People at a major securities firm set up a marketing campaign in Tokyo for the Nippon Individual Savings Account, or NISA, as it's known. They handed out leaflets and gave advice to those interested in the system.
NISA is aimed at encouraging people to move their money from savings accounts to investments. The system exempts investors from paying taxes on capital gains and dividends for annual investments of up to one million yen. That's roughly 9,800 U.S. dollars. The tax-free period will last five years after an account is opened.
More than 4.7 million accounts had been opened at banks and securities firms at the end of last year. But a private think tank says about 70 percent of the accounts are held by people in their 50s or older.
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