Japan Markets ViewMRF Balance Hovers at Record High JPY16 tn Level: QUICK Calculations

 

[Terunao Ishii, QUICK Asset Management Research Center] The total net asset value (balance) of Money Reserve Funds (MRFs), which invest in highly safe assets such as short-term public and corporate bonds, is increasing. The total daily MRF balance, independently calculated by QUICK, expanded to a record high of JPY16.3543 tn on October 10. It recently continues to hover at a high level exceeding JPY16 tn.

 

 

Monthly statistical data released by The Investment Trusts Association, Japan (JITA) on November 14, also showed a total balance of JPY16.2478 tn as of the end of October 2025. This marked a record high on a monthly basis since September 1997, which is as far back as the JITA’s data goes.The Nikkei 225 surpassed JPY50,000 for the first time in history on October 28. In response to rising stock markets both in Japan and overseas, investors moved to sell stocks and investment trusts for profit-taking. It appears that funds flowed into MRFs, which serve as a parking place for funds awaiting redeployment.

 

 

MRFs are funds for managing idle funds exclusively within securities accounts. Generally, they tend to increase when stock prices rise and sales or cancellations of stocks and investment trusts swell. They also often expand when purchase funds for large-scale initial public offerings (IPOs) flow in. The Nikkei 225 fell for four consecutive days starting November 14, but no major fluctuations were observed in the MRF balance. Individual investors appear to be waiting for the right time to “buy on dips.” JITA publishes the total MRF balance on a monthly (month-end) basis on the ninth business day on its website. Meanwhile, QUICK has been independently compiling daily MRF data every day since 2020.

JITA publishes the total MRF balance on a monthly (month-end) basis on the ninth business day on its website. Meanwhile, QUICK has been independently compiling daily MRF data since 2020. It is possible to track the fund trends of individual investors by checking the MRF balance on a daily basis.

(Reported on November 19)

 

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