Gold fever has gripped Japan this spring.
As April marked a historic high for gold in yen terms, Japanese investors are swarming to the precious metal — both directly and via revamped government programs — in a bid to hedge against intensifying economic instability.
According to Kyodo News, gold demand in Japan has surged as citizens brace for inflation, geopolitical tensions, and fears of global economic downturn — many of which have been amplified by former U.S. President Donald Trump’s ongoing tariff rhetoric.
Gold Shines Bright in NISA and Beyond
The new, retooled NISA (Nippon Individual Savings Account) program is playing a key role, allowing retail investors to gain exposure to gold with tax advantages. This has led to a rise in both gold-linked financial products and pure physical bullion purchases.
Tanaka Precious Metals reported a sharp price spike, with gold hitting a record ¥15,561 per gram on April 22 before cooling off slightly. Investments in Tanaka’s monthly gold accumulation plans spiked 26% YoY from January through April.
Meanwhile, secondhand luxury giant Komehyo Co. says gold product sales — from bullion to accessories — climbed a stunning 30% YoY as of March 2025.
Big money is moving too: inflows into gold-backed funds like Mitsubishi UFJ’s Fine Gold Fund surged to ¥19.2 billion in March, more than 2.6x the December figure.
Why the Gold Rush?
Economic anxiety is driving the trend. Soaring rice prices, a pension crisis, runaway inflation, and a new, militarist-leaning prime minister with rock-bottom approval ratings are among the domestic triggers. For many, gold offers a familiar safe haven when trust in fiat — and leadership — wears thin.
With Japanese investors embracing old-school value in the face of modern-day chaos, gold’s glint isn’t just financial — it’s psychological security in uncertain times.
