日本股市散户“入场券”高昂：100股交易单位成门槛 上市公司掀起拆股潮

Core Insights - The Japanese stock market has been reaching new highs this year, but retail investors find it difficult to participate due to the requirement of purchasing stocks in units of 100 shares, leading to high minimum investment amounts [1][3] - Companies are responding by announcing stock split plans at the fastest pace since 2018, aiming to lower the minimum investment threshold for retail investors [1][3] Group 1: Market Dynamics - The minimum trading unit of 100 shares is unique among G7 countries, where units can be as low as 1 share in the US and UK [3] - The Tokyo Stock Exchange has suggested that companies set minimum investment amounts below 500,000 yen, as retail investors typically prefer investments under 100,000 yen [3] Group 2: Company Strategies - Companies like SoftBank have announced stock splits to make their shares more accessible to a broader range of investors, especially after significant price increases [3] - Stock splits have reportedly led to an increase of 2.67 million retail investors, with companies like Suzuki experiencing a 53% growth in individual shareholders following a stock split [6] Group 3: Investor Behavior - Retail investors are increasingly focused on minimum investment amounts rather than just stock prices, with stock splits seen as a way to attract those who previously could not afford to invest [1][6] - The revised tax-free Japanese Individual Savings Account (NISA) is also contributing to attracting individual investors, with 29% prioritizing investments in Japanese stocks [6] Group 4: Challenges and Considerations - Companies may hesitate to implement stock splits due to increased management costs and the typically short-lived price increases following a split, with average returns of only 0.6% one month post-split [7] - The last significant surge in stock splits occurred in 2018 when the Tokyo Stock Exchange standardized the trading unit to 100 shares [7]