JJapan Finance

NISA Advice

  • November 2, 2025

I've recently opened a NISA account, but I've been investing through Swissquote for several years. It looks like I'll be staying in Japan for at least a few more years, so I want to take full advantage of the NISA system.

My questions are twofold:

  1. Does it make sense to invest only in eMAXIS Slim All World, or should I aim for more diversification? In my Swissquote account, I currently have a 90/10 split between a global equity ETF and a bond fund. I’m considering using my NISA exclusively for stocks, is that a good approach?

  2. I plan to invest about ¥1.5 million per year into NISA. Would it make sense to sell some of my existing holdings in Swissquote to reach the ¥3.2 million yearly cap and hit the ¥18 million total limit sooner? Or would it be better to just leave my Swissquote investments as they are? Obviously i would lose money through tax and currency exchange by doing this, but I'm thinking that the long term gains might out weigh this.

Thank you for any advice!

by hpc1989

3 comments

  1. > eMAXIS Slim All World, or should I aim for more diversification?

    The SBI・V・全世界株式インデックス・ファンド (nickname: SBI VT) is a lightweight wrapper over VT and should get you the global midcap/smallcap exposure if you want.

    It has a higher expense ratio, but not too high.

    SBI Asset Management (not to be confused with SBI Securities) also has the SBI・全世界株式インデックス・ファンド (nickname: SBI 雪だるま (yukidaruma, snowman)) which maintains VTI (60%) SPDW (30%) SPEM (10%).

    Edit: Forgot to mention… The yukidaruma fund has a lower expense ratio.

    > i would lose money through tax and currency exchange by doing this, but I’m thinking that the long term gains might out weigh this

    You should calculate the math involved here. Because you are selling and re-purchasing essentially the same kind of asset (global equity index funds), the tax impact and currency impact very strongly depends on your personal situation.

  2. > Does it make sense to invest only in eMAXIS Slim All World, or should I aim for more diversification? In my Swissquote account, I currently have a 90/10 split between a global equity ETF and a bond fund. I’m considering using my NISA exclusively for stocks, is that a good approach?

    Either is reasonable – this isn’t really a Japan question, it’s an investing philosophy question.

    > Would it make sense to sell some of my existing holdings in Swissquote to reach the ¥3.2 million yearly cap and hit the ¥18 million total limit sooner?

    Probably yes, especially if you can do it in such a way that you avoid paying Japanese tax on your gains because you’re a non permanent tax resident and you don’t have remittances in the same year.

  3. There’s no reason to have bonds in your long-term portfolio unless the lower volatility in your portfolio helps you resist the urge to sell stocks during a downturn.

    If you have the mentality to stay invested through the next crash without thinking you can time the market, or think “ermagerd this time it’s different and capitalism is over should sell,” or fall prey to any other investor weaknesses, then the strictly correct portfolio is 100% diversified low-fee stocks. The eMaxis All World blah blah gets you that in just one fund.

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