Broker support, yen-to-dollar conversion, commissions, dividends and withholding, NISA, and US-taxpayer complications.
Major brokers support US shares and ETFs; you convert yen to dollars (an FX spread), pay a commission (often 0.495% capped at US$22 in taxable accounts, ¥0 for covered NISA products), and US dividends face US withholding even in NISA — while US taxpayers face separate US reporting.
Buying US shares and ETFs from Japan is well supported at major brokers such as SBI, Rakuten, Monex, Matsui, and Interactive Brokers Japan, though the exact list of available tickers varies. To buy, you generally convert yen to US dollars, which incurs an FX spread — some brokers advertise a zero real-time USD/JPY spread, but always confirm the current conversion terms rather than assuming.
On commissions, several brokers charge about 0.495% of the trade value in a taxable account, capped at roughly US$22; for NISA-covered US shares and ETFs, the commission can be ¥0. As always, "zero commission" does not mean zero cost — spreads, market and regulatory fees, and currency conversion remain.
US dividends carry US source-country withholding, and this remains even when the shares are held in NISA — NISA removes the Japanese tax, not the US tax. Because there is no Japanese tax on that NISA income, the usual foreign-tax-credit route may not recover the US withholding, so model the after-withholding yield rather than assuming NISA makes US dividends fully tax-free.
Outside NISA, US dividends and gains face both potential US withholding and Japanese tax, with foreign-tax-credit relief available through a Japanese return. Eligible US shares and ETFs can be held in NISA’s growth allowance where the broker supports them, but confirm eligibility per product.
US citizens, green-card holders, and other US taxpayers face separate US reporting on US (and all) investment income regardless of Japanese treatment, and some brokers restrict US persons from foreign-stock trading — Rakuten, for example, states that US persons may not trade its foreign-stock products. These are commercial and regulatory policies, not a universal NISA rule.
For US persons, US-domiciled ETFs and individual securities are often simpler than Japanese mutual funds because they avoid PFIC problems — but only after individual cross-border advice covering US tax, foreign tax credits, FBAR, Form 8938, and estate-tax exposure on US-situated assets. Keep statements in both yen and US-dollar terms.
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.
Be very careful. Japanese mutual funds and ETFs are usually PFICs (Passive Foreign Investment Companies) for US tax, which triggers punitive US taxation and heavy Form 8621 reporting — and the NISA tax exemption does not apply to the US. Many US persons in Japan avoid Japanese pooled funds and instead hold US-domiciled assets, but rules are complex. Get advice from a cross-border US/Japan tax professional before investing.