Twenty-Seventh Monex Global Retail Investor Survey, December 2019
The forecast DI for the world stock markets rose sharply in all three regions
Tokyo, Florida and Hong Kong, December 19, 2019 – Monex, Inc. (“Monex”), TradeStation
Securities, Inc. (“TradeStation”) and MONEX Boom Securities (H.K.) Limited (“BOOM”), groupcompanies of Monex Group, Inc. (TSE: 8698), surveyed retail investors with accounts held in therespective companies about their perceptions of the market environment. The Monex Global RetailInvestor Survey is a report summarizing their responses.

Contact:Akiko KatoCorporate Communications OfficeMonex Group, Inc.
+81-3-4323-8698

Atsushi Demoto, Yuki Nakano
Investor Relations, Financial Control Department
Monex Group, Inc.
+81-3-4323-8698

This material is an English translation of a Japanese announcement made on the date above. Although the Company
intended to faithfully translate the Japanese document into English, the accuracy and correctness of this English
translation is not guaranteed and thus you are encouraged to refer to the original Japanese document. This translation
was made as a matter of record only and does not constitute an offer to sell or to solicit an offer to buy securities inthe U.S.

December 19, 2019
For Immediate ReleaseMonex, Inc.
TradeStation Securities, Inc.
Monex Boom Securities (H.K.) Limited

Twenty-Seventh Monex Global Retail Investor Survey, December 2019
Expectations for U.S. stocks were the highest among retail investors in all three regions.

Monex, Inc, (Minato-ku, Tokyo; Yuko Seimei, President; hereinafter “Monex, Inc.”) conducted thetwenty-seventh Monex Global Retail Investor Survey* in collaboration with Group companies
TradeStation Securities, Inc. (Florida, the U.S.; Peter Korotkiy, President) and Monex Boom
Securities (H.K.) Limited [China (Hong Kong), Ivan Law, COO] from November 26 to December 6,
2019.

With risk factors such as the U.S.-China trade war, the global recession it might trigger, and Brexit,
and with stock prices plummeting at the end of 2018, 2019 got off to shaky start. Although there wasturmoil at times, for instance, when President Trump suddenly announced additional tariffs onimports from China, the pessimism gradually receded due to progress at U.S.-China talks, among
other factors, and the markets regained their composure.

Summary Findings

1. Global Survey Results: Survey of Retail Investors in Japan, U.S. and China(H.K.)
The forecast DI (*) for world stock markets rose in Japan and the U.S. but worsened and fell
into negative territory in China (Hong Kong).
We asked retail investors in each region about their views on world stock markets for the coming
three months. Among retail investors in Japan and the U.S., the DI rose from the previous survey(conducted in December 2018). Among retail investors in China (Hong Kong), however, the DIworsened 12 percentage points, falling into negative territory. The progress at trade talks between theU.S. and China and the recent firm tone of stock markets appears to have led to improvement in theviews of retail investors in Japan and the U.S. Meanwhile, retail investors in China (Hong Kong)
may have been influenced by factors such as the intensification of anti-government demonstrations.
DI (diffusion index):
The percentage of respondents who answered “will rise or improve” minus the percentage ofrespondents who answered “will fall or deteriorate”

2【The forecast DI for world stock markets】[Japan]Dec. 2018: 4  Dec. 2019: 14 (+10 points)[U.S.]
Dec. 2018: 10  Dec. 2019: 29 (+19 points)[China (H.K.)]
Dec. 2018: 8  Dec. 2019: -4 (-12 points)

Expectations for U.S. stocks were highest among retail investors in all three regions.
Retail investors in all three regions answered that the U.S. is the region with the greatest likelihoodof stock price appreciation in the coming three months. Despite fears of a U.S. recession for a time,
the U.S. economy is holding up well, with some recently announced economic indicators signaling ahealthy recovery. Meanwhile, stocks are also surging to new record highs. These two factors appear
to be increasing expectations for U.S. stocks.

3

【Expectations for stock markets in the coming three months】[Japan]U.S.: 61.4% Europe/U.K.: 7.6% Asia excl. Japan: 14.1% Japan: 16.9%[U.S.]
U.S.: 81.0% Europe/U.K.: 8.6% Asia excl. Japan: 5.2% Japan: 5.2%
[China (H.K.)]
U.S.: 61.1% Europe/U.K.:10.2% Asia excl. Japan: 22.2% Japan: 6.6%

The percentage of retail investors in Japan investing in cryptocurrency reached its highestlevel.
We asked retail investors about much-talked-about “cryptocurrency” such as Bitcoin, with respect totheir experience with it and their willingness to invest in it. The percentage of retail investors inJapan answering that they had already invested in cryptocurrency was 13.1%, the highest level since
this question was introduced in June 2017. The percentage of retail investors in China (Hong Kong)
answering that they invest in cryptocurrency rose from the previous survey, but the percentage fell
among retail investors in the U.S.

4

2．Japan Specific Quarterly Survey Results: Survey of Retail Investors in JapanThe highest percentage of investors, 40%, forecast the 2020 high for the Nikkei average to beabout 23,000 to 25,000 yen.
We asked Japanese retail investors about their forecast of 2020 highs and lows of the Nikkei Stock
Average and the Dow Jones Industrial Average. The percentage forecasting that the 2020 high of theNikkei Stock Average would be 23,000 yen - 25,000 yen was highest, at 40%. The percentage
forecasting a 2020 low of 19,000 yen - 21,000 yen was highest, at 41%. The percentage forecastingthat the 2020 high of the Dow Jones Industrial Average would be $28,000 - $30,000 was highest, at38%, while the percentage forecasting a 2020 low of $25,000 - $28,000 was highest, at 45%. The
forecast highs for both Japan and the U.S. are slighly higher than the current index levels while theforecast lows are slightly lower.

Please refer to the details of the results of the survey in the attached report.
An outline of the survey conducted in Japan, the U.S. and China (H.K.):
JapanU.S.
Survey period
Nov. 29 to Dec. 6,Dec. 2 to Dec. 5, 2019
2019
Number of responses
742
58
5

China(H.K.)
Nov. 26 to Dec. 5,2019331

Monex, Inc. has been surveying retail investors about their attitudes regarding financial market
conditions, providing you with the survey results as the “Monex Retail Investor Survey” sinceOctober 2009. In addition to Japan, as our group has established securities businesses in the U.S. andChina (Hong Kong), we expanded this retail investor survey geographically and added the U.S. andChina (Hong Kong) in order to compile the "Monex Global Retail Investor Survey" since June 2011.
Monex, Inc., TradeStation Securities, Inc. and Monex Boom Securities (H.K.) Limited have been
jointly conducting this survey and observing retail investors’ attitudes about financial market
conditions in Japan, the U.S. and in China (Hong Kong) on a regular basis.

6

Monex Global Retail Investor Survey
December 2019

Executive Summary
Yutaka Masushima, Market Analyst, Monex Inc.
With risk factors such as the U.S.-China trade war, the global recession it might trigger, and Brexit,and with stock prices plummeting at the end of 2018, 2019 got off to shaky start. Although there wasturmoil at times, for instance, when President Trump suddenly announced additional tariffs onimports from China, the pessimism gradually receded due to progress at U.S.-China talks, among
other factors, and the markets regained their composure.

As a result, 2019 was ultimately a year of rising stock prices, with the Nikkei Stock Average
climbing around 17% from the end of last year, and the Dow Jones Industrial Average up around
20% (based on a comparison of stock price at the end of 2018 with stock prices as of December 11,2019). Next year, again, there will be many events that are likely to have a major impact on
economies and markets, including the U.S. presidential elections and the Tokyo Olympics.

In the coming year, the Monex Group will continue to disseminate information on the latest
developments, working alongside retail investors to ride out the turbulent markets.

With your assistance, we have been able to compile and analyze extremely valuable data. We greatly
appreciate your cooperation and hope that this survey will be of some aid in your investment
decisions.
(Written as of December 11, 2019）1

December 2019

MONEX Global Retail Investor Survey

Summary
1. Global Survey Results: Survey of Retail Investors in Japan, U.S. and China(H.K.)（1-1）The forecast DI (*) for world stock markets rose in Japan and the U.S. but worsened
and fell into negative territory in China (Hong Kong).
We asked retail investors in each region about their views on world stock markets for the coming
three months. Among retail investors in Japan and the U.S., the DI rose from the previous survey(conducted in December 2018). Among retail investors in China (Hong Kong), however, the DI
worsened 12 percentage points, falling into negative territory. The progress at trade talks between
the U.S. and China and the recent firm tone of stock markets appears to have led to improvementin the views of retail investors in Japan and the U.S. Meanwhile, retail investors in China (HongKong) may have been influenced by factors such as the intensification of anti-government
demonstrations.
【The forecast DI for world stock markets】[Japan]Dec. 2018: 4  Dec. 2019: 14 (+10 points)[U.S.]

Dec. 2018: 10  Dec. 2019: 29 (+19 points)[China (H.K.)]

Dec. 2018: 8  Dec. 2019: -4 (-12 points)* DI (diffusion index): The percentage of respondents who answered, “will rise or improve” minus the percentageof respondents who answered “will fall or deteriorate.”2

December 2019

MONEX Global Retail Investor Survey（1-2）Expectations for U.S. stocks were highest among retail investors in all three regions.
Retail investors in all three regions answered that the U.S. is the region with the greatest likelihoodof stock price appreciation in the coming three months. Despite fears of a U.S. recession for a time,
the U.S. economy is holding up well, with some recently announced economic indicators signalinga healthy recovery. Meanwhile, stocks are also surging to new record highs. These two factors appear
to be increasing expectations for U.S. stocks.

【Expectations for stock markets in the coming three months】[Japan]U.S.: 61.4% Europe/U.K.: 7.6% Asia excl. Japan: 14.1% Japan: 16.9%[U.S.]

U.S.: 81.0% Europe/U.K.: 8.6% Asia excl. Japan: 5.2% Japan: 5.2%

[China (H.K.)]

U.S.: 61.1% Europe/U.K.: 10.2% Asia excl. Japan: 22.2% Japan: 6.6%3

December 2019

MONEX Global Retail Investor Survey

4December 2019

MONEX Global Retail Investor Survey（1-3）Among retail investors in the U.S. and China, the percentage expecting a stronger U.S.
dollar was highest.
In both the U.S. and China (Hong Kong), the currency that retail investors consider most likely toincrease in value in the coming three months was U.S. dollar. However, the percentage of retailinvestors in the U.S. and China (Hong Kong) who gave this answer fell slightly from the previoussurvey. As for the USD/JPY forecast for the coming three months among Japanese retail investors,
the percentage of retail investors who believe that the yen will depreciate against the dollar increased
significantly.

*Figure 3-1 shows a comparison with the previous survey (December 2019) for retail investors in the U.S. and China (Hong Kong). Figure 3-2 showschanges in USD/JPY forecast among Japanese retail investors from December 2014 to the present. Japanese retail investors were surveyed every monthfrom the start of the survey to April 2016, every two months from June 2016 to December 2016, and every quarter from March 2017 to the present.

5December 2019

MONEX Global Retail Investor Survey（1-4）The percentage of retail investors in Japan investing in cryptocurrency reached its
highest level.
We asked retail investors about much-talked-about “cryptocurrency” such as Bitcoin, with respect totheir experience with it and their willingness to invest in it. The percentage of retail investors in Japananswering that they had already invested in cryptocurrency was 13.1%, the highest level since thisquestion was introduced in June 2017. The percentage of retail investors in China (Hong Kong)
answering that they invest in cryptocurrency rose from the previous survey, but the percentage fell
among retail investors in the U.S.

2．Japan Specific Quarterly Survey Results: Survey of Retail Investors in Japan（2-1） The DIs for U.S., Japanese and Chinese stocks all rose
We asked Japanese retail investors about their outlook for the stock markets in Japan, the U.S. andChina in the coming three months and the DIs for all three improved. While the DIs for Japanesestocks and U.S. stocks were in positive territory, the DI for Chinese stocks was still deep in negative
territory. The DI for U.S. stocks reached a high level of 39, and the bullish view on the U.S. where
the economy is in recovery and stock prices are rising is striking.
6

December 2019

MONEX Global Retail Investor Survey[Japanese Stocks DI]

Sep. 2019: -1  Dec. 2019: 9 (+10 points)[U.S. Stocks DI]

Sep. 2019: 31 Dec. 2019: 39 (+8 points)[China stocks DI]

Sep. 2019: -41  Dec. 2019:-29 (+12 points)

7

December 2019

MONEX Global Retail Investor Survey（2-2）The highest percentage of investors, 40%, forecast the 2020 high for the Nikkei average tobe about 23,000 to 25,000 yen.

We asked Japanese retail investors about their forecast of 2020 highs and lows of the Nikkei StockAverage and the Dow Jones Industrial Average. The percentage forecasting that the 2020 high of theNikkei Stock Average would be 23,000 yen - 25,000 yen was highest, at 40%. The percentage
forecasting a 2020 low of 19,000 yen - 21,000 yen was highest, at 41%. The percentage forecastingthat the 2020 high of the Dow Jones Industrial Average would be $28,000-$30,000 was highest, at38%, while the percentage forecasting a 2020 low of $25,000 -$28,000 was highest, at 45%. The
forecast highs for both Japan and the U.S. are slighly higher than the current index levels while theforecast lows are slightly lower.

8December 2019

MONEX Global Retail Investor Survey

Outline of Survey & Characteristics of Respondents(Japan)
Method:Online survey

Respondents:

Customers of Monex, Inc.

# of Responses:

742

Period:Nov. 29 to Dec. 6, 2019

[Gender]
MaleFemale

85.5%

14.5%

[Age]
Minor

20s

30s

40s

50s

2.2%

14.2%

28.7%

29.0%

Under JPY
5 million

JPY 5 ~10million

JPY 10 ~20million

JPY 20 ~50 million

JPY 50 ~100million

23.4%

19.9%

20.2%

19.6%

12.5%

0.1%

60s

70s or over

16.7%

9.1%

[Financial assets]
Over JPY
100 million
4.3%[Frequency of trading]Severaltimes aweek

Day trading
4.1%

Severaltimes amonth

14.8%

33.5%

1 ~ 5 years

5 ~ 10 years

28.3%

17.1%

Once every few
months30.6%[Experience with stock investment]Less than a year
4.2%

Over 10 years
50.4%(United States)
Method:Online survey

Respondents:

Customers of TradeStation Securities, Inc.

# of Responses:

58

Period:Dec. 2 to Dec. 5, 2019.

(Hong Kong)
Method:Online survey

Respondents:

Customers of Monex BOOM Securities (H.K.) Limited# of Responses:

331

Period:Nov. 26 to Dec. 5, 2019.

9Fewer than that
17.1%

December 2019

MONEX Global Retail Investor Survey

The Monex Global Retail Investor Survey measures customer sentiment based upon answers to specificquestions received from a random sampling of customers of Monex, Inc., TradeStation Securities, Inc.
and Monex Boom Securities (H.K.) Limited. Details of the methodology used to conduct the survey areavailable upon request. Accuracy and completeness of the data derived from the survey are notguaranteed.

The Monex Retail Investor Survey has been published since October 2009, and the Monex Global RetailInvestor Survey since June 2011.
*About the survey- Monex Global Retail Investor Surveys were conducted every quarter from June 2011 to June 2016, every six
months from December 2016, and every year from 2019.

- Retail investor surveys limited to Japan were conducted every month from October 2009 to April
2016, every two months from June 2016 to December 2016, and every quarter from March 2017 to thepresent.

The information contained herein should not be construed as investment research or an offer orsolicitation to buy or sell securities, securities derivatives, or futures products or services. Investor
sentiment derived from the survey responses is no guarantee of future performance or success.

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