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🌐 | [What is virtual currency] How does it work?What are the advantages and disadvantages?


[What is virtual currency] What kind of mechanism is it?What are the advantages and disadvantages?

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This article is published in "Stocks & Investment Trusts Beginning at Age 60" (Makino Publishing).

Cryptocurrency (cryptocurrency) is a property value that can be exchanged on the Internet, and it is said that there are more than 1 types ... → Continue reading

 Specialty town web

First published in 1979.The "Specialty Town web", which selects the best in daily life, provides "know and gain" information on home appliances, smartphones, personal computers, AV, cameras, cars, and the outdoors.

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    Makino Publishing

    Makino Publishing Co., Ltd.(Makino Shuppan)1977Was established inJapan OfInfomation..The location of the head office isTokyoChiyodaKanda Surugadai9-XNUMX.

    Company Information

    Kodanshaof"Weekly Shonen Magazine』The first editor-in-chief etc.Takero MakinoWas founded in April 1974 through a joint investment with Kodansha.My Health Co., Ltd.Is the mother's body.It mainly publishes health magazines, mono magazines, and good luck and fortune-telling magazines for middle-aged and older people.As regular publications (monthly publications), health magazines include "Soukai," "Relief," and "Yuhobika."


    • April 1974-Established My Health Co., Ltd.[2].
    • September 1974-Monthly magazine "ExhilaratingFirst issue[2].
    • October 1977-Established Makino Publishing Co., Ltd.[2].
    • September 1978-Established Specialty Town Publishing Co., Ltd.[2].
    • March 1979-Launched monthly magazine "Specialty Town"[2].
    • April 1983-Launched monthly magazine "Safety"[2].
    • October 1995-Completion of Makino Publishing Headquarters Building (Yushima, Bunkyo-ku)[2].
    • November 1995-Launched monthly magazine "Yuhobika"[2].
    • June 2019-HeadquartersBunkyoYushimaからChiyodaKanda SurugadaiMoved to[2].
    • 2020-Bimonthly publication of "Yuhobika GOLD".
    • October 2021-Monthly magazine "Specialty Street" is closed[3].

    Main issues

    Health magazine
    • Exhilarating(Monthly magazine)
    • Peace of mind (monthly magazine)
    • Yuhobika (Monthly magazine)
    Good luck and fortune-telling magazine
    • Yuhobika GOLD (bimonthly magazine)
    Suspended magazine

    Related Companies

    • My Health Co., Ltd.
    • Special Street Publishing Co., Ltd.


    1. ^ a b c d "Company Information”. Makino Publishing. 2020/8/10Browse.
    2. ^ a b c d e f g h i "History”. Makino Publishing. 2020/8/10Browse.
    3. ^ "Product information magazine "Specialty Town" 43 years of history curtain "Shock big" Voices regretted by readers”. J-CAST News. 2021/10/7Browse.

    外部 リンク

    Investment trust

    Investment trust(Toshintaku) is a large numberInvestorFrom through the sales companyContributionThe funds that were made,Asset management companyBelongs toasset ManagementExpert (Fund Manager,portfolioManager),stock,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 different from securities in paragraph XNUMX because they are liquid.SecuritiesIs[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 policy) With depositinterestIn the current situation where income 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]..The financial institution that sold the investment trust while the purchaser holds the fundTrust feeCan be indirectly received from the trustee.When the beneficiary cancels the fund, some trust property reservations are collected from the canceled portion.

    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.


    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
      • Trustee-directed investment trust: Asset management is performed according to the trustee's instructions. "Entruster","Trustee","BeneficiaryIt is composed of three parties.The investment trust company, which is the trustee, is the trustee for the management of the trust property.Trust bankInstruct operations of stock trading, etc.
        • Securities investment trusts: MainlyParagraph XNUMX SecuritiesWhat is invested in.Investment Trust A trustee-directed investment trust that aims to manage more than half of the total amount of assets as an investment in securities.
      • Trustee non-instruction type investment trust: Asset management is performed by the trustee (or a third party entrusted by the trustee) without the instruction of the trustee. "Entrustor and beneficiary"When"TrusteeIt is composed of two parties.It is managed by the trust bank, which is the trustee, based on one predetermined trust agreement, and individual investors who are the trustee cannot give management instructions.
    • 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

    Since an investment trust is a mechanism that outsources management, a predetermined fee (cost) is incurred at the time of purchase, during the management period, and at the time of cancellation / purchase request.Until the spread of no-load, the toll system was debated for decades over fairness with customers.[9].. The main fees are as follows.

    Sales commission
    What the sales company collects 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 institution that handles it.In the past, the "front road system" was rampant due to exploitation.There are also sales companies that do not collect this, and such investment trustsNo road fundIt is called. In the case of automatic reinvestment of distributions that are not "sale", in most cases they can be purchased without commission.In addition, even for investment trusts that require sales commissions, some sales companies offer substantial discounts or free of charge by cashing back the commissions at a later date (backload and exit load).Even at the same sales company, the commission rate may differ between window purchases and Internet purchases.
    Trust fee
    During the investment trust management period,Asset management companyAnd what the sales company collects.The annual collection rate (about 0.1% to 2%) is set in advance and is collected by deducting it from the total net assets of the trust property every day.Unlike sales commissions, there is no difference in ownership or sales company.Basically, investment targets are stocks rather than bonds, those that invest overseas (especially emerging countries) rather than Japan, and active types that change investment destinations more frequently than passive types and index types that hold investment targets for a long period of time. However, trust fees tend to be higher.Since the base price is displayed as the price after deducting the trust fee, the beneficiary is less aware of it.In the case of the so-called fund of funds format, if the trust fee is also collected in the mother fund, the trust fee may not be clearly determined as "about OO%" in the baby fund.
    Trust property reservation amount
    Expenses collected when selling or canceling an investment trust.There are many things that do not require a trust property reservation amount.Since the amount of the trust property reservation is returned to the beneficiaries who hold the investment trust remaining in the trust property, the sales company andAsset management companyIt is not a fee to pay to.This is explained as a nuisance fee to other beneficiaries because the cost of selling the underlying assets such as stocks and receivables that are part of the trust property will be paid from the trust property due to the cancellation.[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).
    Although it is not the cost of the investment trust itself, if the base price at the time of cancellation exceeds the individual principal and profits are generated, income tax will be levied on the profits.In most cases, the tax will be calculated by the seller and deducted from the amount received at the time of cancellation.If you do not withhold tax at the time of transaction, you will have to calculate and pay the income tax amount by filing a tax return.


    The distribution of an investment trust is a part of the trust property that is returned to the beneficiary at the time of settlement of the investment trust.Since it is a return of trust property, it is different in nature from interest on time deposits and dividends on stocks, and when distributions are made, the base price drops by that amount.The distribution of the portion where the base price exceeds the individual principalOrdinary distributionIf it is treated as taxable and the base price is less than the individual principal,Special distribution(Principal refund, part equivalent to partial refund of principal) will be treated as tax exempt.Even if automatic reinvestment is selected, ordinary distributions will be taxed and the taxed amount will be 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 fundsUnited KingdomIt is considered to be the origin of international financial means[13].. 1868, Overseas Colonial Investment Trust (Foreign & Colonial Investment Trust) Was established.The company issued fixed-interest securities and invested the funds in foreign and colonial securities.Even though it's a companyCharter companynot,trustIt is a corporate body with terms and conditions,Unit trustIt was a form close to.As a featureMiddle classWas targeted[13]..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) Established Anglo Celtic is an example.[14].

    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 the stock of a French company owned by Germany and others.[15].

    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 the reunification, Germany revised the Investment Company Act in 1990.Then, in 1994, the ban on MMF was lifted. 1998 Introduced FOF and index funds to expand the investment target of derivatives[15].

    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 in 8.7th place (5.1%) and XNUMXth place (XNUMX%), respectively.Even in the short-term operation, the top ten are still occupied by the large banks already mentioned.France, like Germany, has a universal bank system.[16].

    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[17].Plaza agreementSince then, Japan's investment trust balance has also increased to around 10% of gross national product.[18].. 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[19].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.[20].

    However, the ratio of investment trusts to personal financial assets isSwedenIs 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[21].

    Since September 2017,Japan Post BankIs rapidly increasing the number of locations handling investment trusts[22].. by the wayAbenomics TheBitcoinTolerant to. But from BitcoinListed investment trustWas applied forSecurities and Exchange CommissionRefused it in March 2017[23].

    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 WarUnrealized gains were gained due to the soaring stock price due to the results of the beginning of the war.

    September 1942, Fujimoto,Yamaichi, Koike,Kawashimaya,JointOf the Japanese investment trusts (founded in 5)Tokyo Trust Bank)Specified money trustAs a trustee, we started the investment trust business all at once. It was successfully recruited every month until 1943.

    From the amount set in April 1944, the amount of money offered has increased dramatically because the income has been exempted from taxation up to a principal of 4 yen per unit, which has been subject to savings mediated by the National Savings Association.These closed funds also invested in securities of foreign companies, including the munitions industry, and were hit hard by the defeat.Reverse courseOnce the stock market recovered,Korean WarFull redemption by the outbreak[24].

    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[25].

    1951 year 6 month,Securities Investment Trust ActWas enforced. This systemZaibatsu DemolitionStarted as a substitute for stocks by[15].Okumura Tsunao GhqIn the debate of the billHayato IkedaThe finance minister had urged the need[26].. Nomura immediately after enforcement,Nikko, Yamaichi,Yamato4 companies registered[27].. Osakaya Securities (currentlyIwai Cosmo Securities) And Oi Securities (currentlyShinko Securities) Registered in July and September[27].. 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.[27].Ikeda-Robertson talksAt that time, the deflation policy was taken and the stock price dropped sharply, and the operating results were sluggish until 1955.[27].. The additional type that has already been set has an indefinite trust period from January 1956.[27].

    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[28].. 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.[28]..In the 30's of the Showa era, stock investment trusts became popular against the backdrop of the booming economy, and there was a cycle in which increasing funds demanded stocks and raised stock prices.

    With Nikko Securities in January 1961Keiichiro NiwayamaBond bond investment trust was released to the public with the idea of[28].. 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.[28].. In July, the official discount rate was raised and the number of cancellations of bond investment trusts increased[28].. The incorporated bond was taken over by the securities company[28].. 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[28].. 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[29].. Eventually, a bond that lost liquidity triggeredSecurities recessionHappened[28].

    In August 1967, the revision of the Investment Trust Law approved the "deemed investment trust" that is the basis of family funds.The family fund is a mechanism that sells child investment trusts to consumers and buys parent investment trusts with the funds. If the FOF was a top-down investment trust pyramid, then this family fund was, on the contrary, a bottom-up one.In 8, when Euroclear was established, both unit-type and additional-type investment trusts recovered their principal amount.[30].

    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 ReserveHas strengthened guidelines for investing in Japanese equities[31].

    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[32].

    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%[33].. 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 )[32].. But investment trusts are far from being canceledCapital liberalizationApproached. Measures on the Japanese side were abolished throughout 1973-4[32].

    On May 1971, 5, Nomura Investment Trust Management set Japan's first international investment trust (international joint investment trust) for 4 billion yen.[34].. The investment advisors are Dreyfus and Morgan Grenfell (nowDeutsche Bank)Met[34].Oil shockIn November 1972, domestic sales of foreign investment trusts were liberalized[30].. The family fund gradually reduced the set amount from the following year 1973[30].. September 1973, 1Daiwa SecuritiesLaunched the Dreyfus Fund in Japan[34].. In January 1976, the family fund took improvement measures such as changing the indefinite trust period to a fixed term[30].. In 1977, it accounted for 57% of stock investment trusts[30].. The main axis of development of new products has shifted from unit type to additional type[30].

    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 productsWe aimed to popularize investment trusts through the development of investment trusts.The trend of incorporated securities was the same as in the 1970s, and they were stocks and public and corporate bonds of leading companies whose supply was restrained by direct transactions.Foreign capital took advantage of such public-private coalitions.

    1985 years,Sumitomo BankGotthard Bank (acquired byGotthard-Bank)But,ItomanIssueForeign bondsBy doing the lead underwriter ofSilver certificate separationWas watered down[35].. 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[34].. 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.[36].. 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[37][38].. 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[39]


    [How to use footnotes]

    注 釈

    1. ^ The collective investment scheme isBinomial securitiesIt is classified as a different item from the first term securities.Investment business associationAndfundNoInvestment fundIs often the second term 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


    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 fee February 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 investment Retrieved 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-buying February 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 Advisor December 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. ^ a b "Investment Trust │ Easy-to-understand glossary even for the first time │ SMBC Nikko Securities". www.smbcnikko.co.jp. 2021/10/25Browse.
    14. ^ Jun Shirota, “Institutional Investors and Securities Markets in London,” Law Bunkasha, 1995, pp. 20-25
    15. ^ a b c "World Investment Trusts, Institutional Studies in Major Countries" Investment Trusts Association 2002 France and Germany Chapters
    16. ^ Jun Shirota "London Institutional Investors and Stock Markets" Law Bunkasha 1995, 112, 118
    17. ^ Koji Sugita What to learn from the third quarter history of U.S. investment trusts Japan Securities Economic Research Institute p.3.
    18. ^ 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.
    19. ^ Hiroshi Fukumitsu On the principal loss of public and corporate bond investment trusts Seijo University Research Institute of Economics Volume 31 March 2002
    20. ^ Takeshi Inoue The world's second largest French mutual fund market Capital Market Quarterly April 2008
    21. ^ 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).
    22. ^ Women themselves Insurance, investment trusts... Experts point out the expansion of "post office service" 2017/6/29
    23. ^ Nikkei newspaper electronic version US SEC Bitcoin ETF is not authorized and investor protection is insufficient 2017/3/11
    24. ^ Hiromi ArisawaSupervised "Japan Securities History 1" Nikkei Inc. 1995 pp.216-218
    25. ^ "History of Japan Securities Pre-War Vol. 2011: Bonds, Investment Trusts, and Tax System" Japan Securities and Economic Research Institute, 35, p. XNUMX
    26. ^ Supervision by Hiromi Arisawa “History of Japan Securities 2” Nihon Keizai Shimbun 1995, 89, 92
    27. ^ a b c d e "Japanese Securities History 2" pages 89-91
    28. ^ a b c d e f g h "Japanese Securities History 2" pages 142-146
    29. ^ "From savings to investment" Mikiya Hinata, Professor, Faculty of Business Administration, Rikkyo University
    30. ^ a b c d e f "Japanese Securities History 2" pages 298-299
    31. ^ Kenji Ina “Securities Market in the Age of Internationalization” Securities Economy No. 110 May 1970, pages 5-24
    32. ^ a b c Kawai Ichiro, Japanese Securities Market, Toyo Keizai Inc., 1979, pp. 246-254
    33. ^ Nikko Research Center Co., Ltd. “The Japanese Economy and Capital Market Changes Brought by Corporate and Investor Governance” Toyo Keizai Inc., 2016, p. 21
    34. ^ 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
    35. ^ Hiroshi Okumura "Japan Co., Ltd." Toyo Keizai Inc. 1986 p. 199
    36. ^ The actual situation of asset ownership and asset revitalization plan in Japan Chuo Mitsui Trust Holdings, Inc. Summer 2008 Survey Report Read January 2014, 1
    37. ^ Get sick if you have enough money! Be careful of "retirement fund illness"! Retrieved February 2014, 1
    38. ^ How to avoid becoming a poor retirement dad Nihon Keizai Shimbun May 2012, 5 Article Read January 16, 2014
    39. ^ Gen Yamazaki Asset management will not be carried out at banks to which retirement allowances have been transferred! Retrieved February 2014, 1


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

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