additional type investment trusts recovered their principal amounts.[29]

1969February, with Nomura SecuritiesNM Rothschild & SonsMerrill LynchJointly funded the so-called Pacific Seaboard Fund. The net worth was $3200 million, with Japanese stocks and other Pacific Coast stocks accounting for $1800 million. March, called Tokyo ValorLuxembourgWas established as a Japanese equity investment trust (net assets of 2100 million dollars, all Japanese equity investment). In April, the interest rate tax was reduced from 4% to 18.75%. From this and the weakness of the New York stock market and poor outlook, from MayMutual fundHave been bought into the Japanese stock market. Keystone Custodian (Keystone Custodian Funds, Inc.) And Dreyfus Fund (Dreyfus Fund), andFidelity InvestmentsHas been attracting attention by incorporating Japanese stocks. In September, the Dreyfus fund (net assets of $9 billion) invested $24 million into Japanese stocks all at once. The next day, January 1,Federal ReserveStrengthened guidelines for Japanese equity investment.[30]

Pacific Fund investment advisors are at least Japan-French Investment Trusts (established in March 1964) and Nomura Securities (approved by the Ministry of Finance on January 3, 1969).

At that time, European investment trusts were the center of foreign investment. They made intensive investments in Japan's relatively limited good-quality and growth stocks and took full initiative in market price formation since the establishment of Euroclear. thusPrice earnings ratioThe concept has taken root in the Japanese market.[31]

Institutionalization through capital liberalization

Since September 1970,Sato administrationNet buying continued due to international investment trusts, which saw the Japanese stock price firm below. On April 4, a large-scale sale by overseas investors occurred due to the management crisis of IOS led by Bernard Kornfeld (so-called IOS shock). Global stock price plunge, Nikkei stock price fell 30%[32].. Japan banned foreign governments from acquiring short-term government securities and non-residents from unlisted public and corporate bond investment trusts (1971), making it even more difficult for foreigners to make a net increase in investment in Japan (1972 )[31].. But investment trusts are far from being canceledCapital liberalizationApproached. Measures on the Japanese side were abolished throughout 1973-4[31].

On May 1971, 5, Nomura Investment Trust Management set Japan's first international investment trust (international joint investment trust) for 4 billion yen.[33].. The investment advisors are Dreyfus and Morgan Grenfell (nowDeutsche Bank)Met[33].Oil shockIn November 1972, domestic sales of foreign investment trusts were liberalized[29].. The family fund gradually reduced the set amount from the following year 1973[29].. September 1973, 1Daiwa SecuritiesLaunched the Dreyfus Fund in Japan[33].. In January 1976, the family fund took improvement measures such as changing the indefinite trust period to a fixed term[29].. In 1977, it accounted for 57% of stock investment trusts[29].. The main axis of development of new products has shifted from unit type to additional type[29].

Released in 1980Medium-term government bond fundHowever, you can put it in and out after leaving it for a month[Annotation 16], It has become a popular product because of its product characteristics such as real interest rate exceeding bank deposits and compound interest for one month. Securities companiesDeposit similar productsThe investment trust was made popular by the development of. Incorporated securities tended to be the same as in the 1970s, and were the stocks and bonds of leading corporations whose direct transactions suppressed supply. Foreign capital took advantage of this kind of public-private fusion. 1985,Sumitomo BankGotthard Bank (acquired byGotthard-Bank)But,ItomanIssueForeign bondsBy doing the lead underwriter ofSilver certificate separationWas watered down[34].. In April of the same yearNippon Telegraph and TelephoneJapanese tobacco industryWas privatized and shares were immediately institutionalized. May 5,Long-term credit bank-Daiichi Securities-Berings BankOf the three companies targeted at Japanese institutional investorsInvestment advisory businessHave agreed to form a full tie-up[33].. December 1986, TokyoOffshore marketWas released as. AndRecruit caseJustified the institutionalization of Japan.

Jusen, REIT, and pension

It has become difficult for the soliciting and managing body and the incorporated securities to conduct research focusing only on Japan.

Bubble economyHas shown a significant increase in stock investment trusts,1989Has risen to 58 trillion yen (including public and corporate bond investment trusts). Since it was difficult to avoid foreign exchange losses in stock investment trusts, the standard price was sluggish and many investors suffered losses. Around 1991, when the bubble burst, public and corporate bond investment trusts began to increase. Some analysts and scholarsSubprime loanAs mentioned above, the difficulty of selecting an investment trust led to the need for an evaluation company. So in 1996,Kumi FujisawaJapan's first investment trust valuation company Ifis (in 1999Standard & Poor's(Sold to the company) was established. Let's ask for a moment, what are the securities that are included in public and corporate bond investment trusts, which have been increasing for a while, and why some Japanese were interested in subprime loans. It failed in June 1996 to give important suggestions to this.Housing finance companyIs. Financing as a non-bank is owned by oneselfReal estate-backed securitiesForeign investment advisors have been in the market for XNUMX yearsTrust bankTrustOpen endThis was done by selling the trust beneficiary rights to institutional investors.

In 1997, the sale of investment trusts was lifted in the form of affiliated securities companies and investment trust management companies renting a part of a bank's space and acting as a sales window (store lending system) (Financial bang[Annotation 17].. Since December 1998, the sale of investment trusts at bank counters has been lifted. Starting with this,bank,Life insurance-Non-life insuranceCompany,Credit union, Credit union,Agricultural cooperative,post officeEtc. have entered, and sales competition is intensifying[Annotation 18].. Eventually,Zero interest rate policyFor deposits and savings, you can get very little interest income.PayoffWith the lifting of the ban, the full ban in 2005, large depositorsMonthly investment trustCame to pay attention to. 2007,Japan PostWas institutionalized with the privatization.Nomura Research InstituteAccording to Fundmark of 2008-9World financial crisisThen, Japanese investment trusts lowered the amount of foreign real estate investment trusts to be incorporated from 2 trillion yen to 1 trillion yen, but after that, they increased to 2011 trillion yen in 5 and 2015 trillion yen in 8.

2012LIBORIn the case of fraudulent operations, there were listed investment trusts whose investment trust fees were linked to LIBOR. Without taking this as a lesson,BOJAims to popularize the International Securities Central Depository and listed investment trusts. Many in 2012Employees' pension fundWas forced to disband, so insteadDefined contribution pensionIs a sales destination for investment trusts.

Mutual funds and retirees

At present, people over the age of 60 who mainly manage deposits and savings have large financial assets.[35].. In order to take in such funds, we have developed products that have a monthly distribution and that are distributed in the months other than the month in which the pension is received, while paying attention to the actual conditions of living, that is, the main income of the pension, and paying attention to safety by diversifying investment. Products are ranked high in the net assets balance of mutual funds[Annotation 19].

However, independent FP (Financial plannerA lot of)WorkerAt retirementSeverance payBefore starting investment such as the purchase of mutual funds for the first time on the basis of the doing[36][37].. In this respect, the following reasons are given.

  • I'm feeling uplifted with a lot of money I've never had before, like retirement allowances, so it's possible that it's hard to make a calm decision
  • Although investment trusts are highly secure, investment always involves risks, and a certain amount of experience is required to understand the mechanism, market trends, investment technology, etc.
  • Banks with accounts that have been transferred to salaries and have received retirement allowances are well aware of the financial status of retirees (such as income and financial assets up to that point). Purchasing mutual funds as they are told may be a solicitation that prioritizes the interests of banks over the interests of retirees[38]

footnote

[How to use footnotes]

注 釈

  1. ^ The collective investment scheme isBinomial securitiesAre classified as different.Investment business associationAndfundNoInvestment fundAre often binary securities.
  2. ^ One of the standardized measures of risk and return,EconomicsNobel PrizeReceivedWilliam Forsythe SharpDeveloped bySharpe ratioThere is. This is the expected return minus the yield on risk-free assets,standard deviation), the more positive and larger the value, the more efficient the operation. Also, the denominatorBeta riskIfTrainer measureBecomes For investment trusts, the sharp ratio is often used as the valuation index.
  3. ^ NAV, Net Asset Value, often mistaken for price. The base price is a kind of index calculated by dividing the total net assets (asset-liability) by summing the market capitalization of assets such as stocks and bonds incorporated in the fund by the total number of beneficiary rights of investment trusts. Although linked, as will be described later, if dividends are distributed, the standard price will fall, and if profits are retained internally, it will rise.Does not fit.. The investment trusts set up at 1 yen per unit are announced per 1 units. Regarding the standard price of additional investment trusts,WebsiteAnd posted on the window,Nihon Keizai ShimbunAll issues are published in the morning edition (Tuesday-Saturday except January 1-1/1 and the day after national holidays), and some issues are published in major national newspaper morning editions. You can get the quickest information on the site of the management company, and you can know the base price of the day within that day. For the standard price of unit investment trusts, it is necessary to inquire at the sales outlet you purchased (such as a securities company).
  4. ^ For example, if the basic price is 2 yen and a 1:2 beneficiary right is subdivided, the basic price will be 1 yen and the number of holdings will be doubled.
  5. ^ Computer system manages the generation, disappearance, and transfer of beneficiary rights of the fund
  6. ^ A system in which a fixed percentage (about 1 to 5%) of fees are collected in advance at the time of purchase of investment trusts, and the principal starts to decrease in effect.
  7. ^ It takes the time and effort necessary for swiftly obtaining information related to investment and its analysis and response actions.
  8. ^ As a general rule, the number of shares to be traded is determined for individual stocks. For example, even if the stock price is 310 yen, if 1,000 shares are trading units, you can invest only 31 yen.[4]However, with open type investment trusts, you can buy (sell) a fractional number of units, for example, if the standard price is 1,200 yen, it will be 1 units at 8.333 yen, and if the standard price rises to 1,250 yen, it will also be 1 units at 8 units. For 1,500 yen, you can flexibly purchase as much as 1 units for 6.667 yen, and it is suitable for long-term funded savings and investment that regularly contributes a relatively small fixed amount.[5],Dollar cost averagingIt is also compatible with the risk reduction. In addition, with small funds of individuals,Unit stockIf you buy or sell a few things frequently, the trading fee burden on securities companies will not be ridiculous, but depending on the investment trust, you can collect huge amounts of funds from hundreds of thousands of investors and invest in large units, The cost is relatively low.
  9. ^ In order to purchase shares of a foreign company that is not listed in Japan, in principle, you must have an account with a securities company in the country in which the company is listed. You can leave all the trouble and qualifications (resident/non-resident etc.), money transfer, tax processing etc. for opening the account to professionals. Not only does it reduce the burden of study, funding, expenses, and risks, but it also becomes a diversified investment.
  10. ^ Unlike individual stocks that sell one minute after they are bought, even open mutual funds cannot be traded until the base price for the day, which is calculated daily after the market closes, is determined. In addition, many open-end funds have a minimum holding period (for example, 1 days), and if you sell for a shorter period, you will be fined. This means that if short-term purchases and sales are repeated, cash for payment must be secured at all times, which defeats the original purpose of collecting and investing funds from many investors. This is to prevent the investment funds from being depleted unnecessarily because the costs of the procedure are paid from the investment funds.
  11. ^ It is clear that there is no "free lunch" in the world, financial institutions sell investment trusts because sales fees are charged, and operating companies and fund managers operate and manage investment trusts because trust fees are charged. Therefore, the source of these costs is the investment funds contributed by investors. When purchasing an investment trust, an investor, like all product purchases, must judge the effect and cost/price.
  12. ^ Usually, it is the general public investors, pension unions, and other groups that do not invest primarily in purchasing mutual funds (based on the age and investment style of investors, multiple recommended mutual funds rather than individual stocks are recommended). “Fund of Funds” that invests in a combination ofSet mealType investment trusts" also exist[6]), contrary to the expectation that "it will be highly profitable because it is trusted by a professional fund manager", for example, to analyze various market conditions.indexHowever, there are rarely high-earning mutual funds that outperform indexes, and ratherMany mutual funds can only realize profits that do not reach the index[7].. This is from the pastSecurities and Exchange CommissionArgues that the investment trust industry should be compared to the performance of individual investors.
  13. ^ Risk diversification means investing by diversifying in various directions, and even if one of the investees makes a large profit, if the other investee does not follow it, the big profit will fade as a whole. Is clear, and on the contrary, it is natural that the purpose of risk dispersion is to diminish the large loss.
  14. ^ In general, when a beginner invests in investment, it is recommended to buy a long-term investment, for example, a good stock and hold it for several years to ten years. But professional investors (fund managers) working in mutual funds cannot do this. In order to avoid potential or explicit criticisms of “only accepting trust fees and doing nothing”, the fund managerDay tradinglikeSpeculationIt is said that there is a tendency to execute targeted trading.Expenses related to the buying and selling of investment targets are contributed from the operating funds collected from investors., As a result, lower the standard price of the mutual fund. Some investment trusts are proactively active (mostly short-term trading)Active typeThere is something that advocates "" that expresses passive operation (long-term holding tendency), and it seems that "active type" can expect higher profits at first glance, but the fact is that there are investment destinations in the same field Compared to investment trusts, there are quite a few cases where passive types result in higher profits (active types tend to have higher trust fees).[8].
  15. ^ Dr. Hermann invented an investment fund in a broad sense, which includes an investment partnership. Current,Voluntary union,Limited partnershipThere are several forms such as.
  16. ^ To be precise, trust property reserve is required for cancellation within 30 days
  17. ^ Traditionally, mutual funds areriskIt was forbidden to handle the productbank,Life insuranceThe company is not allowed to sell and is effectivelySecurities companyIt was a proprietary patent.
  18. ^ However, it is not an investment trust, but a product whose product characteristics are similar to an investment trust (Variable insurance-Variable annuity insuranceEtc.)Nippon LifeSome companies are discontinuing investment trust sales.
  19. ^ Of the net assets increase ranking of July 2006,Monthly distribution typeIs 8 and 6 times a year are 2 dividends

Source

  1. ^ Central Committee for Financial Communications and Public Relations-What is an investment trust?, Viewed May 2008, 5.
  2. ^ Nihon Keizai Shimbun Why investment trusts only pay the purchase feeFebruary 2012, 2 Article read January 26, 2014
  3. ^ Easy investment trust life with index investment Talk that banks do not trust Retrieved February 2014, 1
  4. ^ Easy terminology for beginners in stock What is a trading unit?Retrieved February 2014, 1
  5. ^ Nihon Keizai Shimbun XNUMX benefits of accumulating investment trusts February 2012, 4 Article read January 29, 2014
  6. ^ Nihon Keizai Shimbun "Makunouchi Bento" Balanced investment trust entrusts you with investmentRetrieved February 2014, 1
  7. ^ Easy life of mutual fund by index investment It is difficult to continue to win the market average Retrieved February 2014, 1
  8. ^ Nihon Keizai Shimbun Let's check if mutual funds are over-buyingFebruary 2013, 4 Article read January 7, 2014
  9. ^ Diana B. Henriques, Fidelity's World: The Secret Life and Public Power of the Mutual Fund Giant, Scribners, 1995.
  10. ^ Learning from investment trusts, there are costs that you should not be pleased with for free Hideki Oe Investment Education AdvisorDecember 2014, 11 Retrieved December 25, 2014
  11. ^ Pitfalls of investment trusts are not always "dividends = profits", December 2012, 12 article, read January 15, 2014
  12. ^ Easy life of mutual fund through index investment Pitfall of monthly distribution type mutual fund Retrieved February 2014, 1
  13. ^ Jun Shirota, “Institutional Investors and Securities Markets in London,” Law Bunkasha, 1995, pp. 20-25
  14. ^ a b c "World Investment Trusts, Institutional Studies in Major Countries" Investment Trusts Association 2002 France and Germany Chapters
  15. ^ Jun Shirota "London Institutional Investors and Stock Markets" Law Bunkasha 1995, 112, 118
  16. ^ Koji Sugita What to learn from the third quarter history of U.S. investment trusts Japan Securities Economic Research Institute p.3.
  17. ^ Koji Sugita A Japanese investment trust that has been in business for 60 years Japan Securities and Economic Research Institute May 23, 5 p.28.
  18. ^ Hiroshi Fukumitsu On the principal loss of public and corporate bond investment trusts Seijo University Research Institute of Economics Volume 31 March 2002
  19. ^ Takeshi Inoue The world's second largest French mutual fund market Capital Market Quarterly April 2008
  20. ^ Hisao Amao "A Study of Shinkin Central Bank-Some Problems of Shinkin Bank and Shinkin Central Bank-Sakushin Gakuin University, “Sakudaironshu,” No. 7, p.163-194, March 2017, 3, (Figure 15-1 Trends in asset management of JGBs and mutual funds).
  21. ^ Women themselves Insurance, investment trusts... Experts point out the expansion of "post office service" 2017th of February 6
  22. ^ Nikkei newspaper electronic version US SEC Bitcoin ETF is not authorized and investor protection is insufficient 2017th of February 3
  23. ^ Hiromi ArisawaSupervised "Japan Securities History 1" Nikkei Inc. 1995 pp.216-218
  24. ^ "History of Japan Securities Pre-War Vol. 2011: Bonds, Investment Trusts, and Tax System" Japan Securities and Economic Research Institute, 35, p. XNUMX
  25. ^ Supervision by Hiromi Arisawa “History of Japan Securities 2” Nihon Keizai Shimbun 1995, 89, 92
  26. ^ a b c d e "Japanese Securities History 2" pages 89-91
  27. ^ a b c d e f g h "Japanese Securities History 2" pages 142-146
  28. ^ "From savings to investment" Mikiya Hinata, Professor, Faculty of Business Administration, Rikkyo University
  29. ^ a b c d e f "Japanese Securities History 2" pages 298-299
  30. ^ Kenji Ina “Securities Market in the Age of Internationalization” Securities Economy No. 110 May 1970, pages 5-24
  31. ^ a b c Kawai Ichiro, Japanese Securities Market, Toyo Keizai Inc., 1979, pp. 246-254
  32. ^ Nikko Research Center Co., Ltd. “The Japanese Economy and Capital Market Changes Brought by Corporate and Investor Governance” Toyo Keizai Inc., 2016, p. 21
  33. ^ a b c d "History of Japan Securities Post-War Volume, Second Volume, Second Securities Chronology (Meiji, Taisho, Showa)" Japan Securities Economic Research Institute, 1989
  34. ^ Hiroshi Okumura "Japan Co., Ltd." Toyo Keizai Inc. 1986 p. 199
  35. ^ The actual situation of asset ownership and asset revitalization plan in JapanChuo Mitsui Trust Holdings, Inc. Summer 2008 Survey Report Read January 2014, 1
  36. ^ Get sick if you have enough money! Be careful of "retirement fund illness"! Retrieved February 2014, 1
  37. ^ How to avoid becoming a poor retirement dadNihon Keizai Shimbun May 2012, 5 Article Read January 16, 2014
  38. ^ Gen Yamazaki Asset management will not be carried out at banks to which retirement allowances have been transferred! Retrieved February 2014, 1

References

Takeshi Tamura, Koji Sugita, Koji Hayashi, Naoko Aoyama "Twelfth Edition Professional Investment Trust Practice" Economic Law Research Group, November 2016, 11.ISBN 978-4-7668-2394-3.

Related item

deposit

deposit(Yokin,British: deposit) IsFinancial institutionMoney forConsumer deposit(Depositing about the return of the same amount of the same amount, in the point that you can request the return at any time if there is no fixed time limitConsumption loanDifferent) or the money deposited.

Overview

Depending on the mode of deposit, there are checking account, ordinary deposit, fixed deposit, and the like. In essence, depositors lend money to financial institutions. Liquid deposits that can be paid out at any time if requested by depositors (demand deposits) and time deposits that do not respond until the expiration of the specified deposit period.

Japanese deposit system

Distinction between deposit and savings

In Japan, the terms “deposit” and “savings” are used differently according to the financial institutions they handle, but they have the same nature. Originally, it was said that what was intended for savings was called savings, and what was intended for settlement was called deposits, and deposits have a broader meaning, but are now treated as synonymous.

deposit
Handling deposits isbank,Credit union,Credit union,Labor unionDo a credit businessAgricultural cooperativeSuch asFinancial institutions handling deposits and savingsIs. other than this,Bank of JapanAlso accepts deposits.
savings
Of financial institutions that handle deposits and savingsAgricultural cooperative・Shinnoren (JA Bank) AndFishery cooperative・Shinsenren (JF Marine BankIn), it is called savings rather than savings.2007May 10ToJapan PostWas spun off and privatizedJapan Post Bank ThePostal savingsIn light of the history of inheriting some of the business, although it is a deposit by law, it is still called a savings for business purposes.

Account type

General account
In general,One passbookYou can deposit time deposits together with ordinary deposits, and when the balance of ordinary deposits becomes insufficient due to a request for refund or automatic transfer, those time deposits are used as collateral.Lending is done automaticallyPayment received (OverdraftThat). Overdraft interest is accrued during each overdraft use period in addition to the interest rate on each deposit as collateral. Settlement of interest on loans is done twice a year (often in February and August).
For each financial institution,
  • Case of 1 transaction at 1 branch
  • A financial institution where only one of the branches can use the general account in the transactions of all branches, and only one book is available for one financial institution
  • As a booklet, you can trade as many books as you like with one branch, but a financial institution that allows only one transaction for time deposits and overdrafts.
For example, the handling differs depending on the individual financial institution. When issuing a general account passbook with integrated savings and deposits, you may be able to trade multiple booklets that are all in one (actually, the total account is treated as one book, and the remaining booklet is simply It will be used only in the state that a savings book and savings deposit are included in a bundle). Exceptionally, in the case of store integration, if there is originally a general account transaction at the integration destination and there is a general account transaction even at the abolished store, there are cases where two comprehensive accounts can be used (ordinary deposit and time deposit In some cases, you may be requested not to purge and treat as a general account.)
Repayment of the loan is automatically made by depositing the savings account.
Some financial institutions set up automatic financing,MinorIn some cases, it may not be permitted to open a general account, and in that case, the account will be opened using a savings account passbook.
Incidentally,Japan Post Bank"General account (passbook)" refers to ordinary savings and ordinary savings savings with a transfer function, so the concept is different from what is generally done by other financial institutions, so be careful when using it properly. necessary.In addition, even if you use only regular savings, the passbook used as regular savings isGeneral account passbookIt is called.However, like a general financial institution,Normal savingsFixed amount savingsIt should also be noted that it is necessary to distinguish such as.
Transfer account[1]
Japan Post BankAn account dedicated to payment. Settlement deposits defined by the Deposit Insurance Act.

Deposit type

Ordinary deposit
You can deposit and refund freelyA deposit account, which is the basic deposit product for bank transactions.
It is common in Japan, but it is rare in the world that interest rates are attached as demand payment accounts, and in the US,Savings loan associationThe NOW account of is close to this.
Cash cardCan be issued,Automatic transaction equipmentYou can make transactions such as deposit, refund, and transfer using (ATM).
Current accountAlong withTransfer moneyAcceptance of various public utility charges and fees,Credit cardSuch asAutomatic account transferYou can contractSalary,pension, Receiving dividendsIt also plays a major role as a payment account.
For the daily final balanceinterestIt will be paid every six months (Sumishin SBI Net BankThere is also a monthly interest rate, etc.), liquidity that can be freely deposited and refunded, and various settlements such as automatic transfer and receipt are handled, resulting in a lower interest rate than regular deposits.
In addition, in addition to ordinary savings accounts at some banks,Savings account with combined benefitsIs being handled. There are certain conditions for using the privilege.
Before the warSavings bankIs a product ofOrdinary bankHad a "special checking account" as a similar product. During the war, most savings banks were merged into ordinary banks, and as a result, ordinary banks also operated as savings banks.
Savings deposit
Ordinary deposit with special interest-free contract.. Even if the financial institution you deposit fails,Full protectionTo be done. Other product characteristics are similar to ordinary savings accounts.
Since April 2005, it has also been applied to the savings accounts of private financial institutions.PayoffHas been lifted (when a financial institution goes bankrupt, the deposit insurance is limited to the principal of 1,000 million yen and its interest per depositor), but in addition, payment services (acceptance of transfer money, automatic transfer, etc.) ), refundable at any time, and interest-free depositsSettlement depositThe Deposit Insurance Act stipulates that the full amount of this will be protected permanently. The ordinary deposits for settlement have started to be handled as ordinary deposits satisfying these conditions.
Ordinary deposits in general accounts can also be settled as ordinary deposits for settlement, but collateral fixed-term deposits in such comprehensive accounts do not fall under “deposits for settlement” and are not subject to full-scale protection.
Current account (current account,British: kiểm tra tài khoản
Generally, depositors (consumer,business person,Corporation)ButBill,checkSettle payment forThis is an account forInterest-freeIt is stipulated. In addition, there are financial institutions that set an opening fee (and vice versa). In principle, requests for refunds shall be made by check or bill.
According to the Deposit Insurance ActSettlement depositAnd even if the deposited financial institution goes bankrupt, it will be fully protected.
Opening an account involves a current account contract, and it is necessary to go through an examination by the financial institution. This is because bills and checks are securities with an economic value similar to cash, and the issuer is required to have financial credibility that can be responsible for the settlement.
Generally, if the current account is used by a large good company for business, the financial institution can open the current account by examining the transaction status. On the other hand, opening an individual is almost impossible in Japan in recent years, with the exception of exceptions such as the Maru-exclusive account, which will be described later. This is because the issuance of checks is not only financially credible, but it is not accepted unless there is a special reason because the financial institution requires a lot of administrative work. As a means of fund settlementCredit cardThis is due to the fact that there are sufficient payment methods that do not require checks and bills, such as the use of credit cards, direct debits, direct debits, and automatic withdrawals.
If there is a payment request that exceeds the balance of the deposit account, the financial institution can make a contract to loan and pay the shortfall within the contracted maximum amount (Overdraft). In addition, overdraft interest will be accrued until the amount borrowed reaches zero. The depositor makes a guarantee contract in advance or inserts another deposit or bond as collateral for the loan.
In addition, consumersCard loanA dedicated account for repayment of installments and installments (also called a Maru-exclusive account) may also be opened as a checking account, which is an account for settlement.
In some cases, financial institutions do not issue passbooks or cash cards. In that case, the deposit book (the form used when depositing at the window of the account store) or the current account deposit book/depositing passbook (the passbook corresponding to the window of stores other than the account store or the deposit at the ATM, There is also a case of issuing a record of withdrawal or a record of the case of depositing by another method such as transfer).
Savings deposit
Set a standard amount for the balanceAbout the date when the final balance reaches the reference amountHigher interest rate than ordinary depositsApply deposit and withdrawal free deposit. Only individuals can open an account. It can be designated as a transfer account, but for receiving direct debit, salary, pension, dividend, etc.Cannot be specified.. Other product characteristics are almost the same as those of ordinary deposits. In addition to the above, some financial institutions have established provisions such as applying lower interest rates than ordinary deposits on lower days and setting a limit on the number of free refunds per month.
1992There were two types of standard amount, 20 yen type and 40 yen type, at the start of simultaneous release, but now that they have become diversified and concentrated due to the progress of financial liberalization, it is roughly10 million yen (The capital written in here and History is incorrect. Please divide by one hundred correctly.)(In addition to 20 yenShizuoka Bank, Some of which also handle 30 yen typeLabor union, 50 yenSumitomo Mitsui Banking CorporationSuch).
In addition to this, financial institutions with compound interest for one month (Mizuho Bank,Sumitomo Mitsui Banking CorporationEtc.), a financial institution that determines a more favorable two-stage or higher standard amount,debit cardA financial institution that can trade, a financial institution that offers an interest rate that does not make a difference in the interest rate hierarchy for each standard amount (or often the same interest rate as ordinary deposits), opening a new account in response to the government's zero interest rate policy. Bank to cancel (Resona Bank,Sumitomo Mitsui Banking CorporationEtc.) is a product that has a large difference in characteristics between businesses.
JA BankBut,Savings savingsThere is a union that treats as (a former character)ChokingyoWas initially introduced to carry out this promotion).
Japan Post BankInRegular savings savings(Also, as with regular savings, whether or not to accept the transfer depends on whether or not the transfer account function is available. Will be).
A new form of bankBanks that can be opened in the banks classified asEveryone's bankOnly (attached to the savings account)[2].
Time deposit
A deposit that sets a maturity date or a deferral period and deposits a certain amount until the maturity date or during the deferral period without refund. It is a deposit product that is the basis of savings and medium-term operations, as opposed to ordinary deposits, which is the basis of settlement and cash management on hand. In response to lending and operation by financial institutions as funds that have little liquidity within the period, interest rates higher than ordinary deposits are attached depending on the period.PrewarSavings banks inDeferred savingsWas called.
The following points can be mentioned as the distinction between commercial properties.
  1. Short and long deposit period (1 month to 10 years. Generally, the longer the interest rate, the higher the interest rate, but there is a reversal depending on the market interest rate situation)
  2. Single interest or compound interest
  3. Different interest rate hierarchy by deposit amount
  4. Whether it is a maturity date only setting type or a deferral period setting type (definite date fixed deposit, 6 month deferred type fixed deposit)
  5. Fixed rate and floating rate
  6. Whether to continue automatically
  7. Whether or not there is a special contract for operation
Above allDerivativesIncorporating embedded currency that changes the refund currency or maturity in response to fluctuations in interest ratesStructured depositCall.
Accumulated deposits and accumulated time deposits
Generally, a contract to deposit (automatic transfer) a fixed deposit every month (or for a fixed period) on a fixed day. There are the following methods, and each financial institution has a different name.
  • A method in which a target date is set and a fixed deposit with the maturity date (with all maturity dates) is created each time a deposit is made.
  • A method of establishing a consolidation date, creating a time deposit with the maturity date on each deposit, and consolidating into a long-term, large time deposit with a higher interest rate on the consolidation date.
  • A method of creating fixed-term deposits with specified dates each time a deposit is made by automatic transfer.
The products are mainly for consumers, but there are also financial institutions that deal with businesses and corporations.
Term deposit
A contract in which a customer pays monthly contributions for a fixed period of 6 months to 5 years, and benefits are paid on the maturity date, plus benefit compensation (interest).
The following points are different in system from funded deposits and funded time deposits, where each deposit is an independent time deposit.
  • At the time of contract, the monthly payment amount, the benefit amount at maturity, and the payment period are set. For setting, you can use either the method of calculating benefits from the monthly desired amount of benefits, or the method of calculating monthly benefits from desired benefits at maturity. There is also handling such as increasing the amount.
  • The fixed yield is the same from the first time to the last call. The interest (advanced discount) when the contribution is made ahead of the due date is settled on the maturity date, and the maturity date is deferred if the contribution is delayed on the due date.
  • It is a product that is premised on visit collection, and yields are lower than time deposits. In addition, over-the-counter payment and transfer payment can also be used.
  • Each time a contract is issued, one certificate is issued with the contract details clearly stated.
Consumers, businesses and corporations are widely targeted for recruitment. In particular, it is the main product of credit unions and credit unions. Immovable savings bankMakino GenjiroDevised by It is a bilateral contract unlike a deposit, but is equated with a deposit.
Negotiable deposit
A time deposit that can be transferred to another person.
Notification deposit
Deposits that are suitable for deposits of approximately one week to less than one month. Usually, a grace period of 1 days is set, and after that, 1 days before the desired date, a notice will be given and refund will be given. Corresponding to the operation in the interbank short-term money market, etc., the interest rate is generally intermediate between that of ordinary deposits and one-month time deposits. General notification deposits are often used by corporations due to the system and interest rate standards.
Sumitomo Mitsui Banking Corporation(OldSakura Bank) "Can" is a notification deposit for individuals, and it was a product that can be opened, deposited, and canceled by ATM and telephone banking / internet banking (SMBC Direct). Stopped opening.
Tax reserve
A deposit that deposits funds for tax payments. Tax interest is not taxed, as we recommend systematic savings of tax payments and tax payments from direct deposits. You can deposit at any time. Depending on the financial institutionAutomatic teller machine (ATM)You can also deposit at. However, refunds are limited to the time of tax payment (some financial institutions may only be able to withdraw tax payment funds at the stores that opened the tax reserve account).
Some financial institutions do not handle tax reserve deposits.
MunicipalitiesSo, for example,National Health InsuranceInsurance premiumTax treatmentThere are cases where payment by direct debit with tax reserve deposits is possible and cases where payment is not possible (payment at the financial institution window will be described later).
On the other hand, even if it is used for depositing,Cash cardCannot be issued.
Zengin SystemIt is usually not possible to make a transfer because it is not connected to[3]In some cases, you can make a transfer from a financial institution that has a deposit subject. However,National Tax AgencyIn some cases, you may be able to deposit into the tax reserve deposit if there is a request from the local government, etc.
For refunds other than for tax purposes, the interest on deposits is taxed at a rate of 20.315% (15.315% for corporate depositors). Therefore, as an example,National Health InsuranceInsurance premiumTax treatmentInterest will be taxed if the balance of the reserve requirement is applied to the settlement of insurance premiums of local governments.
Regarding the stamp tax return payment, which is displayed on the double-page spread of a general passbook, the XX tax office approval isStamp tax lawTo the passbook in the proviso of Article 5Stamp taxSince the tax exemption applies,Tax Special Measures ActArticle 92 Applicable passbook" is displayed. Therefore, stamp duty on the passbook for financial institutions is exempt.
Extra deposit
Deposits that do not fall under banking. Also called miscellaneous deposits. The following applies.
  • Temporary deposit (when the depositor has instructed to withdraw money and before the actual receipt of money, etc.)
  • Transfer funds, etc.
  • LotteryMoney deposit management account (Mizuho Bank
  • Because it will not be used for many years,Dormant accountCustomer's deposit turned into.
Non-resident Yen Deposit
JapanToliveYen deposits for individuals and corporations who have not done so.
Foreign currency deposits
YenNon-currency deposits.

Security of deposits (prevention of fraud)

Bankbook andCash cardIf you lose your account due to theft or loss, you may be fraudulently refunded to a third party and stolen (False payment). PassbooksealBy checking, or in the case of a cash cardPINThe authenticity of the depositor is confirmed by collation, but the forgery is made by electronically copying the seal imprint, stealing the secret code, and the forgery of the magnetic encoding of the cash card (Skimming) Has caused damage and various measures have been taken.

Fraudulent refundRegarding the liability of the bank for2005May 2, The Tokyo District Court ruled against the two actions.1998For the victims who had been illegally withdrawn by the bank, they were told to the bank side that the imprints were the same.LiabilityThere was no2002For the victims who had been illegally withdrawn, the bank was liable for liability because "there were many illegal refund cases at that time, there were typos on the slip name, and the refund amount was also high" It was For the cases that occurred up to 2000, exemption was granted as long as the bank did not overlook, but after that, in view of the improvement of criminal technology, in the case of suspicious cases, the responsibility for taking identity verification other than seal verification will be added. I have a judgment.

Currently, the following measures are essential to protect deposits from unauthorized refunds.

  • Passbook and seal of notificationAvoid storing in the same place.
  • Currently in passbookIf there is a secondary seal stamp, remove it(If you need to take the procedure at the counter to remove the supplementary seal stamp, such as Japan Post Bank, do not remove it yourself.)
  • Especially for large-scale deposit accounts and general accounts with mortgage deposits, use cash cards or Internet transactions.Set a lower daily refund limit.EuropeConsidering the limit amount in, it will be about 10 yen (Financial Services Agency Overseas Survey Report (PDF) ※Than).
  • Your cash card will have your birthday, address, telephone number, etc.Do not use a PIN that is easily guessed by a third party.
  • PINAvoid telling others to request a refund.
  • PIN and passwordNever write down on cards.. Also, avoid writing notes and keeping them as much as possible.
  • Automatic machineDepositors who do not need a refund due to do not apply for a cash card.
  • BiometricsUse the service.
  • I'm scam (transfer scam),Fictitious billing fraudRecognize the frequent occurrence ofNever make careless payments by telephone instructions, etc... A police officer gives a settlement to his family (Settlement agreement) Will not be offered or a settlement request will not be made (Website of the National Police Agency-Beware of so-called "Oreore fraud (blackmail)" cases!).

Tightening at the start of trading and after trading

In recent years,Wire fraudFor example, there are many cases of opening bank accounts for criminal purposes and misuse, and due to this, the standards for opening new accounts are becoming stricter.

Even for the case of savings, after privatization,Normal savingsThere is no limit on the number of passbooks such asJapan Post BankAlso about2012After that, unless there is a suitable circumstance, it is stated in principle that new savings deposits will be limited to 1 book per subject.Liquid savingsFor regular savings,Regular savings savings,Transfer accountIn principle, each is limited to one transaction.

In addition,Gangsterな どantisocial forcesbyMoney launderingTo prevent being used forPoverty businessIn relation toPenbyFree low-priced accommodationSince there is also the purpose of preventing illegally opening an account in the name of a resident inAct on Prevention of Transfer of Revenue from CrimeDue to the amendment of the above, you cannot open an account unless you declare and make a commitment that you are not an antisocial force. Even before the amendment, there are some cases in which confirmation is made at any time by making a written commitment or declaring the transaction purpose or occupation when conducting transactions at the counter or other procedures.

For bank accounts opened by existing gang members,2017January,Act on Prevention of Unjust Acts by BoryokudanRuling that the cancellation based on the gang exclusion clause ofSupreme CourtConfirm with.Yomiuri ShimbunAccording to a survey by2018By May, 5 banks and 59 bank accounts had been canceled. Some of these accounts also have retroactive application to those prior to the expulsion clause.[4].

In addition, administrative costs, account maintenance costs,Name identificationTightening deposit management expenses such asWorld Financial Crisis (2007-)If it is found that there is a false matter in the notification contents at the time of opening the account, or if the submitted materials at the time of opening the account are found to be unauthentic, the statements and affirmations made at the time of application for opening the account If you find that you have falsely declared that you have to cancel your deposit account and collect your deposit from the bank[5].Local bank,Second regional bankNow, there is a lot of reluctance to open even branch offices on the Internet aimed at securing customers for customers outside the sales area. On the other hand, some antisocial forces say that they repeat marriage and divorce in order to change their names.[5].

In addition, due to the problem of account management expenses due to the decrease in deposits caused by the economic downturn and credit insecurity,Resona Bank Dormant accountThere are also situations in which new burdens are imposed, such as collection of management fees and tightening of preferential programs at major city banks and online banks (for example, restrictions on the number of free times per month such as overtime fees and convenience store ATM fees). ing. Since the establishment of the Act on Prevention of Transfer of Criminal Proceeds, cash cards have been delivered by mail that does not require forwarding and can be sent by limited recipients (transmission of specific matters), making it extremely difficult to open an account for criminal purposes.

If it becomes clear that an account has been opened for criminal purposes, it is possible to freeze the account and confiscate the property. Regarding this, it is said that crime prevention has a certain effect, but on the other hand, a complaint that an account unrelated to crime was accidentally frozen and living expenses could not be withdrawn,Deposit insurance mechanismHave been sent to many. There is also a problem that there is no system for third companies to review when frozen.[6].

Taxation of deposits

In JapaninterestAs a general rule, (interest rate)2013After January, 1% tax (income taxas well as the Special income tax for reconstruction15.315%,Resident tax5 isTax withholdingHave been equalized (Withholding tax). However, the resident tax (interest rate) for corporations was abolished after January 2016.

The depositorDisabled,Bereaved family basic pensionIn the case of an individual who meets certain conditions such as the recipient ofSmall savings tax exemption systemBy using (Maruyu), you can exempt interest up to the principal amount of 350 million yen. Also,Property savingsAs a general rule, asset-based housing savings and asset-based pension savings are also tax-free if the interest is up to 550 million yen.

National tax,Prefectural tax, city (ward) municipal taxThe tax reserve, which is used for depositing funds for payment, will not be taxed on interest only if the payment is made at a financial institution window or automatically deducted for the purpose of tax payment. In the case of corporate depositors, even if tax is levied on a non-purpose withdrawal,Corporate taxThe same effect as tax exemption can be obtained by applying the upper income tax deduction.

together,Stamp tax lawStipulated in Article 5BankbookExceptions regarding taxation documents will be applied, and accordingly, for passbook booklets of the same subjectTax Special Measures ActAs it is subject to Article 92, not only income tax and resident tax on deposit interest but also on passbookStamp taxWill be tax exempt.

In addition, the portion of interest on current accounts that does not exceed 1% per annum is exempt from taxation, but interest cannot be attached under the Act on Extraordinary Interest Rate Adjustment Act.

Deposit statistics

The key statistics are:

Savings distribution status of various households

From Statistics Bureau, Ministry of Internal Affairs and Communications2018May 5"Financial Survey" announced in2017Survey, I Savings> 1 Overview> (2) According to the fact that about two-thirds of households have current savings below the average (1,812 million yen).[10][11].

Savings for households with two or more people Looking at the distribution of households by high class,averageHouseholds below the value (1,812 million yen) account for 67.0% (67.7% of the previous year), which is about two-thirds, and the distribution is biased toward the class with low current savings.

2人以上の世帯では、「100万円未満」が10.0%で標準級間隔100万円での最頻値、「100~200万円未満」が5.3%、「200~300万円未満」が5.2%、「300~400万円未満」が4.6%、「400~500万円未満」が4.6%、「500~600万円未満」が4.1%、「600~700万円未満」が4.3%、「700~800万円未満」が3.7%、「800~900万円未満」が3.5%、「900~1,000万円未満」が3.1%、「1,000~1,200万円未満」が5.6%で貯蓄「0」世帯を含めた中央値と貯蓄「0」世帯を除いた中央値を含む、「1,200~1,400万円未満」が4.7%、「1,400~1,600万円未満」が4.1%、「1,600~1,800万円未満」が3.2%、「1,800~2,000万円未満」が3.1%で平均値を含む、「2,000~2,500万円未満」が6.3%、「2,500~3,000万円未満」が5.0%、「3,000~4,000万円未満」が6.9%、「4,000万円以上」が11.8%で階級間隔最頻値となっている。

Households with two or more people who have savingsMedian(The boundary value that divides the income in order from the lowest income to the highest income and divides it into two equal parts) is 2 million yen, and the median value (reference value) including savings "1,074" households is 0 million yen. The average value is 1,016 million yen, and the ratio of average savings or less is 1,812% (67.0% last year).

2人以上の世帯のうち勤労者世帯では、「100万円未満」が11.8%で標準級間隔100万円と階級ごとの最頻値、「100~200万円未満」が6.9%、「200~300万円未満」が6.5%、「300~400万円未満」が6.3%、「400~500万円未満」が6.1%、「500~600万円未満」が4.9%、「600~700万円未満」が4.9%で、「700~800万円未満」が4.4%で貯蓄「0」世帯を含めた中央値と貯蓄「0」世帯を除いた中央値を含む、「800~900万円未満」が4.1%、「900~1,000万円未満」が3.6%、「1,000~1,200万円未満」が5.2%、「1,200~1,400万円未満」が5.2%で平均値を含む、「1,400~1,600万円未満」が4.0%、「1,600~1,800万円未満」が2.7%、「1,800~2,000万円未満」が3.1%、「2,000~2,500万円未満」が5.3%、「2,500~3,000万円未満」が3.9%、「3,000~4,000万円未満」が4.4%、「4,000万円以上」が6.7%となっている。

Of households with two or more people, the median value of households with savings is 2 million yen, and the median value (reference value) including households with savings of "792" is 0 million yen.The average value is 743 million yen.

* Figure I-1-3 Distribution of households by current high class-2017-

The Bank of Japan Central Committee for Financial Information and Public Relations2017According to the survey, “Public opinion survey on financial behavior of households” [Household survey for two or more people] (2017), “Popular survey on financial behavior of households” [Single-person household survey] (2017)[12][13][14], "Households with two or more people"> [BOX1] Average and median.The average amount of financial assets held was 1,151 million yen, but there were 249 households owned (excluding 2,345 households with no answer) and 0 households not owned (assumed to be owned = 1,177 yen). , About 249% of all households (3,522 households excluding 7 households that did not answer the amount) had less than the average amount.The median amount of financial assets held is 380 million yen.

"Single-person household" survey> [BOX2] Average and median.The average amount of financial assets held was 942 million yen, but there were 22 households with owned households (excluding 1,318 households with no answer) and 0 households without owned households (assumed to have owned amount = 1,160 yen). , A little less than 22% of all households (2,478 households excluding 8 households that did not answer the amount) had less than the average amount.The median amount of financial assets held is 32 yen.

American deposit system

Handling financial institution

There are three types of deposit handling financial institutions: commercial banks, savings associations, thrift institutions, and credit unions.[15].. In addition, there are industrial loan companies and trust companies. Also,Federal Reserve BankAlso accepts deposits from member financial institutions.

Deposit type

List common deposit account types.

Current account(kiểm tra tài khoản

From the ordinary people to the super-large companies, they are indispensable as the main means of pooling payments and living and operating funds. Individuals and small companies often have only checking accounts. With no interest to low interest rate monthly, unlimited withdrawals and deposits. Traditionally, check payments are mainly used, and regardless of individuals or companies, a driver's license or a business license issued by the citysocial Security number(SSN) andTaxpayer identification numberIf you bring (TIA), you can open it without any special examination, and you will also receive a temporary checkbook on the spot.Many banks have a minimum deposit amount at the time of opening an account and a minimum balance (if it falls below this, an account maintenance fee of about $ 5 to 10 will be charged each month).A statement of accounts that records the history of monthly transactions (bank statement) Will be sent the next month.

principle,OverdraftDon't do it, if you collect more than your balance (check,Bill), the balance will temporarily become negative, but if the balance does not become positive by the end of that business day, billable securities (checks and bills)UnpaidThe funds that were returned to the claimant and temporarily withdrawn are also returned, but a fine (about $30) for overdraft will be imposed on the account. Normally, the collection side also collects money through its own bank, but a delinquent fee of about $10 to 30 is collected from the collector (account holder) for each securities that has been delinquent, and the collector ultimately transfers the securities. Since the person (the person who caused the non-payment) will be required to bear the burden, a double fine burden will result if the non-payment is issued due to lack of funds. There is also an "Overdraft Protection" contract in which, in the name of reducing this fine burden and the trouble involved with it, if there is a shortage of balance, the credit card under the name of the account holder will automatically exchange funds in units of $100. , This financing iscachingIn addition to immediately imposing a fairly high interest rate on the credit card account, a transaction fee of about $1 is also charged once (harmless to the collector).

Ordinary deposit(savings account

As its name implies, it is a “savings” account rather than “normal”, and it earns interest on a monthly basis. You can't use checks. In most cases, there are restrictions on withdrawal frequency (for example, up to 5 times a month, withdrawals that exceed the limit are subject to a fine of, for example, about $1 once, unlimited deposits), and are therefore rarely used for settlement. Many banks have set a minimum deposit amount when opening an account and a minimum balance (below which, an account maintenance fee of about $15 to 5 will be charged per month). Unlike Japanpassbook(Pass Book) ”is usually not available, and a monthly statement is sent instead.

Time deposit (time deposit) AndNegotiable deposit(certificate of deposit; CD)

We promise fixed interest for a period of 3 months to 5 years. There is a minimum amount of money and a penalty for withdrawal (cancellation) before maturity. Previously, as the name implies, it issued a "deposit certificate".

Incidental services

TMJ
It has a simple function compared to JapanTMJHowever, since there is no habit of carrying large amounts of cash or using it for payment, cash deposits and withdrawals are limited (in the first place, the withdrawal amount per day is usually limited to about $200 to prevent accidents). It has features not found in Japan, such as automatic depositing of checks received.
ATMs are often installed on the outer walls of bank stores (also in supermarkets, etc.) and can be used 24 hours a day (usually there is no fee depending on the time of use and the day of the week).
Online banking
The American consumer banking service, which was in a sense pre-modern from the perspective of Japan, such as paper checks and monthly postal statements, has entered the 21st century and is mainly based on the circumstances of banks trying to reduce costs. Online use is accelerating.For example, statement statements that were previously mailed free of charge each month are now charged ($ 2-5 per month), forcing rather than recommending.On the other handITConvenience on the part of consumers who are familiar withTablet,SmartphoneNot only can you access your deposit account at any time, but you don't have to bring the check you received to a bank store or ATM.Mobile deviceDedicated check footage taken with the cameraAppsThe functions are being expanded, such as sending them for use in collection.
Utility charges(Utility expenses), credit cards, rent payments, etc. are also shifting from mailing paper checks to payments by direct transfer between banks, but the payment system by direct transfer between banks until the 20th century is immature and not a few. Perhaps from the memory that the accident occurred, instead of "automatic transfer" of the billing amount as in Japan, the consumer confirms the billing amount and explicitly states either the full amount billed, the minimum payment amount, or an arbitrary payment amount The method of specifying and transferring is the mainstream. Also, "transfer" does not necessarily mean a direct transfer between the payer and the recipient's bank account, and in fact the recipient may receive a check from the bank (especially if the recipient is the payer). If you do not have an account with the same bank).
Lock box
Although online banking payments are becoming more prevalent, traditional paper check mailing payments are also common, especially for seniors and low-income earners.Digital divideA lot of checks are mailed to the electric power companies every month. The lockbox service allows banks to process this payment.ア ウ ト ソ ー シ ン グUsually, the post office box of the post office near the contract bank branch is designated as the check destination, and the bank collects the remittance envelope from the post office box several times to ten times a day and collates it with the customer (consumer side) account. After that, by directly depositing into the checking account of the company and undertaking the deposit processing, the user company can save the trouble of receiving, storing, and depositing the check, and losing the check.embezzlementIt can prevent accidents such as. The use is actually limited to users (utilities, banks, credit cards, large apartments), etc. who can expect a certain amount such as using possible payment slips to improve processing efficiency.

footnote

[How to use footnotes]
  1. ^ Transfer account-Japan Post Bank
  2. ^ Box (savings deposit)(Everyone's bank)
  3. ^ In the case of specifying the transfer destination, if there are cases where "Other" is provided as an item other than "Regular", "Saving", and "Current" in the deposit subject, there are rare cases where it can be handled.
  4. ^ "The gang's deposit and savings account, 59 banks were canceled... Yomiuri survey”. Yomiuri Shimbun (March 2018, 9). 2018th of February 9Browse.
  5. ^ a b Weekly FLASH September 2015, 9 October 29 issue
  6. ^ Countermeasures against wire fraud Freezing unrelated accounts XNUMX cases Since XNUMX Mainichi Newspaper March 2016, 9
  7. ^ Statistics bureau home page/household survey
  8. ^ National Living Basic Survey|Ministry of Health, Labor and Welfare
  9. ^ Public Opinion Poll on Financial Behavior of Households |
  10. ^ Statistics bureau home page/household survey
  11. ^ Statistics bureau home page/household survey report (savings/debt)-2017 (29) average results-(households of two or more)
  12. ^ Public Opinion Poll on Financial Behavior of Households |
  13. ^ Public Opinion Poll on Household Financial Behavior [Household Survey of Two or More People] 29 Survey Results |
  14. ^ Public Opinion Survey on Household Financial Behavior [Single-person Household Survey] 29 Survey Results |
  15. ^ Overview of financial systems in other countries (Mitsubishi UFJ Research & Consulting) Financial Services Agency, browsed February 2017, 2.

References

  • Nobuhiko Sugiura, "Overseas Survey Report-How Depositors are Secured and Counterfeit Prevention Measures-", Financial Services Agency General Affairs and Planning Bureau,2005

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