低利率下的资产配置系列五：居民部门：配置什么大类资产？

Group 1: Asset Allocation Trends - During periods of rapid interest rate decline, overseas residents show increased demand for liquid and safe assets, favoring cash and deposits while reducing allocations to equities and investment funds[1] - In the U.S., the share of cash deposits rose from 10.9% to 13.9% between September 2007 and the end of 2008, while equities and funds dropped from 43.7% to 33.4%[57] - Japanese residents increased their deposit asset share from 48.6% to 51.2% from 1990 to 1995, while equities and investment funds fell from 20.3% to 13.8%[57] Group 2: Financial Asset Composition - By the end of the low interest rate period in 2019, financial assets accounted for approximately 62.2% of Japanese residents' total assets, up from 35.4% in 1990[51] - In the U.S., the proportion of financial assets in total assets rose from 63.8% in 2007 to about 70% by the end of the low interest rate cycle[46] - The share of insurance and pension assets has shown a consistent increase across various regions, indicating a shift towards these safer investment vehicles during low interest periods[19] Group 3: Behavioral Changes in Investment - U.S. residents' investment in stocks and funds saw a significant increase post-2009, with the share rising from 31.5% to 42% by 2015[86] - Japanese residents have shown a tendency to redeem stocks and investment funds, preferring cash and deposits even during stock market recoveries[73] - In Germany, the financial asset share of total assets decreased from 40.9% in 2007 to 39.6% by the end of 2009, reflecting a cautious approach during the rapid interest rate decline[75]