When you can sell, what selling does to annual vs lifetime capacity, and how next-year restoration works with worked examples.
You can sell NISA holdings any time; selling restores the acquisition cost to your lifetime capacity from the next calendar year, but the annual allowance you already used that year is not restored.
NISA has no minimum holding period. You can sell whenever the market and the product’s order rules allow — subject to liquidity and, for funds, the once-daily net-asset-value order timing. Withdrawal then follows normal settlement, so the cash reaches you a few business days after execution.
That flexibility is a key contrast with iDeCo, whose funds are generally locked until retirement age. But flexibility is not a reason to trade frequently: the value of NISA compounds when qualifying gains are left to grow tax-free, and unnecessary selling can waste annual allowance you cannot get back.
Two capacities move differently. Lifetime capacity is restored at the sold holding’s acquisition cost — but only from the following calendar year. Annual capacity that you already used in the sale year is not restored at all. So selling in March does not let you re-invest that year’s used allowance again in the same year.
Worked examples: buy a fund for ¥1m, it rises to ¥1.6m, you sell — from next year your lifetime room increases by ¥1m (the cost), not ¥1.6m. Buy for ¥1m, it falls to ¥600k, you sell — restoration is still ¥1m, and the ¥400k loss gives no deduction. If you had already used the full ¥2.4m growth allowance in January and sold in March, you still cannot buy another ¥2.4m under that year’s growth allowance.
You can rebalance within NISA — sell an over-weighted holding and buy an under-weighted one — but the repurchase consumes annual allowance, and the restored lifetime room only returns next year. Because of this, the tax-efficient way to rebalance is usually to direct new contributions toward the under-weighted asset rather than selling, wherever your contribution capacity allows.
Reserve outright selling-and-rebuying for cases where new contributions cannot correct a large drift, or where you genuinely want out of a holding. Plan any year-end selling with your provider’s deadlines in mind, since restored capacity and institution rules operate on a calendar-year basis.
Brokerage (NISA/iDeCo) · Rakuten Securities
A leading low-cost brokerage for NISA and index-fund investing, integrated with Rakuten points and Rakuten Bank.
Fees: Many domestic funds and trades are low- or no-commission — verify current fee schedule.
Brokerage (NISA/iDeCo) · SBI Securities
Japan’s largest online brokerage by accounts, with a very broad low-cost fund lineup and full NISA/iDeCo support.
Fees: Many trades and funds are low- or no-commission — verify current fee schedule.
Brokerage (NISA/iDeCo) · Monex
An established online brokerage often chosen for US-stock access and research tools, with NISA and iDeCo support.
Fees: Commissions vary by product; some funds/trades are low-cost — verify current schedule.
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.