31st Monex Global Retail Investor Survey, Conducted in December 2023

The forecast DI (*) for world stock markets rose sharply among retail investors in all threeregions.
Tokyo, Florida and Hong Kong, January 18, 2024 – Monex, Inc., TradeStation Securities, Inc.
(“TradeStation”) and MONEX Boom Securities (H.K.) Limited (“BOOM”), group companies ofMonex Group, Inc. (TSE: 8698), surveyed retail investors with accounts held in the respective
companies about their perceptions of the market environment. The Monex Global Retail Investor
Survey is a report summarizing their responses.

Contact:

Akiko Kato
Corporate Communications OfficeMonex Group, Inc.
+81-3-4323-8698

Yuki Nakano, Taishi Komori
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 theU.S.

January 18, 2024
For Immediate ReleaseMonex, Inc.
TradeStation Securities, Inc.
Monex Boom Securities (H.K.) Limited

31st Monex Global Retail Investor Survey, Conducted in December 2023
The forecast DI (*) for world stock markets rose sharply among retail investors in all three regions
Monex, Inc, (Minato-ku, Tokyo; Yuko Seimei, President) conducted the 31st Monex Global RetailInvestor Survey* in collaboration with Group companies TradeStation Securities, Inc. (Florida, theU.S.; Peter Korotkiy, President) and Monex Boom Securities (H.K.) Limited (China [H.K.], IvanLaw, COO) from December 13 to December 21, 2023.
2023 was a very firm year for the stock markets. Both the Nikkei Stock Average and the Dow Jones
showed yearly rises, moving up 28% and 14%, respectively, and Japanese stocks in particular enjoyedtheir strongest performance since 2013. The TSE Growth Market 250 Index (former Mothers Index)
declined 3%, while the NASDAQ Composite Index rose 43%.
In 2023, monetary tightening progressed in major countries except Japan. In March, financialinstability surfaced in Europe and the United States, and geopolitical risk also persisted. In the UnitedStates, economic growth was solid thanks to vigorous consumption, and growing expectations for asoft landing in the economy pushed up stock prices, along with the end of the phase of rising interest
rates. Japanese stocks also rose sharply in April to June after the Tokyo Stock Exchange requested
listed companies to improve capital efficiency at the end of March. It was also around this time that
Warren Buffett’s investment in Japanese stocks, mentioned in this survey, became a hot topic.
Given that 2024 is said to be an election year and that elections will be held in various countries, themacroeconomic environment surrounding risk assets will become even more important. However, allof us at Monex, Inc., led by our team of analysts, will continue working together to provide informationon the latest 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.
We hope that this survey will aid your investment decisions.
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 sharply among retail investors in all three regions.
We asked retail investors in each region about their views on the world stock market for the coming
three months. Among retail investors in Japan, the U.S., and China (H.K.), the DI increased sharply
from the previous survey (conducted in December 2022). It is confirmed that the degree ofimprovement is particularly large for retail investors in the United States.
*DI (diffusion index):

2

The percentage of respondents who answered “will rise or improve” minus the percentage of respondents who answered“will fall or deteriorate.”
Figure 1: Retail Investors’ Outlook on World Stock Markets (Trends in DIs in Three Regions)(Retail Investors in Japan, U.S. and China (H.K.))

80
60
40

272024-5

230-15-20-40Japan(MONEX)

U.S.
(TradeSta.)

H.K.
(BOOM)-39-60
13/12 14/12 15/12 16/12 17/12 18/12 19/12 20/12 21/12 22/12 23/12(Source) Monex, Inc.

【Forecast DI for world stock markets】[Japan] Dec. 2022: -15 → Dec. 2023: 27 (+42 points)[U.S.] Dec. 2022: -39 → Dec. 2023: 23 (+62 points)[China (H.K.)] Dec. 2022: -5 → Dec. 2023: 24 (+29 points)

Expectations for U.S. stocks were the highest among retail investors in all three regions.
We asked retail investors to name the region with the greatest likelihood of stock price appreciation inthe coming three months. The percentage of respondents who answered that the “U.S.” was the highest
among all retail investors in Japan, U.S., and China (H.K.). More than 91% of U.S. retail investors
had expectations for the U.S. stock markets. The high expectations of world investors for U.S. stocks
were confirmed.
Figure 2-1: Expectation for Areas of Best Equity Performance for the Next 3 Months(Breakdown of Responses in Each Region)(Retail Investors in Japan, U.S. and China (H.K.))

1.7%
Japan
(MONEX)

75.5%

5.2%

17.6%

0.9%
U.S.
(TradeSta.)

3.7%
4.3%

91.1%

1.0%
China(H.K.)(BOOM)

64.0%

0%

20%
U.S.

21.0%

40%
EU/U.K.

60%

80%

Asia excl. JapanJapan

314.0%

100%(Source) Monex, Inc.

【Expectations for stock markets in the coming three months】[Japan] U.S.: 75.5% EU/U.K.: 1.7% Asia excl. Japan: 5.2% Japan: 17.6%[U.S.] U.S.: 91.1% EU/U.K.: 0.9% Asia excl. Japan: 4.3% Japan: 3.7%
[China (H.K.)] U.S.: 64.0% EU/U.K.: 1.0% Asia excl. Japan: 21.0% Japan: 14.0%
The 2024 U.S. market outlook: The highest percentage of retail investors in Japan and the U.S.
expect the 2024 high to be between 36,000 and 40,000.
We asked retail investors in all three regions about their expectations for the Dow Jones high and low
in 2024. Most retail investors in Japan and the U.S. answered that they expect the 2024 high will bebetween 36,000 and 40,000. Meanwhile, most retail investors in China (H.K.) answered that the 2024
high will be between 32,000 and 36,000. While the highest percentage of retail investors in Japan andChina (H.K.) answered that they expect the 2024 low would be between 27,000 and 31,000, the highest
percentage of retail investors in the U.S. answered that they expect the 2024 low would be between
31,000 and 35,000.
[【Reference】Closing price on January 12: $37,592.98]【Retail investors in Japan】
Figu re 3 - 1 ： Dow Jon e s In du strial Ave rage High pric e fore c ast

1.7%

Japan

Figu re 3 - 2 ： Dow Jon e s In du strial Ave rage Low pric e fore c ast

4.0%

Japan

6.8%
9.1%

17.3%

24.2%

39.7%

44.4%

52.7%
Less than $32,000$32,000 - $36,000$36,000 - $40,000$40,000 - $44,000
More than $44,000

Less than $27,000$27,000 - $31,000$31,000 - $35,000
More than $35,000(Source) Monex, Inc.

(Source) Monex, Inc.

【Retail investors in the U.S.】

Figu re 3 - 3 ： Dow Jon e s In du strial Ave rage High pric e fore c ast

Figu re 3 - 4 ： Dow Jon e s In du strial Ave rage Low pric e fore c ast

U.S.

U.S.

5.1%
19.9%

8.5%

16.6%

17.9%

11.2%
29.4%

42.9%

48.6%
Less than $32,000$32,000 - $36,000$36,000 - $40,000$40,000 - $44,000
More than $44,000

Less than $27,000$27,000 - $31,000$31,000 - $35,000
More than $35,000(Source) Monex, Inc.

(Source) Monex, Inc.

4

【Retail investors in China (H.K.)】
Figu re 3 - 5 ： Dow Jon e s In du strial Ave rage High pric e fore c ast

6.5%

China(H.K.)

Figu re 3 - 6 ： Dow Jon e s In du strial Ave rage Low pric e fore c ast
China(H.K.)

8.5%

17.9% 14.9%
18.4%
25.4%

36.8%

41.8%

29.9%
Less than $ 32,000$32,000 - $36,000$36,000 - $40,000$40,000 - $44,000
More than $44,000

Less than $ 27,000$27,000 - $31,000$31,000 - $35,000
More than $35,000(Source) Monex, Inc.

(Source) Monex, Inc.

Japanese investors are optimistic about necessity of risk aversion.
We asked retail investors in all three regions whether they think that the current market
conditions require them to avert risk to certain extent.
While approximately 70% of retail investors in the U.S. and China (H.K.) think that risk
aversion is necessary, fewer than 50% of retail investors in Japan think so.

Figure 4-1: Do You Think That Risk Aversion is Necessary?

21.2%

14.1%45.1%

No

19.9%

17.3%

73.1%

68.5%

33.7%

Yes

China (H.K.)
7.0%(U.S.)(Japan)I don't know.

Yes

No

I don't know.

Yes

No

I don't know.

(Source) Monex, Inc.

2．Japan Specific Quarterly Survey Results: Survey of Retail Investors in Japan
The percentage forecasting that the 2024 high of the Nikkei Stock Average would bebetween 33,000 and 37,000 was highest, at 52.0%.
We asked Japanese retail investors about their forecast for the 2024 high and low of theNikkei Stock Average. The percentage forecasting that the 2024 high of the Nikkei StockAverage would be 33,000 - 37,000 was highest, at 52.0%. The percentage forecasting a2024 low of 26,000 - 29,000 was highest, at 40.7%.
[Closing price on January 12: 35,577.118]

5Figure 10-1: Nikkei Stock Average High Price Forecastin 2024

Figure 10-2: Nikkei Stock Average Low Price
Forecast in 2024

【Retailed investors in Japan】【Retailed investors in Japan】

10.7%

1.1% 4.4%

9.2%
13.8%

31.7%
36.3%

52.0%

Less than 29,000
Between 29,000 yen and 33,000 yen
Between 33,000 yen and 37,000 yen
Between 37,000 yen and 41,000 yen
Higher than 41,000 yen

40.7%

Less than 26,000 yen
Between 26,000 yen and 29,000 yen
Between 29,000 yen and 31,000 yen
Higher than 31,000 yen(Source) Monex, Inc.

(Source) Monex, Inc.

Please refer to the details of the results of the survey in the attached report.
The outline of the survey conducted in Japan, the U.S. and China (H.K.):
Japan
U.S.
Survey period
Dec. 14 to Dec 18,
Dec. 13 to Dec 21,
2023
2023
Number of responses
1,172
940

China(H.K.)
Dec. 14 to Dec 18,
2023

201

Monex, Inc. has been surveying retail investors about their attitudes regarding financial marketconditions, 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(H.K.), we expanded this retail investor survey geographically and added the U.S. and China (H.K.)
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 (H.K.) on a regular basis.

6