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As part of his Abenomics program, former Prime Minister Shinzo Abe, who took office in December 2012, compiled a growth strategy so that more households and public funds would invest in risk assets and growing businesses.

To get the ball rolling, an expert panel recommended in late 2013 to vitalize financial and capital markets, pointing out that nearly half of household assets — totaling around ¥1.6 quadrillion at the time — were held in cash and deposits. Public pensions are also holding massive amounts of Japanese government bonds (JGBs).

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