2025年日本黄金投资者洞察：黄金机遇（英）-世界黄金协会

gold.org gold.org 2025 Japanese gold investor insights The golden opportunity gold.org 2025 Japanese gold investor insights 02 Contents Gold’s potential among Japanese investors? 3 A brief look at Japan’s macro environment 4 The 2025 Japanese investor insights 5 Conclusion 10 Appendix 1 11 Appendix 2 12 Survey methodology 12 Main findings referenced in the main content 12 gold.org 2025 Japanese gold investor insights 03 Gold’s potential among Japanese investors? Against a backdrop of persistent inflation and challenging growth prospects, Japanese investors are reassessing their portfolios. Gold is emerging as highly relevant amid its record-shattering rally in recent years and the current inflationary environment in Japan. Despite this, gold remains under-present in Japanese investor portfolios, raising these key questions for financial advisors, institutional investors, and product providers: What are the barriers to gold investment for Japanese investors? How can gold’s share in investor portfolios be expanded? This report examines these dynamics at a pivotal moment. As the Bank of Japan navigates a delicate policy shift away from ultra-low interest rates, and inflationary pressure mounts, gold’s traditional role as a store of value is gaining renewed relevance. Could gold’s strategic role untap the potential among Japanese portfolios – currently heavily reliant on stocks and bonds? In this report we analyse ownership trends, motivations, attitudes and barriers, to provide actionable insights that will help to capture opportunities for gold among Japanese investors. gold.org 2025 Japanese gold investor insights 04 A brief look at Japan’s macro environment Japan’s economy rebounded in Q2 after a contraction at the start of 2025 (Chart 1). The 0.5% q/q growth was mainly helped by front-running exports before the US tariff taking effect.1 Meanwhile, thanks to rising wages, private consumption growth accelerated despite higher costs. Future growth is, however, somewhat clouded. The combination of a strong yen – should its strength persist – and slower growth globally could pose challenges to Japanese exports; not to mention the effect of higher tariffs imposed by the US in early August. This means that it is difficult for “net exports” to support growth again going forward as they did in Q2. The sudden resignation of the former Prime Minister also casts political and policy uncertainties over growth.2 Meanwhile, inflation in Japan has been elevated for some time (Chart 2). In July, Japan’s core inflation, excluding fresh food and energy, rose further to 3.4%, the highest since January 2024. This is against a period during which wages have grown at a pace unseen for more than three decades amid surging living costs. Meanwhile, the chronic labour shortage issue has also contributed to rising wages. 3 And as we noted in a previous publication, the wage-price spiral has 1. See: U.S. sets Aug. 7 as start date for Japan'