With the devastatingly low interest rate available on deposits and the prospect of the introduction in Japan of U.S. 401(k)-style pension plans, more people are studying stock market investment.

At the Tokyo International Forum in Chiyoda Ward, the Tokyo Metropolitan Government hosts an open lecture every Friday night by Shin Akamine, section manager of the Public Relations Office of the Tokyo Stock Exchange.

The class, which started last month, teaches the basics of stock market investment, such as market mechanisms and how to assess corporate performance.

The lecture's 60 places were filled immediately after applications were invited.

One 61-year-old who quit his company last year upon reaching mandatory retirement age explained why he attends the lecture: "For the past 20 years or so, I have invested in stocks at a securities firm's advice. I want to use my severance pay for such a venture, and I've decided to learn from scratch, hoping to become capable of choosing what stocks to invest in."

The Japan Institute for Securities Information & Public Relations in May last year launched five correspondence courses on stock market investment, from introduction to trading.

As of the end of April, the number of people taking such courses surpassed 15,000 -- nearly double the initial estimate.

Meanwhile, the H.I.S. Trade School in Tokyo recently opened a course to train investment-minded people.

Experienced investors from the United States serve as instructors, teaching how to analyze stock prices and how to find and use relevant data.

There are also investment clubs, one of which, the "Tampopo (dandelion) Club," meets monthly in Nihonbashi, Tokyo, to discuss stock and invest together.

Members set out in March 1998 to study the A to Zs of investment, including how to assess corporate performance, while investing in stocks.

Comprising six members, mostly women, the Tampopo Club started with the study of securities business terms and has so far purchased five stocks, including machinery shares, with money raised through the monthly membership fee of 5,000 yen per head.

One of the members, Shizuko Kitamura, said, "Last year we made a meager profit corresponding to an annual interest rate of 3 percent, but we think the money invested was a kind of fee paid for the lesson we learned. We want to study how to survive in this era of zero interest."

Commenting on the current boom in investment study, Fumiko Konya, an economist, said, "It shows clearly that elderly people, who live on pensions, have come to realize their inability to survive unless they know more about asset management."

Meanwhile, more and more junior and senior high schools are introducing stock investment game machines, produced by the Tokyo Stock Exchange and the like, in a bid to help students keep abreast of the times.

They play virtual stock transactions, in which they try to make the most of a fund of 10 million yen.

There were 15 schools nationwide providing investment education in 1995 when it started, but the number had soared to 723 in 1999.

Akira Arai, a teacher at the Tokyo Metropolitan Government-run Kunitachi Senior High School, is impressed with the game's effectiveness. "It has served to enable students to realize the difficulty of investing in stocks and the risks involved, as well as to better understand things such as politics, the international situation and exchange rates."

"I believe the game will help them make the right decisions when they invest or save money in the future," he added.