• Kyodo

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About 5 million accounts for a new small-lot, tax-free investment scheme have been opened since October, the head of the stock brokering industry said.

The account, the Japanese equivalent of Britain’s Individual Savings Account, kicked off Jan. 1 with brokerage houses and banks accepting applications starting Oct. 1.

“We would like to do our utmost to promote and disseminate the NISA (Nippon Individual Savings Account),” Japan Securities Dealers Association Chairman Kazutoshi Inano said.

JSDA has decided to designate Feb. 13 as “NISA Day” to intensify its efforts to promote the advantageous investment scheme.

As of Jan. 1, the number of NISA accounts opened at brokerages stood at 3.2 million, while that at banks appeared to be well more than 1 million, the association said.

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