Prime Minister Fumio Kishida aims to spur competition in the country's $5 trillion asset management industry by prompting new market entrants to turn dormant household savings into investments, he told investors in New York.

The Japanese government is reviving its decades-old policy pledge to move ¥2 quadrillion ($13.48 trillion) of household financial assets into investment, as half of such assets are sitting in cash or bank deposits.

"We will push hard to encourage sophisticated asset management and to solicit new entrants," Kishida said in a speech at the Economic Club of New York that was also broadcast online.