Japan is a savings culture where holding cash or JGBs was fine due to deflation. Now with ~3% inflation and rising interest rates, that savings must be deployed productively to keep up with purchasing power and retirement needs.

We are looking at structural changes over the next 5-10 years: Japan's need to provide for its aging population and finance its needs. The scale of capital needed for manufacturing, energy, AI/data, and infrastructure is measured in trillions.