Why don't Japanese people buy into the bull market in Japanese stocks?

This article discusses the differences between the attitudes of Japanese people and Europeans towards bull markets in the stock market. Despite the strong performance of Japanese and European stock markets over the past decade, Japanese residents have not increased their allocation to equities after experiencing a bear market lasting 20 years, preferring cash and deposits instead. In contrast, European investors have continued to increase their holdings of stocks during periods of low interest rates, demonstrating different wealth effects and risk preferences. Overall, the deteriorating risk appetite and disappearing wealth effects in the Japanese stock market have had a negative impact on residents' investment behavior