Japan is reportedly raising the annual limit on tax-free investment accounts from January 2024. According to a Bloomberg report, the revamped Nisa system will allow investments of up to JPY1.2m a year on installment accounts, triple the previous limit. It will also double the maximum amount on other accounts to JPY2.4m. Existing time limits on tax exemptions will also be abolished, according to the documents. The move is part of Prime Minister Fumio Kishida's bid to double people's incomes from financial assets, in an ageing country where many tend to opt for savings over riskier investments. Kishida came to office just over a year ago pledging a new form of capitalism that would spread the benefits of growth more fairly. Earlier reports said Japan's economy is set to enter into recession as expert growth slows. Japan most recently reported a larger-than-expected trade deficit of USD15bn for the month of October.
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