Rakuten Securities
楽天証券Brokerage (NISA/iDeCo) · Rakuten Securities
- Fees
- Varies
- English
- Partial
A leading low-cost brokerage for NISA and index-fund investing, integrated with Rakuten points and Rakuten Bank.
How NISA limits and allowances work
The recurring and growth allowances, the combined annual cap, the lifetime acquisition-cost limit, and why gains do not consume capacity.
Direct answers
You can invest up to ¥1.2m/year through the recurring allowance and ¥2.4m/year through the growth allowance (¥3.6m combined), up to an ¥18m lifetime limit measured at acquisition cost — so investment gains never consume extra capacity.
Key points
- Recurring allowance: up to ¥1.2m/year for FSA-listed long-term diversified funds and qualifying ETFs.
- Growth allowance: up to ¥2.4m/year for eligible shares, REITs, ETFs, and funds.
- Combined annual maximum ¥3.6m; unused annual allowance does not carry forward.
- Lifetime limit ¥18m at acquisition cost, with a ¥12m growth sub-limit.
- Capacity is measured by what you paid, so gains and losses do not change how much room you have used.
The two allowances
The recurring-investment allowance (つみたて投資枠) is designed for steady, long-term accumulation: up to ¥1.2m per calendar year, restricted to the funds and qualifying ETFs on the FSA’s screened list of low-cost, diversified, long-term products. It translates to ¥100,000 per month if you spread it evenly, though bonus-month settings let you weight it differently.
The growth-investment allowance (成長投資枠) is broader: up to ¥2.4m per year, usable for eligible listed shares, REITs, ETFs, and a wider set of funds — but excluding designated supervisory/liquidation stocks, funds with terms shorter than 20 years, monthly-distribution funds, and certain derivative-heavy funds. You can use both allowances in the same year, and the same qualifying fund can sometimes be bought under either.
Filling the lifetime limit — a five-year example
If you maximise both allowances, cumulative acquisition cost climbs ¥3.6m per year: ¥3.6m after year one, ¥7.2m after two, ¥10.8m after three, ¥14.4m after four, and ¥18.0m after five — at which point lifetime capacity is full. The market value at that point may be above or below ¥18m, but the statutory measure is always acquisition cost.
Most people never contribute this fast; the point is simply that lifetime room fills based on what you invest, not what it grows to. Unused annual allowance from a slow year is lost — it does not carry into next year — but your lifetime room is unaffected until you actually use it.
Why gains do not consume capacity
Because usage is measured at acquisition cost, a rising investment never eats extra room. Buy a fund for ¥1m and watch it grow to ¥1.6m: your lifetime usage stays ¥1m, and the entire ¥600k gain sits inside the wrapper tax-free. This is the mechanism that makes NISA valuable for assets you expect to grow.
The mirror image also holds: a loss does not free up more room than you put in. If you sell that ¥1m purchase for ¥600k, next-year restoration is ¥1m (the cost), and the loss is not deductible. This is why NISA suits growth assets, while loss-sensitive strategies belong in a taxable account where offsets exist.
Who this is for
- Investors planning how much to contribute
- People confused about market value vs allowance
What this is not
- Readers needing the FSA fund eligibility list itself
- US taxpayers before review
Important cautions
- Allowance and product rules can change; verify with the FSA and your broker before relying on specific figures.
Related products & services
SBI Securities
SBI証券Brokerage (NISA/iDeCo) · SBI Securities
- Fees
- Varies
- English
- Partial
Japan’s largest online brokerage by accounts, with a very broad low-cost fund lineup and full NISA/iDeCo support.
Monex Securities
マネックス証券Brokerage (NISA/iDeCo) · Monex
- Fees
- Varies
- English
- Partial
An established online brokerage often chosen for US-stock access and research tools, with NISA and iDeCo support.
Frequently asked questions
Can foreign residents open a NISA account in Japan?
Generally yes, if you are a tax resident of Japan (with a My Number) and at least 18. NISA is tied to residency, not citizenship, so most foreign residents qualify — with two big cautions: US citizens and green-card holders face US tax complications with Japanese funds, and NISA generally cannot continue after you leave Japan. Confirm eligibility and the current rules on the FSA site and with your chosen brokerage.