EFTA Document EFTA01461230

highlight a yen-weakening impact for this scale of investment. Of course, if the environment continues to encourage risk-taking activity even without NISA, investors may invest more heavily and keenly in the NISA program. However, most Japanese investors including individuals have been net sellers of foreign securities and domestic stocks even amid the sharp drop in the yen and equity rally under the "Abe market" spurred by the economic policies of Prime Minister Shinzo Abe. We cannot imagin