Overview of Financial Futures Attitude Survey of
Individual Investors
April 2017

Survey outline
Subjects
Subjects

MethodPeriodA total of 2000 individual members of the general public (male and female) from across Japan,
aged in their 20s-70s (selected from the Nippon Research Center Ltd. Web panel)
Regional categories: The nation was divided into three regions (greater Tokyo, greater Kinki,
and other) and the subjects were distributed among these according to the results of the 2015
national census.
* Greater Tokyo: Tokyo, Saitama, Kanagawa, and Chiba prefectures
Greater Kinki: Osaka, Kyoto, Hyogo, and Nara prefectures
Other: All prefectures other than the above
Internet survey
Friday, February 17 – Thursday, February 23, 2017

1. Attributes of survey subjects (respondents)(1) Distribution of survey subjects (respondents) by age[%, n=2,000]

20s
２０代

13.2

14.9

(3) Disturbution of survye subejcts (repsondents) byannual income [%, n=2,000]

10.5

30s
３０代
16.7

19.2

Less than JPY2 million
２００万円未満
15.4
JPY2 million –２００～４００万円未満
less than JPY4 million

15.3

40s
４０代
５０代
50s

19.6

16.5

26.9

６０代
60s

JPY7 million –７００～１０００万円未満
less than JPY10 million

32.1

７０代
70s

(2) Distribution of survey subjects (respondents) by
occupation [%, n=2,000]
0.9
10.7
23.3

6.4

Self-employed, freelance, family
自営業主／自由業／家族従
business
業者
Full-time employee (officers,
常勤雇用（役員・管理職）
managers)
Full-time employee
常勤雇用（非管理職）(non-managerial)
パート・アルバイト
Part-time employee

23.7
22.2
12.9

専業主婦・主夫
Homemaker
Unemployed, pension
無職・年金受給者／学生
beneficiaries/student
その他
Other

JPY4 million –４００～７００万円未満
less than JPY7 million

JPY10 million or more
１０００万円以上

 Among survey subjects (respondents)(this descriptor is
調査対象者（回答者）の年収別分類
ｎ＝2,000
omitted hereinafter), the average annual income was
JPY5.535 million (average calculated using a measureof central tendency), and about 74% of all subjects had
annual income of less than JPY7 million.
29%



一都三県

Self-employed etc. and full-time二府二県
employees etc.
accounted for about 41% of the total, while
56%
unemployed,
pension beneficiariesその他道県
etc. accounted for
15%
about 23%.

2. Trading experience, recognition of financial instruments, motivation to understand instruments,
etc.
(1) Financial instruments with which respondents had experience (Multiple answers) [%, n=2,000]
0.0

20.0

40.0

Equities
株式

2.6

4.7
5.2
3.4

Securities-related futures, options
有価証券関連先物取引、OP取引

0.9

Foreign-exchange
外国為替証拠金取引(FX）
margin (FX) transactions
6.8
Foreign-exchange-related futures
外国為替関連先物取引(FX除…
(excluding FX) or options 0.4

金利関連先物取引・オプション取引

Interest rate futures or options

0.4

Commodity-related futures or options

1.4

No experience trading in any of the
instruments under 1-14
１～14の商品を取引したことがない

At 6.8%, foreign-exchange margin (FX) transactions
were the directly traded margin transactions withwhich the largest percentage of individual investors
had trading experience.

More than one-half of subjects (56.1%) had noexperience with any of the financial instruments at left.

21.6

2.8

商品関連先物取引・オプション取引

3.4

Margin transactions

信用取引

The largest percentage of respondents had
experience with trading in equities, at 34.9%, followedby domestic investment trusts at 21.6% andyen-denominated bonds at 8.1%.

8.1

Domestic investment
trusts
国内投資信託Foreign investment trusts
海外投資信託（為替ヘッジあり）(currency hedged)
Foreign investment trusts
海外投資信託（為替ヘッジなし）(currency unhedged)
Index-linked ETF
指数連動型ETF（上場投資信託）(listed investment trust)



34.9

Yen-denominated
bonds
円建債券
Foreign currency-denominated bonds
外貨建債券（為替ヘッジあり）(currency hedged)
Foreign currency-denominated bonds
外貨建債券（為替ヘッジなし）(currency unhedged)

60.0

56.1

(2) Recognition/understanding of financial-instrument transactions:a) Futures transactions [%, n=2,000]

26.7



On the subject of recognition and understandingof futures and options, the sum of the percentagesof total subjects reporting that they at least “haveknowledge” of such transactions (i.e., thosereporting that they “have strong knowledge andfully understand their content” or “have knowledge
but do not fully understand their content”) was
26.0% for futures and 13.6% for options.



The percentage of respondents who said that they
had “no knowledge” of futures or options (i.e.,
were not aware of them) was 26.7% for futuresand 56.9% for options.

Have strong knowledge andよく知っており十分に理fully understand their content
解している

7.7
18.3

Have knowledge but do not
知っているが十分には理
fully understand their content
解していない名前を聞いたことがある
Have heard of them
程度
47.4

知らない
No knowledge(2) Recognition/understanding of financial-instrument transactions:b) Option transactions [%, n=2,000]

4.0

Have
strong knowledge andよく知っており十分に理fully understand their content

解している

9.6

Have
knowledge but do not
知っているが十分には理
fully understand their content

解していない56.9

29.6

名前を聞いたことがある
Haveheard of them
程度

知らない
No
knowledge

(2) Recognition/understanding of financial-instrument transactions:c) Margin transactions [%, n=2,000]

4.9

On the subject of recognition and understanding of
margin and CFD transactions, the sum of thepercentages of total subjects reporting that they atleast “have knowledge” of such transactions (i.e.,
those reporting that they “have strong knowledge
and fully understand their content” or “haveknowledge but do not fully understand theircontent”) was 13.5% for margin transactions and8.0% for CFD transactions.



The percentage of respondents who said that they
had “no knowledge” of margin or CFD transactions(i.e., were not aware of them) was 64.8% formargin transactions and 78.3% for CFD
transactions.

Have strong knowledge andよく知っており十分に理fully understand their content
解している

8.6
21.8

64.8

Have knowledge but do not
知っているが十分には理
fully understand their content
解していない名前を聞いたことがある
Have heard of them程度
知らないNo knowledge(2) Recognition/understanding of financial-instrument transactions:d) CFD transactions [%, n=2,000]

Have strong knowledge andよく知っており十分に理fully understand their content
解している

2.65.5
13.8

78.3

Have knowledge but do not
知っているが十分には理
fully understand their content
解していない名前を聞いたことがある
Have heard of them程度
知らないNo knowledge

(3) Would you like to understand futures, options, margin, and CFD transactions? [%, n=1,960]
On the subject of desire to understand futures,
options, margin, and CFD transactions, the sum of thepercentages of total subjects reporting that they atleast “would like to understand” such transactions (i.e.,
those reporting that they “very much would like tounderstand” or “given the opportunity, would like tounderstand” them) was 30.7%.



The most common reason for not wanting tounderstand futures, options, margin, and CFD
transactions was “not interest,” given by 63.7% of
respondents.

4.4
Very
much would like to
とても理解したい
understandGiven
the opportunity, would
機会があれば理解したい
like to understand

26.3

41.4

あまり理解したくないNostrong desire to understandNo
desire to understand at all
全く理解したくない

27.9(4) Reasons for not wanting to understand futures, options,margin, and CFD transactions (Multiple answers) [%, n=1,358]
0.0

50.0

理解すること自体が難しそうで面倒
Seem
difficult and troublesome to understand

20.5

危険な取引なのでRisky transactions

22.6

投資対象は株や債券、投資信託で十分
Equities,
bonds, and investment trusts are enough

9.8

勉強する時間がないから
No time to study

5.6

投資する資金がないから
No funds to invest

25.0
63.7

興味がないから
Not interested
その他
Other

0.1

100.0

(5) Desired methods of understanding futures, options, margin, and CFD transactions(Multiple answers) [%, n=697]
0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0

36.2
22.7

Communication of information through TV andテレビや新聞での情報発信
newspapers

29.7

Other 0.4
その他

17.9

(6) Would you recommend futures, options, margin, and CFD
transactions? [%, n=545]

4.2

15.4

36.9

そう思う
Yes
ややそう思うProbably
あまりそう思わない
Probablynot

43.5

When asked if they would recommend futures,
options, margin, and CFD transactions to people theyknew, 19.6% of respondents said that they would (thesum of those answering “yes” and “probably”) while
80.4% said they would not (the sum of thoseanswering “no” and “probably not”).

24.7

Provision of Internet-based learning environments by
業者のネットでの学習環境提供
vendors

Not sure
わからない



35.3

More
understandable descriptions by vendors etc.
業者等の説明をわかりやすくする

Enhancement of financial specialized journals and
金融専門誌や書籍（一般書籍）の充実
books (general publications)

On the subject of desired methods of understanding
futures, options, margin and CFD transactions, the top
responses concerned efforts by vendors: 36.2% said
they desired “provision of Internet-based learning
environments” and 35.3% said they desired “moreunderstandable descriptions by vendors etc.”

28.3

Included in investment education at school etc.
学校等での投資教育の一部に含める

Provision of teaching materials on transactions by
業者からの取引に関する教材の提供
vendorsNo
全くそう思わない(7) Reasons for recommending futures, options, margin, and CFD transactions(Multiple answers) [%, n=107]
0.0

50.0

ハイリターンが期待できるからBecausehigh returns can be expected

62.6

Becausethey can be used as hedges against
原資産の価格変動に対するヘッジ可能
price fluctuations in underlying assets

58.9

Efficient in that they make it possible to invest
少額の元手で多額の投資できて効率的
large amounts with small amounts of capital

100.0

26.2

(8) Reasons for not recommending futures, options, margin,
and CFD transactions(Multiple answers)[%, n=438]
0.0

10.0 20.0 30.0 40.0 50.0 60.0

Due to their high risks
ハイリスクだからDon’t know anybody with assets to hedge
ヘッジする資産を持つ人がいない

55.3
13.5

Due to the possibility of losses exceeding the
元手を上回る損失が発生する可能性
investment capital

34.5

Due to the difficultcontent of the instruments
商品内容が難しいから
Not many seem interested
興味を持つ人が少なそうだから

28.8
18.3

Other
その他

3.4

Not sure
わからない

8.9



When asked for the reasons why they would
recommend futures, options, margin, and CFD
transactions, 62.6% cited “because high returns canbe expected,” while 58.9% cited “because they can beused as hedges against price fluctuations inunderlying assets such as spot-trading stocks andforeign currencies.”When asked for the reasons why they would notrecommend futures, options, margin, and CFD
transactions, 55.3% of respondents cited “due to highrisks,” 34.5% cited “due to the possibility of losses
exceeding the investment capital,” and 28.8% cited“due to the difficult content of the instruments.”

(9) Methods by which you would like to invest in derivatives (direct/indirect) [%, n=2000]
Would
prefer to invest directly
直接自分で行うほうが良by myselfWhen asked about the methods by which they would
like to invest in derivatives, 12.9% of respondents said
they “would prefer to invest directly by myself,” while
12.4% said they “would prefer to invest indirectly
through a professional” and 10.1% said they would
prefer to “invest directly or indirectly as thecircumstances warrant.” Thus, respondents weredivided fairly evenly among these three responses.
The highest percentage (42.4%) answered that they
“will not invest by any method.”When asked whether they would like to use
automated trading (a method of buying and selling
automatically using a specific computer program)when trading in financial instruments, 11.6% answered“yes” and 60.2% answered “no.”

い

22.3

Would
prefer to invest indirectly
プロに任せて間接的に投
through a professional

12.9
12.4
10.1

42.4

資が良い

Invest directly or indirectly as
直接投資と間接投資を使
the circumstances warrant

い分ける

Will
not invest by any method
いずれの方法でも取引は

行わない
Not
sure
わからない

(10) Intent to use automated trading (when trading in financial
instruments [%, n=2000]

28.3

11.6
Yes
利用したい
No
利用したくない

わからない
Not
sure
60.2

3. Awareness of foreign-exchange margin (FX) transactions(1) Recognition/understanding of foreign-exchange margin (FX) transactions [%, n=2000]

19.2



On the subject of recognition and understanding of
foreign exchange margin (FX) transactions, the sum of
the percentages of total subjects reporting that they atleast “have knowledge” of such transactions (i.e., thosereporting that they “have strong knowledge and fully
understand their content” [10.8%] or “have knowledge but
do not fully understand their content” [22.5%]) was
33.3%.

Among those having experience with foreign exchange
margin (FX) transactions, the percentage of respondents
who said that they still engaged in such transactions
currently (hereinafter, this refers to the time of the survey)
was 60.7%. (For reference only, this accounted for 4.1%
of all subjects.)

Have strong knowledge andよく知っており十分に理fully understand their content
解している

10.8

Have knowledge but do not fully
知っているが十分には理
understand their content
解していない22.5

Have heard of them
名前を聞いたことがある
程度

47.5

No knowledge
知らない(2) State of trading in foreign-exchange margin (FX) transactions[%, n(=2.(1))=135]

39.3

Yes
行っている

60.7

No
行っていない(3) Foreign exchange margin (FX) transactions: Reasons for not engaging in transactions(Multiple answers) [%, n=53]
0.0
Received targeted earnings
目標とする利益を得たので

20.0

A look at intention to start (continue) foreignexchange margin (FX) transactions in the future(intentions to start trading in the future and tocontinue trading) shows that the sum of respondents
who said they would like to conduct suchtransactions in the future (the sum of those citing“would like to trade” [5.4%] and “would somewhat
like to trade” [10.4%]) was 15.8%, while the sum of
respondents who said they would not like to conduct
such transactions in the future (the sum of thoseciting “would not like to trade much” and “would not
like to trade at all”) was 84.3%.

32.1
1.9

取引を行いたいWouldlike to trade
やや行いたいWouldsomewhat like to trade

31.1



17.0

(4) Foreign exchange margin (FX) transactions:
Intention to start (continue) transactions [%, n=2000]

53.2

Among those having experience with foreignexchange margin (FX) transactions who did not stillengage in such transactions currently, the mostcommonly cited reason for not engaging in suchtransactions was “not as profitable as I had
expected,” given by 41.5% of respondents. Next
came “no longer have funds to invest,” given by
32.1%, and “suffered unexpectedly large losses due
to sudden changes in market prices,” cited by 28.3%
of respondents.

28.3

No longer have funds to invest
投資する余裕がなくなったので

5.4
10.4



41.5

Suffered unexpectedly large losses
予期せぬ大きな損失を被ったので

Other
その他

60.0

7.5

Not as profitable as I had expected
期待したほどの利益が得られなかった

Decided that other financial instruments are more
他金融商品取引のほうが効率的と判断
efficient investments

40.0

あまり行いたくない
Would
not like to trade much
全く行いたくない
Would
not like to trade at all(5) Foreign exchange margin (FX) transactions: Reasons for wanting to engage in transactions
Multiple answers [%, n=315]
0.0

20.0

40.0



When asked about reasons for wanting to engage in
foreign exchange margin (FX) transactions in the
future, the highest percentage of respondents, at
54.6%, cited “because high returns can be expected,”
followed by “because they make it easy to invest in
foreign currencies” at 35.6% and “because they makeit possible for numerous investors to profit” at 29.8%.

When asked about reasons for not wanting to engage
in foreign exchange margin (FX) transactions in the
future, the highest percentage of respondents, at
50.0%, cited “because the risks are too high,” followedby “because I do not have enough funds to invest” at
36.7%. The answer “not sure” was given by 16.2% of
respondents.

54.6

Because high returns can be expected
ハイリターンが期待できるからBecause they make it possible for numerous investors
多くの投資者が利益を得ているから
to profit

29.8

To hedge foreign-exchange risks of foreign-currency
外貨建て資産の為替リスクをヘッジ
assets19.0

Because they make it easy to invest in foreign
手軽に外国通貨への投資
currencies

35.6

Because they make it possible to convert foreign
外貨を円に換えられるから
currency to yen
Other
その他

60.0

12.1
0.6

(6) Foreign exchange margin (FX) transactions:Reasons for not wanting to engage in transactions
Multiple answers [%, n=1685]
0.0

20.0

40.0

リスクが高いから
Becausethe risks are too high

50.0

多くの投資者が損失を被っているから
Because many investors suffer losses
I do not have/am not interested in foreign-currency
外貨建て資産の保有なし・関心なし
assets

13.0
6.5

FXを含むﾃﾞﾘﾊﾞﾃｨﾌﾞ取引に関心なし
Not interested in derivatives , including FX

9.7

Because the content
of the instruments is hard to
商品内容が難しいから
understand

15.4

Because I投資する余裕がないから
do not have enough funds to invest

その他
Other
わからない
Not sure

60.0

36.7
0.8
16.2

(7) Recognition of listed transactions and Over-the-Counter transactions [%, n=2000]
When asked if they knew that there were two types offoreign exchange margin (FX) transactions—listed (onexchanges etc.) and OTC—the percentage thatanswered “yes” was 16.1%.

On the subject of their impressions of foreignexchange margin (FX) transaction vendors, 25.2% of
respondents said “they would appear to involve a highrisk of bankruptcy,” 21.4% cited “they are heavily
involved in Internet trading,” 11.6% said “they are notvery reliable,” and 11.2% said “many of them arenewer companies.” About one-half of respondents, at
50.5%, answered “none/not sure.”

16.1

知っていた
Yes
知らなかったNo
83.9(8) Impressions of foreign exchange margin (FX) transaction
vendors: Multiple answers [%, n=2000]
0.0
They
make it possible to trade with peace of mind
安心して取引を行うことができる

20.0
25.2
3.6
11.6

They信頼性が低い
are not very reliable

21.4

They areインターネット取引が多い
heavily involved in Internet trading

伝統的な会社が多い
Many of them
are traditional companies

1.4
11.2

Many of them
are newer companies
新しい会社が多い
Many ofthem are unique companies
個性的な会社が多い

3.6

Many of them
are foreign companies
海外の会社が多い

4.2

Other
その他
None/not sure
特にない・わからない

60.0

4.3

They would appear to involve a high risk of
破たんリスクが高そう
bankruptcy

公正なイメージがある
They have a fair image

40.0

0.5
50.5

4. Knowledge of financial instruments(1) Methods of collecting knowledge of and information on financial instruments: Up to three answers [%, n=2000]
Consultation
with financial institutions
金融機関の窓口での相談

11.8

When asked what kind of information they would liketo obtain about financial instruments and investing,
21.4% cited “knowledge of the structures and risks ofindividual financial instruments.” On the other hand,
37.6% answered that they “do not need knowledge”
and 20.0% answered “not sure.”Consultation
with experts, advisors
専門家・アドバイザーへの相談
Massmedia (TV, newspapers, etc.)
マスメディア（テレビ・新聞等）

4.3

Websites
ウェブサイトDiscussions
with family and friends (word of mouth)
家族・友人との会話（クチコミ）
Courseor lecture at school (including those for business
学校(社会人向け含む)での授業・講演
people)Books
on financial instruments and investment
金融商品・投資に関する書籍

12.5

0.3



Participationin lectures, seminars
講演会・セミナーへの参加

8.8
8.1

9.8

When asked how they acquired knowledge of andinformation on financial instruments, 21.7% cited“websites” and 12.5% cited “mass media (TV andradio programs, newspapers and magazines, etc.),
followed by “consultation with brokers and financial
institutions (explanations by sales staff),” at 11.8%.
The percentage who answered that they “do notchoose financial instruments” to begin with was
47.4%.

Pamphlets
at financial institutions
金融機関においてあるパンフレット

47.4

6.7



21.7

Other
sources of information
その他の情報源

9.5

どこで習得すればいいか不明
Notsure where to learn
金融商品を選択することはないDo
not choose financial instruments

0.8(2) Knowledge obtained concerning financial instruments:
Multiple answers [%, n=2000]
0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0
Knowledge of the structures and risks of individual financial
金融商品の仕組みやﾘｽｸに関する知識
instruments
Knowledge of how to start trading in financial instruments
金融商品取引の始め方に関する知識
Knowledge of tax systems on financial instruments
金融商品税制の仕組みに関する知識
Knowledge of the economic roles of financial instruments
経済における金融商品の役割の知識
General economic knowledge
経済に関する全般的な知識
Basicknowledgeofforeign exchange and interest
外国為替や金利に関する基礎的な知識
Knowledge
foranalyzing
individual
financial instruments
個別の金融商品を分析する為の知識
Knowledge on investing in individual financial instruments
個別の金融商品運用についての知識
Other
その他
Not
sure
わからない
Do
not
need
knowledge
知識は必要ない

21.4
14.1
15.5
11.6
18.6
12.0
13.0
9.8
0.1
20.0
37.6

FY2016 Overview of Financial Futures Attitude Survey of Individual Investors
The Financial Futures Association of JapanNBF Ogawamachi Building, 1-3 Kanda Ogawamachi, Chiyoda-ku, Tokyo 101-0052
Address any inquiries concerning this survey to: Research/Analysis Project Team (attn.: Kuragata)
Unauthorized reproduction prohibited