Twenty-Fourth Monex Global Retail Investor Survey, December 2017
The forecast DI for the world stock markets rose sharply in all three regions
Tokyo, Florida and Hong Kong, December 15, 2017 – 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
Retail Investor Survey is a report summarizing their responses.

Contact:

Akiko Kato, Yumi Matsuzaki, Toshiaki Koike
Corporate 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 in
the U.S.

December 15 2017

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

Twenty-Fourth Monex Global Retail Investor Survey, December 2017
～The forecast DI for world stock markets rose sharply in all three regions～Monex, Inc, (Minato-ku, Tokyo; Oki Matsumoto, President; hereinafter “Monex, Inc.”) conducted thetwenty-fourth Monex Global Retail Investor Survey* in collaboration with Group companies
TradeStation Securities, Inc. (Florida, the U.S.; John Bartleman, President) and Monex Boom Securities(H.K.) Limited (China (Hong Kong), Ivan Law, COO) from November 27 to December 1, 2017.
Summary Findings

1. Global Survey Results: Survey of Retail Investors in Japan, U.S. and China (H.K.)
Global stock markets kept rising. Japanese and U.S.
stock markets maintained a particularly firm tone.
The Dow Jones Industrial Average reached a new
historic high at the beginning of December, closing
above 24,000 dollars. The Nikkei Stock Averagealso hit its highest level for 26 years, briefly moving
above

23,000yenonNovember

9.

Onecharacteristic of this survey is that, under these
positive market conditions, investment sentiment
improved among retail investors in all three regions.
We asked retail investors in each region about their

Figure1：Outlook on Stocks Globally for the Next 3 Months（Japan、U.S.、China（H.K.））

80
60

48
33

40

46
37

16

20

7

0
-20
-40

Japan
(MONEX)

U.S.
(TradeSta.)

H.K.
(BOOM)-60
12/06 12/12 13/06 13/12 14/06 14/12 15/06 15/12 16/06 16/12 17/06 17/12

Source: Monex, Inc.

views on world stock markets for the coming three months. In all three regions, the DI rose sharply fromthe previous survey (conducted between May and June 2017). Especially among retail investors in the
U.S. and Japan, the DI showed a substantial increase of more than 30 points. The results suggest thatgains in world stock markets improved sentiment among retail investors.
[Figures 1 on Page 2 (Exhibit)][Forecast DI: Japan]

June 2017: 7 Dec. 2017: 37 (+30 points)[Forecast DI: U.S.]

June 2017: 16 Dec. 2017: 48 (+32 points)[Forecast DI: China (H.K.)] June 2017: 33 Dec. 2017: 46 (+13 points)

1

We asked retail investors about the investment appetite

Figure7: About Cryptocurrency

for “cryptocurrency” such as bitcoins which we see（Japan、U.S.、China（H.K.））

characteristic of this survey that the percentage of retailsurvey in all three regions. The percentage of retailinvestors in U.S. and China (Hong Kong) answering that

61.0%

2.5%

201706 3.0%

34.9%

59.7%

2.4%

11.2%

201706 3.3%

25.9%

23.8%

11.2%

50.8%

32.9%

14.3%

201712

51.7%

22.1%

30.1%

22.8%

H.K.
(BOOM)

they had already invested in cryptocurrency exceeded

31.5%

201712

U.S.
(TradeSta.)

investors actually investing increased from the previous

201712 4.9%

Japan
(MONEX)

increased number of media coverage these days. It was a

10.3%

201706

10%, and investment in cryptocurrency may be gradually

25.0%

0%

20%

39.7%
40%

60%

25.0%
80%

100%

I already have invested in cryptocurrency

becoming more widespread around the world.

I am interested in cryptocurrency but I have not invested yet
I am not interested in cryptocurrency[Figures 7 on Page 6 (Exhibit)]

I am not familiar with cryptocurrency

Source: Monex, Inc.

2. Japan Quarterly Survey Results: Survey of Retail Investors in JapanOn October 27, 2017, Monex, Inc. announced its forecast that the Nikkei Stock Average would continue
to rise toward 30,000yen. We asked Japanese retail investors whether there had been any change in theirinvestment appetite following this forecast. Around 30% of retail investors answered that theirinvestment appetite became stronger, far exceeding the percentage who answered that their investment
appetite became weaker. Moreover, a majority of Japanese retail investors answered that they thought the
Nikkei Stock Average would reach a high of between 25,000 yen and 30,000 yen in 2018.
[Figures from12-1 to 12-2 on Page 9 (Exhibit)]
Figure12-1：Was there any change in your investment appetite following
our forecast that the Nikkei Average would reach 30,000 yen?

Figure12-2: What is the highest level you think the Nikkei Average will reach in 2018?
（Japan、U.S.、China（H.K.））（Ｊａｐａｎ）

3.7%

2.6%
9.2%

6.3%
29.4%

32.4%

52.1%

64.4%

My investment appetite is stronger

My investment appetite is the same

Higher than 35,000 yen

Between 30,000 yen and 35,000 yen

Between 25,000 yen and 30,000 yen

Between 20,000 yen and 25,000 yen

Lower than 25,000 yen

My investment appetite is weaker

Source: Monex, Inc.

Source: Monex, Inc.

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.)

Japan

Survey period
Number of responses

U.S.

China (H.K.)

Nov. 27 to Dec.1, 2017.

Nov. 27 to Dec.1, 2017.

Nov. 27 to Dec.1, 2017.

1,024

116

356

2

** DI (diffusion index): The percentage of respondents who answered “will rise or improve” minus the percentage of
respondents who answered “will fall or deteriorate”

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” since October 2009. In addition to Japan, as our group has
established securities businesses in the U.S. and China (Hong Kong), we expanded this retail investor survey
geographically and added the U.S. and China (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 havebeen jointly conducting this survey and observing retail investors’ attitudes about financial market conditions in Japan, theU.S. and in China (Hong Kong) on a regular basis.

3

Monex Global Retail Investor Survey
December 2017

Executive Summary
Yutaka Masushima, Market Analyst, Monex Inc.

We are pleased to bring you results of our twenty-fourth Monex Global Retail Investor Survey.

During the period covered by the survey, global stock markets kept rising, with Japanese and US
stock markets making particularly strong gains. The Dow Jones Industrial Average reached a new
historic high at the beginning of December, closing above 24,000 dollars. The Nikkei Stock Averagealso hit its highest level in 26 years, briefly moving above 23,000 yen on November 9. One
characteristic of this survey is that, under these positive market conditions, investment sentiment
improved among retail investors in all three regions.

Media coverage on cryptocurrency is becoming more widespread and interest appears to be increasing
gradually around the world. With some arguing that “cryptocurrency is a groundbreaking innovation”
and others arguing that “cryptocurrency is not an innovation and the recent price increases are just abubble,” the jury is, of course, still out. To find out more about the investment trend among retailinvestors, in this month’s survey, we asked retail investors about their experiences investing incryptocurrency. In all three regions, the percentage of retail investors who had invested in
cryptocurrency increased from the previous survey. While there are still many retail investors who havenever invested in cryptocurrency interest appears to be gradually increasing after all.

Monex, Inc. announced its forecast that the Nikkei Average would continue to rise toward 30,000 yen.
Of course, given risk factors such as “Russiagate” and the North Korea crisis, this is unlikely to be an
inexorable upward trajectory. In an uncertain environment, there may be times when retail investors areunable to decide what to do. However, Monex, Inc. will continue to disseminate information on thelatest developments that will serve as a useful reference for retail investors.

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 Dec. 15, 2017）1

December 2017

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 sharply in all three regions.

We asked retail investors in each region about their views on world stock markets for the coming
three months. In all three regions, the DI rose sharply from the previous survey (conducted
between May and June 2017). Especially among retail investors in U.S. and Japan, the DI showed asubstantial increase of 30 points or above. The results suggest that gains in world stock markets
improved sentiment among retail investors.

[Forecast DI: Japan]

June 2017: 7 Dec. 2017: 37 (+30 points)[Forecast DI: U.S.]

June 2017: 16 Dec. 2017: 48 (+32 points)[Forecast DI: China (H.K.)] June 2017: 33 Dec. 2017: 46 (+13 points)
Figure1：Outlook on Stocks Globally for the Next 3 Months（Japan、U.S.、China（H.K.））

80
60

48
33

40

46
37

16

20

7

0
-20
-40

Japan
(MONEX)

U.S.
(TradeSta.)

H.K.
(BOOM)-60
12/06 12/12 13/06 13/12 14/06 14/12 15/06 15/12 16/06 16/12 17/06 17/12

Source: Monex, Inc.

* 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 2017

MONEX Global Retail Investor Survey(1-2) Expectations for U.S. and Japanese stocks increased among retail investors in all three
regions.
The percentage of retail investors in Japan and U.S. who answered that U.S. was the region where
there is the greatest likelihood of stock price appreciation in the coming three months was thehighest, as in the previous survey. Among retail investors in China (Hong Kong), however,expectations for Asia (excluding Japan) were highest. One trend common to retail investors in all
three regions was that expectations for U.S. and Japanese stocks increased from the previous
survey.

Expectations for U.S and Japanese stocks may have increased due to strong stock gains,with the Dow Jones Industrial Average reaching a new historic high and the Nikkei Stock Averagealso hitting its highest level in 26 years.
【Expectations for stock markets in the coming three months】[Japan]U.S.: 44.2% Europe/U.K.: 9.2% Asia excl. Japan: 15.8% Japan: 30.8%[U.S.]

U.S.: 62.1% Europe/U.K.: 12.9% Asia excl. Japan: 19.0% Japan: 6.0%

[China (H.K.)] U.S.: 37.6% Europe/U.K.: 7.3% Asia excl. Japan: 48.3% Japan: 6.7 %Figure2-1: Expectation for Areas of Best Equity Performance for the Next 3 Months（Japan、U.S.、China（H.K.））

Figure2-2: Expectation for Areas of Best Equity Performance for the Next 3 Months（Japan）

70.0%

Japan
(MONEX)

9.2%

44.2%

15.8%

U.S.

Europe/U.K.

Asia excl. Japan

Japan

60.0%

30.8%

50.0%

U.S.
(TradeSta.)

62.1%

12.9%

6.0%

H.K.
(BOOM)

37.6%

7.3%

48.3%

44.2%

40.0%

19.0%

35.9% 30.8%

30.0%

6.7%

23.5%

20.0%

20.3%

15.8%

10.0%

0%

20%
U.S.

40%

Europe/U.K.

60%
Asia excl. Japan

100%

80%
Japan

9.2%
0.0%

12/06

12/12

13/06

13/12

14/06

14/12

15/06

15/12

16/06

16/12

17/06

17/12

Source: Monex, Inc.

Source: Monex, Inc.

Figure2-3: Expectation for areas of Best Equity Performance for the Next 3 Months

Figure2-4: Expectation for areas of Best Equity Performance for the Next 3 Months（U.S,）

China（H.K.）

90%

U.S.

Europe/U.K.

Asia excl. Japan

80%

Japan

（米国の個人投資家） 推移

80%
70%

62.1%

60%
50%

U.S.

Europe/U.K.

Asia excl. Japan

Japan

70%
60%
50%

46.0% 48.3%

40%

37.6%

55.8%

40%
30%
20%
10%
0%

28.7%

30%

19.0%

20%

12.9%

10%

13.9%
1.6%

6.0%

33.0%
14.7%
6.3%

7.3%

6.7%
0%
12/06 12/12 13/06 13/12 14/06 14/12 15/06 15/12 16/06 16/12 17/06 17/12

Source: Monex, Inc.

Source: Monex, Inc.

3

December 2017

MONEX Global Retail Investor Survey(1-3) The percentage of retail investors expecting a stronger dollar increased in U.S.
In both 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, while the percentage ofretail investors in U.S. who answered U.S. dollar rose, the result for China (Hong Kong) fellslightly. The percentage of retail investors in Japan who forecast a weaker yen against the dollar in
the coming three months was 38%, rising from 33% in the previous survey (conducted in
September 2017).
Figure3-1: Strongest Currency Over the Next 3 Months(vs Previous survey）

Figure3-2: JPY Against the Dollar for the Next 3 Months（U.S.、China（H.K.））(Japan)90%

U.S. (TradeSta.)

2.6%
201712

51.7%

13.8% 4.3% 10.3%

6.0%
11.2%

201706

45.2%

22.1%

4.9%

H.K. (BOOM)

16.0%

9.6%

21.1%

39.0%

14.3%

10.0%
8.0%

0%

20%
USD

EUR

40%
GBP

JPY

60%
AUD

CNY

40% 38%80%
Others

27%

20%

32%
30%

10%

18.3%
8.3%

33%

30%

3.1%

201706

50%
40%

3.9%

7.6%
38.8%

60%

5.7%
4.1%

201712

70%

4.9%

13.1%

80%

2.0%

0%

13/6

100%

13/12

14/6

14/12

Depreciate

15/6

15/12

Stay Unchanged

16/6

16/12

17/6

17/12

Appreciate

Source: Monex, Inc.

Source: Monex, Inc.

*Figure 3-1 shows a comparison with the previous survey (between May and June 2017) for retail investors in U.S. and China (Hong Kong). Figure
3-2 shows changes in USD/JPY forecast among Japanese retail investors from December 2012 to the present. Japanese retail investors were surveyed
every month from 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.

(1-4) On the list of most attractive sectors, “Technology” ranked top in all three regions.
As in the previous survey, “Technology” continued to be ranked in the top on the list of the most
attractive sectors among retail investors in Japan, U.S. and China (Hong Kong). There was no
major change in the other sectors. However, while “Finance” was ranked high by retail investors in
U.S and China (Hong Kong), “Banks” ranked low in Japan, and a difference in bias was apparent.

4December 2017

MONEX Global Retail Investor Survey

Figure4-1: Attractive Sectors

Figure4-2: Attractive Sectors（U.S.、China（H.K.））(Japan)13/6 13/12 14/6 14/12 15/6 15/12 16/6 16/12 17/6 17/12
011（In parentheses previous ranking）

Medical
Telecom

44

Machinery

55
66

Commerce

77
88

Source: Monex, Inc.

Technology

22
33

Automobiles
Real Estate
Retail

99

Oil

10
10

Steel
Banks

11
11
12
12

Marine13
13Electric/Gas

Source: Monex, Inc.

*Figure 4-1 shows a comparison of rankings with the previous survey (conducted between May and June 2017) for retail investors in U.S. andChina (Hong Kong). Figure 4-2 shows changes in the ranking among Japanese retail investors from June 2013 to the present. Japanese retailinvestors were surveyed every month from 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.

(1-5) The Crude Oil DI rose sharply in all three regions.
The Crude Oil DI rose substantially from the previous survey among retail investors in Japan, U.S.
and China (Hong Kong). The DI reached its highest level in several years, with rising oil prices
giving retail investors a more bullish outlook. Results for the Metals DI were mixed, with the DI
falling among retail investors in Japan but rising among retail investors in U.S. and China (HongKong).

[Expectations for Crude Oil]
[Japan]June 2017：8 → Dec. 2017： 37 (+29 points)[U.S.]

June 2017：23→ Dec. 2017： 39 (+16 points)[China (Hong Kong)]

June 2017：19 →Dec. 2017： 35 (+16 points)[Metals][Japan]June 2017：40 → Dec. 2017：34 (-6 points)[U.S.]

June 2017：28 → Dec. 2017：47 (+19 points)[China (Hong Kong)]

June 2017：19 → Dec. 2017：27 (+8 points)

5

December 2017

MONEX Global Retail Investor Survey

Figure5-1: Crude Oil DI

Figure5-2: Metals DI（Japan、U.S.、China（H.K.））（Japan、U.S.、China（H.K.））

80

80
Japan (MONEX)U.S. (TradeSta.)

H.K. (BOOM)

Japan (MONEX)

60

60
39
37

40
23
20

40
40

47
34

28

35

20

19

27
19

8

0

U.S. (TradeSta.)

H.K. (BOOM)

0

-20

-20

-40
12/06 12/12 13/06 13/12 14/06 14/12 15/06 15/12 16/06 16/12 17/06 17/12-40
12/06 12/12 13/06 13/12 14/06 14/12 15/06 15/12 16/06 16/12 17/06 17/12

Source: Monex, Inc.

Source: Monex, Inc.

(1-6)

The percentage of retail investors forecasting a further rate hike in U.S. in December

ranged from 50% to 60%.
Figure6: When will the Fed start to raise interest rates next time?

The percentage of respondents who answered that thetiming of the FRB’s next rate hike would be December（Japan、U.S.、China（H.K.））

Japan(MONEX)

46.8%

53.2%

2017 was around 60% in U.S. and just under 50% inJapan and China (Hong Kong). The market view is thata December rate hike is almost certain, and a difference

U.S.
(TradeSta.)

59.5%

H.K.
(BOOM)

in view compared with retail investors is evident.

40.5%

48.3%

0%

20%

51.7%

40%
Dec. 2017

60%

80%

100%

After 2018

Source: Monex, Inc.

(1-7) The percentage of retail investors investing in cryptocurrency increased in all three
regions.
We asked retail investors about much-talked-about

Figure7: About Cryptocurrency（Japan、U.S.、China（H.K.））

characteristic of this survey that the percentage ofretail investors actually investing increased from the

31.5%

61.0%

2.5%

201706 3.0%

34.9%

59.7%

2.4%

11.2%

201712

U.S.
(TradeSta.)

previous survey in all three regions. The percentage

201712 4.9%

Japan
(MONEX)“cryptocurrency” such as bitcoins. It was a

201706 3.3%

25.9%

51.7%

23.8%

11.2%

50.8%

22.1%

of retail investors in U.S. and China (Hong Kong)
14.3%

10.3%

201706

cryptocurrency exceeded 10%, and investment incryptocurrency may be gradually becoming more

32.9%

30.1%

0%

25.0%
20%

60%

80%

I already have invested in cryptocurrency
I am interested in cryptocurrency but I have not invested yet
I am not familiar with cryptocurrency

Source: Monex, Inc.

6

25.0%

39.7%
40%

I am not interested in cryptocurrency

widespread around the world.

22.8%

H.K.
(BOOM)

201712

answering that they had already invested in100%December 2017

MONEX Global Retail Investor Survey

2. Japan Quarterly Survey Results: Survey of Retail investors in Japan(2-1) The DI for Japanese stocks, U.S. stocks and Chinese stocks rose sharply.
We asked Japanese retail investors about their outlook for the stock markets in Japan, U.S. andChina in the coming three months. The DI for all three (Japanese stocks, U.S. stocks and Chinese
stocks) rose sharply from the previous survey (conducted in September 2017). In particular, the DI
for U.S. stocks surged 48 points from the previous survey, turning positive. With U.S. economy
booming and key economic indicators at historic levels, the implementation of tax cuts, etc. is
expected, and Japanese retail investors may, therefore, expect further economic expansion in U.S.
Sep. 2017: 14  Dec. 2017: 33 (+19 points)[Japanese Stocks DI][U.S. Stocks DI]

Sep. 2017: -2  Dec. 2017: 46 (+48 points)[China stocks DI]

Sep. 2017: -23  Dec. 2017: -9 (+14 points)

Figure9-1: Outlook on Stocks for the Next 3 Months

Figure9-2: Japanese Investor's Domestic DI and Nikkei 225(Japan)(Japan)

80
Japan

60

U.S.

80

China

24,000DI in Japan

70

46

40

33

22,00020,00050

1420

Nikkei225

60

18,000

40

0

-2

-9

14

10

-60

13/12

14/6

14/12

15/6

15/12

16/6

16/12

17/6

(10)
13/12

17/12

12,00010,0000-80

16,00014,000

20

-23

-40

33

30

-20

8

14/6

14/12

15/6

8,000

15/12

16/6

16/12

17/6

17/12

Source: Monex, Inc.

Source: Monex, Inc.

(2-2) Although the DIs for “trading frequency” and “investment amount” for Japanese stocks
rose, the DI for “number of stocks held” remained flat.
Although the DIs for “trading frequency” and “investment amount” for Japanese stocks rose fromthe previous survey, the DI for “number of stocks held” remained flat.

[DI of trading frequency]

Sep. 2017: 23  Dec. 2017: 36 (+13points)[DI of investment amount]Sep. 2017: 18  Dec. 2017: 21 (+3points)[DI of the number of stocks held]

Sep. 2017: 12  Dec. 2017: 12 (0 points)

7

December 2017

MONEX Global Retail Investor Survey

Figure10-1:Investment Willingness for the Next 3 Months and Nikkei225

Figure10-2:Investment Willingness for the Next 3 Months(Japan)(Japan)80
70

Nikkei225

22,00060Frequency DI

Amount DI

Number DI

40
36

20,00050

30

18,00040

23

16,000

33

30

14

10

18
10

0

10,000
8,000
14/6

14/12

15/6

15/12

16/6

16/12

17/6

12

12

12,0000

21

20

14,000

20

(10)
13/12

50

24,000DI in Japan

-10
13/06

17/12

Source: Monex, Inc.

13/12

14/06

14/12

15/06

15/12

16/06

16/12

17/06

17/12

Source: Monex, Inc.

(2-3) Interest in the corporate earnings of Japanese companies remained high.
The topic that received the greatest attention among Japanese retail investors was “corporate
earnings” in Japan. Japanese companies are expected to post record profits in the current fiscal year,
and this may in part explain the continued high level of interest.
Figure11-1： Topic

Figure11-2： Topic（Change From Previous Survey）(Japan)(Japan)

Japan

U,S,

EuropeChina（incl.H.K.）

Emerging
country（excl.China）

Corporateearnings

87.5%

46.1%

14.0%

13.7%

9.0%

Macroeconomics

57.9%

62.0%

21.4%

23.1%

Exchange rate
trend

67.9%

62.9%

20.7%

6.8%

Rate movements

49.9%

69.3%

19.6%

Monetary policy

59.2%

67.2%

27.2%

Politics,diplomacy

60.1%

67.0%

32.3%

43.7%

Source: Monex, Inc.

Japan

U,S,

EuropeChina（incl.H.K.）

Emerging
country（excl.China）

Corporateearnings

-0.2

2.9

1.2

-0.9

-1.5

15.7%

Macroeconomics

-2.8

-2.6

-5.0

-0.7

3.0

9.6%

Exchange rate
trend

-2.7

-4.2

-5.2

-1.6

-2.0

6.3%

6.5%

Rate movements

-1.1

-0.2

-0.5

0.3

-1.1

14.9%

7.3%

Monetary policy

-2.8

-0.7

-0.7

-0.7

1.4

21.4%

Politics,diplomacy

-5.6

-5.2

0.2

-3.9

0.0

Source: Monex, Inc.

(point)（2-4 ）Around 30% of Japanese retail investors showed increased investment appetite
following Monex, Inc.’s forecast that the Nikkei Average would reach 30,000yen.
On October 27, 2017, Monex, Inc. announced its forecast that the Nikkei Stock Average would
continue to rise toward 30,000yen. We asked Japanese retail investors whether there had been any
change in their investment appetite following this forecast. Around 30% of retail investors
answered that their investment appetite became

stronger, far exceeding the percentage who

answered that their investment appetite became weaker. Moreover, a majority of Japanese retailinvestors answered that they thought the Nikkei Average would reach a high of between 25,000 yen
and 30,000 yen in 2018.

8

December 2017

MONEX Global Retail Investor Survey

Figure12-1：Was there any change in your investment appetite following
our forecast that the Nikkei Average would reach 30,000 yen?

Figure12-2: What is the highest level you think the Nikkei Average will reach in 2018?
（Japan、U.S.、China（H.K.））（Ｊａｐａｎ）

3.7%

2.6%
9.2%

6.3%
29.4%

32.4%

52.1%
64.4%

My investment appetite is stronger

My investment appetite is the same

My investment appetite is weaker

Source: Monex, Inc.

Higher than 35,000 yen

Between 30,000 yen and 35,000 yen

Between 25,000 yen and 30,000 yen

Between 20,000 yen and 25,000 yen

Lower than 25,000 yen

Source: Monex, Inc.

9

December 2017

MONEX Global Retail Investor Survey

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

Respondents:

Customers of Monex, Inc.

# of Responses:

1,024

Period:Nov. 27 to Dec.1, 2017.

[Gender]
Male

Female

85.0%

15.0%

[Age]
Minor

20s

30s

40s

50s

2.9%

13.2%

27.5%

29.0%

Under
JPY
5 million

JPY 5
~10
millionJPY 10 ~20 million

JPY 20 ~50 million

JPY 50 ~100 million

21.5%

19.3%

19.6%

22.5%

11.6%

0.3%

60s

70s or over
19.3%

8.8%

[Financial assets]
Over JPY
100 million
5.5%[Frequency of trading]Severaltimes aweek

Day trading
4.3%

Severaltimes a
month

18.6%

Once every few months

32.9%

28.8%

[Experience with stock investment]Less than a year

1 ~ 5 years

5 ~ 10 years

19.4%

17.2%

6.6%

Over 10 years
56.7%(United States)
Method:Online survey

Respondents:

Customers of TradeStation Securities, Inc.

# of Responses:

116

Period:Nov. 27 to Dec.1, 2017.

(Hong Kong)
Method:Online survey

Respondents:

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

356

Period:Nov. 27 to Dec.1, 2017.

10

Fewer than that
15.4%

December 2017

MONEX Global Retail Investor Survey

The Monex Global Retail Investor Survey measures customer sentiment based upon answers tospecific questions received from a random sampling of customers of Monex, Inc., TradeStation
Securities, and Monex Boom Securities (H.K.) Limited. Details of the methodology used to conduct
the survey are available upon request. Accuracy and completeness of the data derived from the survey
are not guaranteed.

The Monex Retail Investor Survey has been published since October 2009, and the Monex Global
Retail Investor Survey since June 2011.
*About the survey-Surveys were not conducted in March 2011 given consideration to the circumstances following theGreat East Japan Earthquake.
-Monex Global Retail Investor Surveys were conducted every quarter from June 2011 to June 2016,
and every six months from June 2016.
- 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
the present.

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.

11