Japan revamped its NISA tax-free stock investment program for individuals on Monday, reinforcing the country's efforts to encourage a shift from savings to investments in the equities market.

The new Nippon Individual Savings Account program expands annual investment limits and extends the tax-exempt period from up to 20 years to an indefinite term.

The reform reflects "the new form of capitalism" advocated by Prime Minister Fumio Kishida, as he aims to double financial assets held by Japanese households, which kept about half of their some ¥2.1 quadrillion ($15 trillion) worth of assets in cash as of September.