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2026年10月、遂に来た…！プロの投資家たちが◯◯を大量に購入し始めた今、私たち個人投資家はどうすべきか？徹底解説します【新NISA / 株式投資 / 投資戦略】 — Transcript

by 金丸【元ブラック企業会社員の投資・経済】 · 9,295 words · 1,429 segments · language en · Watch on YouTube

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0:00Among professional institutional
0:01investors, a theory is emerging that
0:03behind the global rise in interest
0:05rates, a shift is beginning that could
0:07shake the foundation of the world's
0:08stock markets. Hello, this is Kanamaru.
0:11Lately, we see news about interest rate
0:12hikes almost every single day, don't we
0:14? On September 17th, the US Federal
0:16Reserve decided on a rate hike for the
0:18first time in about three years, and
0:19the very next day, the Bank of Japan
0:21announced a hike to its highest level
0:23in 31 years. In this environment, I
0:25want to ask you all: do you think
0:26interest rates will keep rising, or do
0:28you think they will move toward a rate
0:30cut? Most people watching this video
0:32are likely: 1. steadily investing in
0:34All Country or S&P 500 funds through
0:36NISA, 2. buying individual Japanese or
0:38US stocks in addition to their
0:40investments, or 3. playing it safe with
0:42government bonds or gold. I want you
0:44all to know that the very question of
0:46whether interest rates will rise or
0:48fall in the future might actually be
0:49the wrong one. You might think that if
0:51they raise rates any further, people
0:53with variable-rate mortgages or
0:54companies that keep refinancing their
0:56debt will end up in economic trouble,
0:58and while it's true that rising
0:59interest rates increase the burden of
1:01repayment, that's not the point. The
1:03real issue, which professional
1:04institutional investors are pointing
1:06out, is the dependence on low interest
1:07rates that lies in the background. You
1:09might wonder what that means, but
1:11please hear me out; in Japan until now,
1:13everything has been predicated on the
1:14assumption of ultralow interest rates.
1:16For example, this includes things like
1:18housing loans and the refinancing of
1:19small and medium-sized enterprises.
1:21Amid all this, the repeated interest
1:22rate hikes are bringing to the surface
1:24a crisis that had been hidden by the "
1:25drug" of abnormally low interest rates.
1:27And the ones who were heavily addicted
1:29to that drug are the governments of
1:30both Japan and the United States. In
1:322026, with no options left, Japan
1:33abandoned its goal of reducing the
1:35annual deficit in its "Basic Policies"
1:37and shifted direction toward trying to
1:39reduce the debt burden by investing and
1:41earning at any cost. In fact,
1:43investments exceeding 370 trillion yen
1:45are planned for national policy themes
1:47like AI and semiconductors. And as for
1:49the United States, Treasury Secretary
1:51Yellen made this public statement on
1:53August 31st. The world took on a large
1:55amount of debt after the financial
1:57crisis and the pandemic. The only way
1:59to overcome this problem is through
2:01economic growth. In other words, Japan
2:03and the U.S. steered in the same
2:04direction at almost the same time. Well
2:06, hearing this, some might say they
2:08aren't interested in debt or growth.
2:10You might think you're safe because
2:11you're doing long-term investing in
2:13things like the S&P 500 through NISA,
2:15but professional investors are noting
2:17that if you look at this chain of
2:18events and the aims of the Japanese and
2:20U.S. governments one by one, individual
2:22investors could be sharply divided into
2:24winners and losers. This is because
2:26looking back at history, we can see
2:28that in phases where major crashes
2:29occurred, interest rates had surged
2:31just before stock prices collapsed. For
2:33example, during the 1987 Black Monday,
2:35U.S. long-term interest rates jumped
2:37from the 7%range to the 10%range all at
2:40once, and immediately after the Fed
2:42moved to raise rates, the S&P 500
2:44plunged about 20%in just one day. The
2:462000 dot-com bubble burst was the same;
2:48while the Fed raised rates six times in
2:51one year, the Nasdaq, where many
2:52internet-related companies were
2:54concentrated, hit a peak in March 2000
2:56and eventually fell by nearly 80%. And
2:59now, just like those crashes. Or rather
3:01, with interest rates rising even
3:03faster than that, what should we as
3:05individual investors invest in to grow
3:06our assets? So, as always, based on the
3:08truth revealed by thoroughly
3:10deciphering primary sources from
3:11overseas media like Bloomberg, Reuters,
3:13and The Wall Street Journal, we will
3:15examine why interest rates are rising
3:17across the board, how U.S. and Japanese
3:19rate hikes affect the economy and
3:21individual investors, and what will
3:22happen to Japanese stocks, the S&P 500,
3:24gold, and savings in a Japan with 3%
3:26interest rates. I will explain these
3:28topics in a way that is easy for
3:29investment beginners to understand,
3:31packed with my own personal,
3:32Kanemaru-style perspective. Also, this
3:34video won't just list things in
3:36chronological order. I’ve crafted a
3:37dense narrative where the content from
3:39the first half pays off later in the
3:40video, like a plot twist reveal. By the
3:42time you finish this video, your
3:43investment literacy will definitely be
3:45higher, and you'll be able to adopt the
3:46right investment strategy. So, a bit
3:48about myself: I, Kanemaru, used to be a
3:50salaryman at a "black" company, and I
3:52was once an ordinary person hitting
3:53rock bottom, drowning in debt. From
3:55there, I practiced various investments,
3:57including NISA investment trusts and
3:58individual stocks in Japan and the US,
4:00building my assets up to 40 million yen
4:02as an investment nerd. I’m not a
4:03critic speaking from the outside; I am
4:05a practitioner who still has my own
4:06capital on the line. I pore over
4:08primary sources like Bloomberg, Reuters
4:09, the Wall Street Journal, and
4:11institutional investor reports in their
4:12original language more than anyone else
4:14, then break them down so even
4:15beginners can understand. I’m posting
4:17content with the goal of reaching
4:18100,000 subscribers by the end of the
4:20year. If you want to calmly interpret
4:22the current market and build assets
4:23with high yields, be sure to hit that
4:25subscribe button, open your ears and
4:27nostrils, and watch the rest of the
4:28video carefully. So, let’s start by
4:30talking about why interest rates are
4:32rising all over the world right now.
4:35I’m sure you’ve heard the word "
4:36interest rates" tossed around in every
4:38news outlet and on YouTube lately, but
4:40this rapid rise is creating a situation
4:42that will significantly impact the
4:44accounts of people investing in the S&P
4:46500 or All Country via NISA, those
4:48holding bonds or gold, those trading
4:50individual stocks for short-to-medium
4:52term gains, and even those with home
4:54loans. That said, every news source is
4:56stuck on the debate of whether interest
4:57rates will go up or down from here, but
4:59through my research, I’ve realized
5:01that for us individual investors trying
5:02to grow our assets, that wasn't the
5:04point we should be focusing on. Beyond
5:05what is reported in the news, how is
5:07the global economy shifting behind the
5:09rise in interest rates, and as Japan
5:11sits in the middle of this, where
5:12should we living in the Japanese
5:14economy place our assets? I will
5:15clarify the answer to this in this
5:17video. First, let's briefly review what
5:19is currently happening. On September
5:2215th, the U.S. 10-year Treasury yield
5:24hit 5%, reaching its highest level in
5:2616 years since 2007. During the COVID
5:29era, this 10-year Treasury yield was
5:31under 1%, so it has risen more than
5:32fivefold since then. So, what happens
5:34in the U.S. when interest rates rise
5:36this much? For one, people can no
5:38longer afford to buy homes. Because
5:39when national interest rates rise,
5:41mortgage rates rise along with them.
5:43The U.S. 30-year fixed mortgage rate
5:45was around 3%in 2021, but it has now
5:48climbed to 6.95%. If you borrowed 50
5:51million yen over 30 years, at 3%, your
5:53monthly payment would be about 210,000
5:55yen. At 6.95%, that becomes about
5:58330,000 yen. With such a difference in
6:00interest rates, you end up paying
6:02120,000 yen more per month for the same
6:04house. In the midst of this, the
6:05central banks of the U.S. and Japan
6:07moved to raise interest rates within
6:08just two days of each other. First, on
6:10September 17th, the Fed, which acts as
6:12the U.S. central bank, unanimously
6:14decided on a rate hike for the first
6:15time in about three years. The
6:17following day, on the 18th, the Bank of
6:19Japan raised its policy rate, the
6:21foundation for all interest rates, to
6:231.25%. That is the highest level in
6:26about 31 years, since 1995. Moreover,
6:28when Governor Kuroda of the Bank of
6:30Japan clearly stated in a press
6:31conference that they would continue to
6:33raise policy rates, many of you might
6:35have thought that interest rate news
6:37doesn't concern you if you only hold
6:39Japanese stocks, or that U.S. rate
6:41hikes don't affect us Japanese people;
6:42unfortunately, this is not something we
6:44can ignore at all, as Japan actually
6:46carries a larger debt than the U.S., so
6:48the damage when interest rates rise is
6:50far greater than it is for America. In
6:52fact, Japan's 10-year government bond
6:55yield topped 3%on September 1st,
6:57marking the first time it has hit 3%in
6:5930 years since September 1996. Until
7:022022, the Bank of Japan kept interest
7:04rates below 0.25%, but they’ve surged
7:0712-fold in just four years. You might
7:09think, "Well, the US is at 5%and Japan
7:11is at 3%, so Japan is still better off,
7:13right?" I thought so too at first. But
7:16you see, the scale of debt is
7:17completely different. According to IMF
7:20figures, the US government's debt is
7:22about 1.25 times its GDP, while Japan
7:25is carrying a debt burden of about 2.3
7:27times its GDP. The larger a country's
7:30debt, the more its interest payments
7:32increase with the same 1%rise in rates.
7:35That’s why the market is extremely
7:36sensitive right now to where Japanese
7:38interest rates are headed. So, why are
7:40rates being pushed up so high in the
7:42first place? One reason is that rising
7:44oil prices are driving up inflation.
7:46But this time, there is a new culprit
7:47that wasn't involved in previous
7:49interest rate hikes. To give you the
7:51conclusion, it’s the so-called Big
7:52Tech firms like Google, Amazon, Meta,
7:54and Microsoft. These companies are
7:56currently taking on debt at an
7:57incredible pace. The promissory notes
7:59companies issue when borrowing money
8:02are called corporate bonds, and the
8:04issuance of these bonds has become
8:05astronomical; the five major firms—
8:08Amazon, Google, Meta, Microsoft, and
8:10Oracle—combined to issue just over 5
8:12trillion yen annually from 2020 to 2024
8:14. That figure jumped to about 14
8:16trillion yen in 2025. In 2026, they
8:18issued about 20 trillion yen in just
8:20the seven months up to the end of July.
8:22Some even have a repayment term of 100
8:24years, meaning they won't be paid off
8:26until 2126. The people who lent the
8:28money certainly won't be alive by then.
8:30You can tell just by looking at these
8:31numbers that it's abnormal, and it
8:33truly is an extraordinary situation,
8:35especially since Big Tech companies
8:36originally rarely took on any debt at
8:38all. Meta is a clear example of this.
8:40As of 2022, Meta held about $ 40
8:42billion in cash and securities, or over
8:456 trillion yen. And yet, they had zero
8:47corporate bonds and zero loans. Meta
8:49was the only Big Tech company that
8:51didn't have any debt on its books. Then
8:53, in August 2022, Meta issued debt for
8:55the first time since its founding. It
8:57was about 1.5 trillion yen. Since then,
9:00they've been borrowing every year, with
9:02about 4.6 trillion yen last October and
9:04about 3.9 trillion yen this April. In
9:07just four years since their first loan,
9:08the amount they borrow at one time has
9:10tripled. So why did a company sitting
9:12on 6 trillion yen start taking on debt?
9:14The answer is AI. With building data
9:16centers, buying AI semiconductors, and
9:18powering them, Meta's capital
9:19expenditure for 2026 is expected to
9:21reach up to 22 trillion yen. Since
9:23their core business earnings can't keep
9:24up, they're covering the shortfall with
9:26corporate bonds. But this seems strange
9:28, doesn't it? Usually, when interest
9:30rates are rising, you'd avoid taking on
9:31debt. So why are they rushing to borrow
9:33now while rates are high? There are two
9:35reasons. The first is simply because
9:37they need the money, and the second is
9:39the concern that interest rates might
9:41rise even further. Next year, interest
9:43rates might be at 6%. So the logic is
9:45to borrow now at 5%while they can.
9:47Furthermore, Big Tech has this kind of
9:50calculation in mind. They figure that
9:52if they borrow at 5%and the data
9:53centers built with that money earn 20%
9:55or 30%, it’s more profitable to
9:57borrow. No one knows yet if this gamble
9:59will pay off. Even so, they are hitting
10:01the accelerator. At the end of August,
10:03Fed Chair Powell spoke. He said this at
10:06a G20 meeting where finance ministers
10:07and central bank governors from 20
10:09major countries gathered. "If I had to
10:11describe this era in one word, it is a
10:13period of global investment." For
10:15decades after the Lehman Shock...The
10:16world was in an era where there was
10:18plenty of money but no place to use it.
10:20Because there was no one wanting to
10:21borrow, interest rates stayed stuck
10:23near zero. But now it's the opposite;
10:24there are so many people wanting to
10:26borrow money that there's a scramble
10:27for it. When there's a scramble, the
10:29price of money—interest rates—goes
10:30up. And it's not just central banks
10:32that are driving interest rates up. The
10:34Fed and the Bank of Japan can only
10:35directly set very short-term interest
10:37rates. 10-year and 30-year interest
10:39rates are determined by a tug-of-war
10:40between lenders and borrowers of money.
10:42What is currently happening in that
10:44tug-of-war became clear with an event
10:45in July. Meta is building a massive
10:47data center in El Paso, Texas. About
10:491.9 trillion yen in corporate bonds
10:51were issued to fund this construction.
10:53These were not issued by Meta itself,
10:55but by a company created specifically
10:57for this data center, and investors
10:59reportedly demanded an interest rate of
11:01over 7%. This is a higher level than
11:03when funds were raised for a different
11:05data center using the same structure
11:06last October. In other words, investors
11:08told them that unless they get at least
11:107%, they won't lend money for a
11:11building that the world-famous Meta is
11:12guaranteed to use. Moreover, the
11:14repayment deadline for these bonds goes
11:16as far as 2049, while the AI
11:17semiconductors housed inside are said
11:19to have a lifespan of only 3 to 5 years
11:21. They are buying machinery that
11:22becomes obsolete in 3 to 5 years with
11:24debt that takes 23 years to pay back.
11:26It is no wonder that the lenders are
11:27demanding high interest. This story has
11:29a major impact on Japanese stocks, as
11:31the sectors that have grown over the
11:33past year or two are semiconductor
11:35manufacturing equipment, power cables,
11:36and data centers. If you ask where that
11:38momentum came from, it was Big Tech's
11:40capital investment. The fuel for that
11:42capital investment was debt. The stock
11:44prices of the AI-related shares you
11:46hold are ultimately built on the
11:48premise that they can borrow money
11:49cheaply. The cost of that debt has
11:52risen to 7%. In fact, on September 10th
11:54, when the U.S. 10-year Treasury yield
11:57approached 5%, Nvidia fell 2.3%and
11:59semiconductor memory maker Micron
12:01dropped 4.7%. It wasn't because AI
12:03performance declined, nor was it
12:04because earnings were bad. The only
12:06thing that changed was the interest
12:07rate. The same applies to those who
12:08have only been investing in "All
12:09Country" or S&P 500 index funds, as the
12:11top holdings are filled with the Big
12:12Tech companies mentioned earlier.
12:14However, it's not just Big Tech
12:15competing for this money; governments
12:17around the world are also borrowing
12:18heavily. And the amounts are two orders
12:20of magnitude larger than those of Big
12:22Tech. Big Tech companies borrow money
12:23based on their own judgment because
12:25they have a plan to earn. If they think
12:26interest rates are too high, they can
12:28simply stop borrowing. But governments
12:30don't have that luxury, do they? They
12:32repay existing debts when they come due
12:34by taking out new loans. Even if
12:35interest rates hit 5%, they cannot stop
12:38borrowing. And then there is the
12:39Japanese government, with debt nearly
12:40double that of the United States. The
12:42interest rate for a country that cannot
12:44stop borrowing has exceeded 3%for the
12:45first time in 30 years. What is going
12:47to happen in Japan from here on out?
12:48Will interest rates keep on rising?
12:50What will happen to the Japanese stocks
12:52we hold when that happens? What about
12:54All Country or S&P 500 and gold? To
12:56understand that, let's look at how the
12:58US government is trying to deal with
12:59this interest rate hike. Actually, the
13:02Japanese government is now trying to
13:04choose the exact same path. To begin
13:07with, the US government is currently
13:09paying about 155 trillion yen a year
13:11just in interest on its debt, and that
13:13interest has tripled in just five years
13:15. Normally, you would think they would
13:18cut spending to pay off the debt, right
13:20? But the answer the US government came
13:22up with was different. On August 31st,
13:25Treasury Secretary Yellen said this at
13:27a press conference after the G20
13:29meeting. The world is drowning in debt.
13:33The only way out of this is to grow.
13:35You might wonder what that means, but
13:37the burden of a nation's debt is
13:38measured not by the amount itself, but
13:40by how many times it exceeds its GDP.
13:42Therefore, even if the amount of debt
13:44doesn't decrease, if the GDP doubles,
13:46the weight of the debt is halved. In
13:49other words, the US government's
13:50solution was not to cut spending to pay
13:52off debt, but to grow the economy to
13:54make the debt look smaller. You might
13:57ask how they plan to grow the economy,
13:59but they are determined to use the AI
14:01industry to drive growth and lighten
14:03the debt load. They believed that even
14:04if they borrowed at 5%, if they could
14:06earn more than that with AI, it was
14:07better to borrow, so they increased
14:09their debt. The US government is making
14:11the same calculation regarding the
14:12national debt. Of course, Treasury
14:14Secretary Yellen herself says she is
14:16also working on fiscal reconstruction.
14:18But it is clear that the focus is on
14:20growth rather than repayment. And the
14:22problem starts here: the Japanese
14:24government has officially chosen this
14:26same path. The "Basic Policies"
14:28cabinet-decided on July 21st. This is
14:30the basic policy for the economy and
14:31finance that the government decides
14:33annually. Here, the country's fiscal
14:34goal changed for the first time in a
14:36quarter century. Roughly speaking, the
14:38goal until now was to eliminate the
14:40annual deficit. That has now been
14:42replaced by an aim to lower the
14:43debt-to-GDP ratio. A goal to grow GDP
14:46to approximately 1,100 trillion yen in
14:48fiscal 2024 is also part of it. The top
14:51field listed in the growth strategy for
14:53that is AI and semiconductors. It means
14:55Japan has also switched from a
14:56repayment formula to a growth-based "
14:58make it look smaller" formula. So, is
15:00the Japanese government cutting other
15:02spending to make room for growth? The
15:04answer was the opposite. The budget
15:06requests for the next fiscal year
15:08closed at the end of August; that's the
15:10total amount each ministry wants to
15:11spend next year. This is 143 trillion
15:14yen. It has hit a record high for four
15:16consecutive years. The government
15:18explains that they simply included from
15:20the start what had previously been
15:21added later as supplementary budgets.
15:23It is true that when you add last
15:25year-end's supplementary budget and
15:26this year's initial budget, it’s
15:28about 140 trillion yen, so it hasn't
15:29increased drastically. But what I want
15:31you to look at is the content, not just
15:33the size of the amount. Of the 143
15:34trillion yen, 36.6 trillion yen is for
15:36debt servicing, which goes toward
15:38principal repayment and interest
15:40payments. That means about one-quarter
15:42of the budget will disappear into
15:43payments for past debt. Looking at just
15:45the interest portion, it goes from 13
15:47trillion yen this fiscal year to 16.6
15:49trillion yen next year. That is a 27%
15:51increase in just one year. The main
15:53reason is that the Ministry of Finance
15:55raised the assumed interest rate for
15:57budget planning from 3%to 3.8%. You
15:59could say the country itself has
16:00started building a budget that prepares
16:02for interest rates up to 3.8%. On the
16:04other hand, the special investment fund
16:06the government has set aside for future
16:07growth in areas like AI, semiconductors
16:09, and energy is 12.2 trillion yen.
16:11Payments on past debts are three times
16:13that amount. The idea was to make debt
16:14look smaller through growth, yet
16:16payments on past debt are far larger
16:18than the budget for the future. You
16:19might be wondering if this country is
16:21okay, but the truth is, this might
16:23still just be the beginning. The
16:24Ministry of Finance released an
16:26estimate in April showing that if
16:27interest rates rise significantly,
16:28interest payments in fiscal year 2035
16:30could reach tens of trillions of yen.
16:32The government currently spends about
16:3339 trillion yen annually on things like
16:35pensions, healthcare, and nursing care.
16:37Interest payments alone would exceed
16:38that amount under those calculations.
16:40Of course, this is an estimate for a
16:41scenario where interest rates rise
16:43significantly. It is not a guarantee
16:45that things will turn out this way.
16:46Conversely, it means everything depends
16:48on interest rates. And those interest
16:50rates are directly linked to your
16:52mortgage and the prices of stocks you
16:53own. If interest rates stay at their
16:55current level, Japan can still endure
16:57it. So, is there anyone who can stop
16:59these interest rates? The conclusion is
17:02that in today’s Japan, there is no
17:04one trying to stop them. There are
17:06three entities in a position to
17:07influence Japan's interest rates, but
17:09when you look at them one by one, none
17:10of them are on the side of stopping
17:12them. First, the Bank of Japan. Far
17:14from stopping them, the Bank of Japan
17:16is actually on the side of raising them
17:17. The reason Governor Kuroda says they
17:19will continue to raise rates is because
17:21prices keep rising and the weak yen is
17:22pushing them up even further. Next, the
17:24government. If the government cuts
17:26spending, the need for new borrowing
17:27decreases, making it easier for
17:28interest rates to stabilize. However,
17:30the budget request for the next fiscal
17:31year was the largest in history. On top
17:33of that, they have also proposed a tax
17:35cut to lower the consumption tax on
17:36food to 1%for two years, and an
17:38extension of gasoline subsidies. While
17:40this is helpful for household budgets,
17:41it may be pressing the accelerator too
17:43hard in terms of national debt. And the
17:45third entity, which might be surprising
17:47, is the United States. This summer,
17:48the yen was briefly sold off to the 160
17:50-yen range against the dollar. On July
17:5231, Japan and the U.S. took the step of
17:54conducting joint intervention to buy up
17:56yen and support its value. This was the
17:58first joint intervention by Japan and
18:00the U.S. in 26 years, since 1998. Even
18:02with that, the yen’s depreciation
18:03didn't stop, and on September 1,
18:05Treasury Secretary Bessent said this at
18:06a press conference. He stated that
18:08since Japan achieved great success with
18:10Abenomics, it is time now to end its
18:12reflationary policy. Another difficult
18:14term has come up, hasn't it? Simply put
18:16, a reflationary policy is one where
18:17interest rates are kept low and the
18:19government spends heavily to drive up
18:21prices. It was the core philosophy
18:23behind Abenomics. Bessent is not
18:25necessarily denying the success of
18:27Abenomics. The goal of raising prices
18:29has been achieved. So, he is saying
18:30they should stop keeping interest rates
18:32low and having the government spend so
18:34much money. When asked by a reporter
18:36about Japanese interest rates actually
18:38exceeding 3%, he replied that Japan is
18:40taking the right measures. The U.S. is
18:42backing the Bank of Japan’s interest
18:44rate hikes. At the same time, they are
18:45urging the Japanese government to put
18:47the brakes on expanding spending.
18:48Finance Minister Katayama explains that
18:50current government policy is different
18:52from reflationary policy, but the fact
18:53that spending is increasing remains
18:55unchanged. To summarize: the BOJ is the
18:57one raising rates, the U.S. is the one
18:59supporting it, and the government is
19:00the one increasing spending. To
19:02stabilize interest rates, the
19:03government must tighten spending, but
19:05we aren't seeing that movement yet. Of
19:07course, it’s not that there is no
19:08path to interest rate stability. It
19:10would involve the Middle East situation
19:11settling down, crude oil prices falling
19:13, and inflation cooling off. Or the
19:14government tightening spending in the
19:16December budget proposal. If either of
19:17these happens, there is a possibility
19:19that interest rates could stabilize.
19:20Conversely, it’s best to assume that
19:22interest rates will be difficult to
19:23lower until one of those occurs. And
19:25here is one strange thing about this.
19:26Interest rates are rising. Debt is
19:28increasing. Spending is not being cut.
19:30So, the burden of Japan's debt relative
19:32to GDP should be getting worse and
19:33worse, right? Yet, in reality, the
19:35opposite is happening. According to IMF
19:38figures, Japan's debt-to-GDP ratio has
19:41fallen from 258%in 2020 to about 230%in
19:442025. And that’s even though the
19:46actual debt has continued to grow
19:48during this period. So why did the
19:49ratio go down? It’s because the
19:51denominator, the GDP, has expanded. GDP
19:53is the total monetary value of all
19:55goods and services produced within a
19:57country. So, if prices rise, GDP grows
19:59even if the volume of goods sold
20:01remains the same. The primary factor
20:03lightening Japan's debt hasn't been
20:05austerity or AI-driven growth, but
20:07inflation. The path the government says
20:09it wants to take—making debt look
20:11smaller through growth—actually began
20:13in Japan five years ago. And it isn't
20:15just national debt that gets lighter
20:17due to inflation. Your savings get
20:18lighter, too. Over the past five years,
20:21prices in Japan have risen by more than
20:2310%. If you had 10 million yen in
20:24savings five years ago, the number in
20:26your bank book is still 10 million yen
20:27today. But what you can actually buy
20:29with that 10 million yen has
20:30effectively dropped by about 900,000
20:32yen. The reduction in national debt
20:34wasn't paid off by anyone. It was
20:35slowly covered by our savings and
20:37household budgets in the form of higher
20:38prices. With interest rates near zero,
20:41only prices go up. As long as this
20:43continues, the bill for national debt
20:45isn't being paid through visible tax
20:47hikes, but by us savers through
20:48inflation. On the other hand, those who
20:51held stocks or real estate over these
20:53five years saw their assets rise along
20:55with prices. Those who invested in
20:57funds like All Country or the S&P 500
20:59were unknowingly recovering a
21:00significant portion of this "bill." It
21:02turns out that depending on what you
21:04owned, the amount you "paid" for that
21:05same bill was completely different. And
21:07now, those underlying conditions are
21:09about to change. As the era of zero
21:10interest rates ends and we enter an era
21:12of 3%rates, deposits will finally start
21:14earning interest. At the same time,
21:16stocks, real estate, and gold will
21:18begin to feel a different kind of wind.
21:20So, what will happen to our respective
21:22assets in a Japan with 3%interest rates
21:24? Now for the core of today’s topic:
21:26before worrying about current assets,
21:28many of you likely want to know what
21:30you should be investing in or which
21:31methods will actually grow your wealth.
21:34I often receive these questions in my
21:36comments and on my official LINE
21:37account. There is a crucial point that
21:40many of you overlook when building
21:42assets, like the story I mentioned
21:44earlier about how NVIDIA dropped 2.3%
21:46and Micron fell 4.7%on September 10th
21:48when interest rates neared 5%. That
21:51wasn’t because their earnings were
21:53bad, because AI demand dropped, or
21:54because the stocks were chosen
21:56incorrectly. The only thing that
21:57changed was the interest rate. That
21:59alone caused the decline. Furthermore.
22:01On September 2nd, the day after Japan's
22:0310-year government bond yield hit 3%.
22:05All 33 industry sectors on the Tokyo
22:07Stock Exchange fell. In the U.S.,
22:08during the week the 10-year yield hit 5
22:11%, the semiconductor index dropped
22:13nearly 6%in a single day, and the
22:14Nikkei 225 fell by 2.5%. The S&P 500
22:17also dropped about 3%from the record
22:19high it hit in August. This also
22:20affects those of you who are
22:22accumulating "All Country" or S&P 500
22:24funds. The yen was in the 160 range per
22:26dollar at the end of August, and now
22:28it's around 155. For example, let’s
22:30say you hold 1.6 million yen worth of S
22:32&P 500. That converts to 10,000 dollars
22:34. Even if the underlying stock prices
22:36didn't move a single yen, the
22:38evaluation drops to 1.55 million yen
22:39just because the yen moved from 160 to
22:41155. That is a 3%, or 50,000 yen
22:43decline, purely due to the stronger yen
22:45. In other words, in this past month,
22:46even if you picked the right individual
22:48stocks or diligently invested in a
22:49global index, everyone’s assets
22:51decreased due to interest rates and
22:52exchange rates, even though no one made
22:54a mistake. But you might think, "I'll
22:56make that 3%back eventually, right?"
22:57However, long-term investing is a 10 to
23:0020-year commitment, isn't it? If this 3
23:02%annual appreciation of the yen
23:03continues for 10 years, a 10-
23:05million-yen investment would be valued
23:07at about 7.4 million yen. That means
23:092.6 million yen vanishes even if the
23:11underlying stocks haven't dropped by a
23:12single yen. Of course, you might think
23:14that a decade of constant yen
23:16appreciation is too extreme an example.
23:17But the reverse pattern has actually
23:19been happening over the last five years
23:21. The yen went from around 110 to 160
23:23per dollar, boosting the valuation of
23:25All Country and S&P 500 funds by over
23:2740%just from the weak yen. So, we will
23:30be affected to the same degree when the
23:31yen moves in the opposite direction. If
23:33the Bank of Japan keeps raising rates
23:35and the dollar returns to 130 yen, a 10
23:37-million-yen S&P 500 position held at
23:39155 yen would be worth about 8.4
23:41million yen. Even if stock prices don't
23:43drop a single cent, you'd lose 1.6
23:45million yen. In short, there are three
23:47things that will impact our accounts
23:49over the next 10 to 20 years. Which
23:50stocks to pick, whether those stock
23:52prices rise, stay flat, or fall, and
23:54which way interest rates and currency
23:56move. Of these, you can only compete
23:58with your stock-picking skills on one.
24:00No matter how thoroughly you read
24:01financial statements, you cannot
24:03control the other two. Even so, among
24:05those hoping to build wealth faster and
24:07with higher yields than the S&P 500 or
24:08All Country using the new NISA, some
24:10might think that improving their
24:12stock-picking precision will boost
24:14returns. I thought the same thing until
24:15a few years ago. But this approach is
24:18structurally too slow to keep up. There
24:20are two reasons, and the first is the
24:21order of information. You see
24:23information flowing on social media and
24:24videos claiming that a certain stock is
24:26about to take off. If you trace the
24:27source, it comes from Bloomberg or
24:29Reuters articles and investor reports.
24:31Someone reads the original, translates
24:32it to Japanese, turns it into an
24:33article, and then you see it. By this
24:35point, at the very shortest, a few days
24:36have passed, and usually, one or two
24:37weeks have gone by since the original
24:39news. Professional institutional
24:40investors have already finished buying
24:41based on corporate IR and industry data
24:43before that article is even published.
24:44In other words, buying just because you
24:46heard a stock name means jumping in at
24:47a higher price after the pros have
24:49already bought. So, like this time, if
24:51interest rates shift, even if you
24:52picked the right stock, everything gets
24:54sold off at once. That's why when I
24:55release stock introduction videos, I
24:57don't tell you what to buy; instead, I
24:59provide a map of how the profit
25:01structure works. The stock names may be
25:03outdated by next week, but
25:04understanding the structure helps when
25:06the next news comes. Yet, having the
25:08map doesn't solve one problem. That is
25:10the second point. It’s that there is
25:12only one pattern for winning. The
25:13second of the three I mentioned earlier
25:15. Whether it goes up, stays flat, or
25:16goes down. No matter how much you hone
25:18your stock-picking skills, we can only
25:19make a profit when the price goes up—
25:21that's just one pattern. In the other
25:22two cases, you either endure unrealized
25:24losses or nothing happens at all. And
25:25when headwinds like interest rates or
25:27exchange rates hit, the probability of
25:28it rising decreases. I want you to
25:30recall the Meta data center example I
25:31talked about in the first half of the
25:33video. Investors told the mighty Meta
25:35that if they wouldn't give them 7%,
25:36they wouldn't invest, right? Those
25:38investors aren't betting on whether
25:39Meta's stock price will go up. They
25:41have shifted to the side that receives
25:43a fixed amount of money, regardless of
25:44whether it rises, stays flat, or falls.
25:46This is crucial. The reason I reached
25:4840 million yen in assets isn't just
25:50because I got better at picking stocks,
25:51but largely because I was taught this
25:53method of being on the receiving side
25:55directly by professionals. The method
25:57is quite simple, but it’s a required
25:59subject for institutional investors and
26:01professional traders at brokerage firms
26:03. Warren Buffett uses the same
26:05technique and has made about 400
26:07billion yen in profit. For a more
26:08relatable example, there’s a case
26:10where someone holding 100 shares of the
26:13S&P 500 earned 860,000 yen annually—
26:15about 70,000 yen per month—without
26:17selling a single share. The person who
26:19taught me this is a professional
26:21investor who previously handled asset
26:23management for the wealthy at Sumitomo
26:25Mitsui Trust Bank and has served as a
26:26lecturer for seminars hosted by major
26:28brokerages. I’ve invited that
26:31professional to our new study session
26:33on accelerating wealth formation
26:34through index yields, where they will
26:36share the mindset and techniques behind
26:38this investment strategy. For those who
26:40want to profit based on their own
26:41skills, regardless of market conditions
26:43. For those who want to grow their
26:45assets with higher returns than the S&P
26:46500. If you want to be on the side of
26:48those who have no worries despite the
26:50talk of rising prices and insufficient
26:52retirement funds, please add
26:53Kanamaru’s official LINE from the
26:55link or QR code in the description
26:57below and join this study session. As a
26:59bonus for those who participate, we
27:01will be distributing our 2026 latest
27:04edition: 10x Speed Asset Building
27:06Strategy Major Benefit. This will
27:08involve revealing some sensitive
27:10industry secrets, but it is the
27:11ultimate strategy guide, compiled from
27:13a professional investor's perspective
27:15with content I can't talk about in
27:16regular videos, detailing the methods
27:18that I and other pros have used and
27:20still use today, so please be sure to
27:22claim it. To participate, simply use
27:24the link or QR code in the description
27:26below to select a date and join for
27:28free. Please, by all means, join the
27:30study session. I’ve digressed a bit,
27:32so let me quickly summarize what
27:34we’ve discussed so far in a way that
27:35even my one-year-old daughter could
27:37understand. 1: Interest rates are
27:39rising globally, and since Japan
27:40carries nearly twice the debt of the US
27:42, a rise in rates causes interest
27:44payments to balloon instantly. 2: The
27:46government chose not to pay off the
27:48debt, but to grow the economy to make
27:50the debt appear smaller. 3: However,
27:52what has made the debt look smaller
27:54over these five years is inflation, and
27:56the cost has been paid by us, the
27:57savers, in the form of our deposits
27:59losing value. If you’ve followed this
28:00far, you’re already in the clear.
28:02From here on, we’ll look at what
28:03happens when interest rates reach 3%. I
28:05will talk about what will happen to our
28:06assets from this point forward. To give
28:08you the conclusion first, only one
28:10thing happens in a world with 3%
28:11interest rates. Those who pay interest
28:13suffer, and those who receive interest
28:15thrive. For the past 30 years,
28:16Japan’s interest rates have been
28:18almost zero. That’s why having a lot
28:20of debt didn’t hurt, and having
28:21savings didn’t yield anything. There
28:23was no difference between the payer and
28:25the receiver. But now, that distinction
28:26is starting to become clear. Let's look
28:28at bank deposits, Japanese stocks, All
28:30Country (ORU-KAN), S&P 500, gold, and
28:32mortgage loans one by one. First, bank
28:34deposits. Since deposits are on the
28:36side of receiving interest, things will
28:37get easier from now on. Over the past
28:39five years, the value of savings has
28:40been slowly eroded by high prices. This
28:42is because even though our money was in
28:43the bank, interest was nearly zero
28:45while prices kept rising. I think
28:46there’s been a general trend in
28:47society favoring investing over just
28:49saving money. But with interest rates
28:50rising, that’s starting to change. A
28:52clear example is government bonds for
28:53individuals. This is a product where
28:55you lend money to the government and
28:56receive interest in return. With no
28:57risk to the principal, a 10,000 yen
28:59minimum, and liquidity after one year,
29:01it's the closest thing to a standard
29:02bank deposit. The interest on these
29:04government bonds for individuals was
29:06only 0.05%per year until a few years
29:07ago. Now, that same 10 million yen will
29:09earn about 200,000 yen in interest per
29:11year. Current inflation is around 2%per
29:14year. It means that money which was
29:15losing to inflation with nearly 0%
29:17interest can now grow at roughly the
29:18same pace as inflation, depending on
29:20where you put it. Next, Japanese
29:22individual stocks. Here, prospects
29:24differ significantly depending on the
29:25company. Companies on the side of
29:27paying interest will struggle. For
29:28companies with high debt, interest
29:30payments will increase as rates rise,
29:32reducing their profits. The most
29:33obvious example is real estate. This is
29:35because it’s the business of real
29:37estate firms and REITs—real estate
29:38investment trusts—to borrow money to
29:40buy properties. In fact, the REIT index
29:42, which tracks the overall price
29:43movement of REITs, fell from around
29:452,000 points at the start of the year
29:47to 1,730 points by September 18th.
29:49There was even a day in May when real
29:50estate stocks fell by more than 5%in
29:52just a single day. Conversely,
29:54companies on the side of receiving
29:55interest will have it easier. These are
29:57banks and insurance companies, whose
29:58business is lending money. On September
30:001st, when the 10-year government bond
30:02yield hit 3%, bank stocks performed
30:04well. Some of you might be thinking, "
30:06If rates are going up, shouldn't I just
30:08buy bank stocks?" but it’s not that
30:10simple. The very next day, on September
30:122nd, all 33 sectors on the Tokyo Stock
30:14Exchange fell. That includes both banks
30:16and insurance companies. If interest
30:18rates rise slowly, it's a tailwind for
30:20bank stocks, but if they jump suddenly,
30:21investors get scared and sell
30:23everything regardless of the sector. So
30:25, what you should really look at is not
30:26whether interest rates will rise, but
30:28the speed at which they do. You might
30:29be wondering about the Japanese market
30:31as a whole, and Nomura Securities
30:33offers this perspective on that. As
30:35long as the speed of economic growth
30:36exceeds the rise in interest rates,
30:38it's unlikely the stock market will see
30:40a major decline. In other words, the
30:42idea is that if a company's earnings
30:43growth is faster than its interest
30:45payment growth, it can withstand rising
30:47rates. Currently, Japan’s economic
30:49growth rate, including inflation, is
30:50around 3%, and the 10-year government
30:52bond yield is also 3%. We are right at
30:54that threshold now. Next is the All
30:56Country World Index and the S&P 500.
30:58The point to watch here is the exchange
30:59rate. Both the All Country and S&P 500
31:01funds are essentially composed of
31:02dollar-denominated assets. Therefore,
31:04the yen value shown in your accounts is
31:05determined by multiplying the value of
31:06the underlying assets by the dollar-yen
31:08exchange rate. For example, suppose you
31:10hold $ 10,000 worth. At 160 yen per
31:11dollar, it’s 1.6 million yen; at 150
31:14yen per dollar, it’s 1.5 million yen.
31:16Even if the stock price doesn't move at
31:17all, just by the yen strengthening,
31:19your value drops by 100,000 yen, or
31:20about 6%. And if the Bank of Japan
31:22continues to raise rates, it exerts
31:23pressure for a stronger yen. At the end
31:25of August, the yen was in the 160 range
31:27against the dollar, but now it's around
31:29155. For the past five years, the
31:30weaker yen has been boosting your
31:32portfolio valuations. That means this
31:34tailwind might weaken or even turn into
31:35a headwind from here on. However, this
31:37is no reason to stop your investment
31:39contributions. When the yen is strong,
31:41it's a golden time to buy more shares
31:42for the same 10,000 yen. For those
31:44still in the middle of building their
31:45savings, a stronger yen is actually a
31:47chance to buy at a discount. And now
31:48for gold. Gold is currently in a
31:50tug-of-war between headwinds and
31:51tailwinds. The headwind is interest
31:53rates. Even if you hold gold, it
31:54doesn't generate a single yen in
31:56interest. In a world where you can earn
31:57nearly 2%in interest by holding
31:59government bonds, one reason to own
32:00gold disappears. On September 9th,
32:02following the rise in U.S. interest
32:04rates, the domestic gold retail price
32:06dropped by 447 yen in a single day,
32:08reaching 12,371 yen per gram. This is a
32:10level more than 20%lower than the high
32:12of about 30,000 yen reached in January.
32:14Furthermore, the price of gold in Japan
32:15is determined by multiplying the
32:16dollar-denominated price by the
32:17dollar-yen exchange rate. If the yen
32:18strengthens, the price falls
32:19accordingly. It's the same mechanism as
32:21the All Country World Index or the S&P
32:23500. On the other hand, the tailwinds
32:24are national debt and inflation. In a
32:26world where debt is lightened through
32:28rising prices, the value of money
32:29itself gradually dilutes. That is why
32:31gold, which no one can debase, is
32:33bought. Which side wins depends on
32:35whether interest rates or inflation are
32:36higher. If interest rates exceed
32:38inflation, the headwind wins. If
32:40inflation exceeds interest rates, the
32:41tailwind wins. Those who hold gold just
32:43need to keep an eye on these two
32:45factors. And finally, let's talk about
32:47home loans. Those borrowing with a
32:48variable interest rate are on the side
32:50that pays interest. The variable rate
32:52at major banks is around 1.25%per year
32:54as of September. If the 0.25%rate hike
32:56is passed on in full, for a 40 million
32:59yen loan over 35 years, monthly
33:01payments would rise from about 118,000
33:03yen to about 123,000 yen. That is an
33:05increase of about 5,000 yen per month.
33:07If your contract has a "five-year rule,
33:09" your payment amount will not change
33:10for five years. However, the proportion
33:12of interest within that payment
33:13increases, making it harder for the
33:15principal to decrease. On the other
33:16hand, the gap with the representative
33:18fixed-rate loan, Flat 35, has now
33:20widened to a record high of over 2%.
33:22Since that gap is equivalent to nine
33:23rate hikes, it doesn't mean variable
33:25rates are immediately unfavorable.
33:27However, since the Bank of Japan has
33:28said it will continue to raise rates,
33:30this gap will gradually shrink. To
33:32summarize what we've covered, there are
33:34only two points to look at. First, are
33:36you on the side of paying interest or
33:38receiving it? Bank and insurance stocks
33:39are on the receiving side, while stocks
33:41of heavily indebted companies, real
33:43estate, and variable-rate loans are on
33:44the paying side. Second, which is
33:46higher: interest rates or inflation?
33:48This will determine whether the
33:49Japanese stock market as a whole can
33:51endure and how the tug-of-war for gold
33:52plays out. So, based on these two
33:54points, let me say up front that there
33:56is no need to rush into buying or
33:58selling anything after hearing today's
34:00talk. Also, there is no single answer
34:02that is correct for everyone, like
34:04saying "buy this." What you should do
34:06depends entirely on the assets you
34:07currently hold. Therefore, I will break
34:10this down into four different
34:11situations. You only need to listen to
34:13the part that applies to you. First,
34:15for those of you accumulating All
34:16Country or S&P 500 funds via NISA: the
34:18conclusion is that you can continue
34:20your accumulation just as it is. Over
34:22the past five years, while we've been
34:23forced to pay for the country's debt
34:25through the devaluation of our savings,
34:26it was those who kept accumulating who
34:28were able to make up for it. That said,
34:30there is only one thing I want you to
34:31do. Check how much money you have
34:33sitting in your regular savings account
34:35, separate from your accumulation plan.
34:37If it's money you don't plan to use for
34:39a while, the option to move it to a
34:40place that earns interest, like
34:41individual government bonds, has now
34:43emerged. Log into your brokerage
34:44account, search for "10-year
34:45floating-rate government bonds for
34:47individuals," and check this month's
34:48interest rate. It will take you five
34:50minutes. Next, for those who hold
34:51government bonds and gold in addition
34:53to your accumulation plan, try
34:54comparing two figures once a month
34:56regarding gold. 1) The interest rate on
34:5810-year Japanese government bonds, and
35:002) the monthly inflation rate from the
35:02Consumer Price Index. You can check
35:03both on the Nikkei newspaper app or
35:05Yahoo Finance. Also, decide in advance
35:07what percentage of your assets you want
35:08to allocate to gold as an upper limit.
35:10If the price rises and exceeds that
35:12limit, sell off the excess. Doing just
35:14this will make it harder to be swayed
35:15by price fluctuations. As for bonds,
35:17check which type you are currently
35:18holding. With 10-year floating-rate
35:20government bonds for individuals, the
35:22interest you receive increases when
35:23interest rates rise. On the other hand,
35:25for investment trusts that hold bonds,
35:26the price goes down when interest rates
35:28rise. Even for the same bonds, their
35:30behavior when interest rates rise is
35:31the opposite. Next, for those who hold
35:33individual stocks for the short to
35:35medium term. Pick one company you own
35:36and check whether that company is on
35:38the side of paying interest or
35:39receiving it. The method is simple: go
35:41to the company’s website and open
35:43their quarterly financial results
35:45report, which acts as their report card
35:46. Look at the balance sheet page, which
35:49lists the company's assets and debts.
35:51Just compare the cash and deposits
35:53against their borrowings and bonds; if
35:55the debt is much larger, their profits
35:57will be eroded as interest rates rise.
35:59If the cash is larger, it’s a company
36:01resilient to rate hikes. You can check
36:03one company in ten minutes. Also, when
36:04buying, don't invest a large amount all
36:06at once. By splitting your purchase
36:08into several times, you can minimize
36:09the damage if interest rates move
36:11suddenly on the day you buy. Finally,
36:12for those with a variable-rate mortgage
36:14, please first check three things using
36:16your bank's app or repayment schedule.
36:18These are your current interest rate,
36:20your loan balance, and whether your
36:21contract includes a "5-year rule." Then
36:23, use the repayment simulator on your
36:25bank's website to calculate how much
36:27your monthly payment would increase if
36:29interest rates rose by 1%. If you
36:31borrowed 40 million yen over 35 years,
36:33that's an increase of 20,000 yen. Just
36:36knowing this figure in advance means
36:37you won't panic when you hear on the
36:39news that the Bank of Japan is raising
36:40rates. I’ve categorized these into
36:42four types so far, but honestly, this
36:44is all about defense. I’ve shared
36:46methodologies on how to prevent your
36:47assets from being eroded in a world of
36:49rising interest rates. In other words,
36:50this isn't about how to grow your
36:52assets. As we’ve seen in today’s
36:54video, in a world with 3%interest rates
36:55, those paying interest struggle while
36:57those receiving it find relief. And the
36:59Bank of Japan says it will continue to
37:00raise rates. This means the gap between
37:02these two will only continue to widen
37:04over the coming years. Everyone, try
37:05imagining five years from now. Your
37:07colleague at work says their mortgage
37:09payments have increased. While they
37:10complain that prices are up and their
37:12savings are down, you are on the side
37:13that receives money every month,
37:14regardless of whether the market goes
37:16up or down. That state isn't just about
37:18being a "winner" or whatever you call
37:19it; it’s about someone who has no
37:21worries about their present or their
37:22retirement. Which one do you want to be
37:24? Obviously, the latter, right? I
37:26started building my wealth because I
37:28also wanted a life where I wouldn't
37:29have to worry about money. So, what
37:31does it take to get to the other side?
37:33Honestly, the 2%you get from government
37:35bonds for individuals won't get you
37:37there. If inflation is at 2%, your
37:38gains will essentially be wiped out. As
37:40I mentioned in the video, trying to
37:42predict the next stock to rise only
37:44lets you win in one out of three
37:45scenarios—up, flat, or down—and as
37:47we just saw, a single interest rate
37:48change can cause a sell-off across the
37:50board. In other words, it's neither an
37:52extension of a savings account nor a
37:53matter of picking individual stocks.
37:55Whether or not you have a third method
37:56will determine which side you’re on
37:58five years from now. I have been using
38:00this third method myself; it's an
38:01investment approach that aims for
38:03returns exceeding index investing, and
38:05I learned it directly from a
38:06professional in the financial industry.
38:08This person is a former wealth manager
38:10for high-net-worth individuals at
38:12Sumitomo Mitsui Trust Bank, and this
38:14method is considered a mandatory
38:15subject among institutional investors
38:17and professional traders; even Warren
38:19Buffett used it to generate about 400
38:21billion yen in profit. I am now hosting
38:24a study session on this high-speed
38:25wealth-building method, featuring the
38:27very expert who taught it to me, where
38:29we aim to beat index fund returns. If
38:31you want to grow your profits through
38:33your own skill regardless of market
38:35trends, if you want higher returns than
38:37the S&P 500, or if you want to be
38:38someone who doesn't have to worry about
38:40inflation or the widely talked-about
38:42lack of retirement funds, then please
38:44add my official LINE account via the
38:46link in the description or the QR code
38:48here to join our study session. As a
38:50bonus for those who attend, we will be
38:52distributing our "2026 Ultimate Guide
38:54to 10x Wealth Acceleration," featuring
38:57ten major benefits. I’m basically
38:59spilling insider secrets here, but this
39:01is the ultimate guidebook, summarizing
39:03content I can’t usually share on
39:04video from a professional investor’s
39:06perspective. It contains the methods I
39:08and other pros have used and still use
39:10today, so please be sure to get your
39:12copy. To participate, just use the link
39:15in the description below or this QR
39:16code to select a date and sign up for
39:18free. I really hope you’ll join us
39:20for a study session. And there are
39:22three pieces of news you should keep an
39:23eye on moving forward. The first is the
39:25Bank of Japan meeting on October 29th
39:27and 30th. This will give us a clearer
39:29picture of when the next rate hike will
39:30be and its pace. The second is the
39:32government’s budget proposal for the
39:33next fiscal year, coming in December.
39:34We’ll see how much the government
39:36narrows down the 143 trillion yen in
39:37requested funds. The government, as we
39:39discussed, holds the key to stabilizing
39:41interest rates. This is where we’ll
39:42see if the government is actually going
39:43to act. The third is the yield on
39:45Japan’s 10-year government bonds.
39:47Will it settle around 3%, or move
39:49toward the 3.8%the government has
39:51prepared for in its budget? You’ll
39:53see these three topics appear in
39:54headlines on the Nikkei app or Yahoo
39:56News. After hearing today’s talk, you
39:57should be able to understand the
39:59meaning behind those headlines. So,
40:00what I want you to take home today
40:01isn't the names of specific products,
40:03but the perspective of checking whether
40:04your assets are too heavily skewed
40:06toward the side paying interest. If
40:07you're skewed toward paying, you need
40:08to establish a foothold on the side
40:10receiving it. This is the answer to
40:11where you should place your assets,
40:13which I mentioned at the beginning. And
40:14finally, one important thing to note.
40:16This video is not intended to promote
40:18the purchase of any specific product or
40:19stock. This is an analysis based on
40:21publicly available information, and
40:22interest rates, exchange rates, and
40:24stock prices will all change based on
40:25future policy and economic moves.
40:26Please make all final investment
40:28decisions entirely on your own. With
40:30that said, I’m not sure if it’s
40:31actually popular or not, but we’ll
40:33now move on to our usual chat corner.
40:36The little angel living in our home
40:38recently turned one, and I want to
40:39share how much I’ve changed as a
40:41person; honestly, I never used to think
40:43kids were all that cute. Of course,
40:46it’s not like I disliked them. But
40:48when friends would say, "Look at my kid
40:49!" and show me photos, I’d just say,
40:52"Oh, cute," but if they kept showing me
40:54dozens, I’d be thinking, "Didn't I
40:56already see this one?" but then, once
40:58my own daughter was born, everything
41:00changed. My smartphone's photo storage
41:02is about to hit its limit just from
41:04pictures of her. She’s cute just
41:05sleeping. She’s cute just smiling.
41:07Actually, even the infinite loop of her
41:09pooping, burping, and peeing is just
41:11adorable. I've gone way past just being
41:13a doting parent—I’ve turned into a
41:14total fool for her. When I’m home, I
41:16dedicate my life to making her laugh;
41:18for example, the other day, I made a
41:20surprised face and she absolutely lost
41:21it, laughing hysterically. So,
41:23naturally, it became the "infinite
41:25surprise" show. I mean, you’d think
41:27that if she liked it once, she’d be a
41:29fan, right? The next day, I tried to
41:31get her giggling again with my "
41:32infinite surprise" mode, but the act
41:34that got a roar of laughter yesterday
41:36didn't get a single reaction. I wanted
41:38to make her laugh so badly that my
41:40surprised faces got more and more
41:42intense, and by the end, I looked
41:43ridiculous; she started with a deadpan
41:45face, then got scared, and eventually
41:47started crying her eyes out. Anyway,
41:49she reacts to everything I do right now
41:51, whether it's laughing or crying.
41:53I’m already trembling at the thought
41:55that this is only for now, and soon she
41:56might tell me she doesn't want to talk
41:58to me or that I smell and should go
41:59away. I want her to grow up fast, but
42:02at the same time, I wish she’d stay
42:04this small forever and keep laughing at
42:06my silly faces. I really need to
42:08cherish this time right now. Because in
42:09a few years, there’s a real chance
42:11she won't just hate my silly faces, but
42:13find my entire existence annoying. Most
42:15of my viewers are around their 50s, so
42:17did your children's childhoods and time
42:19with them fly by? If you have any
42:21memories from when they were little, or
42:22with relatives and family, please share
42:24them in the comments. I’ll enjoy
42:25reading them while I have my meal. Even
42:27in a dead-end, repetitive, exploitative
42:29company, I was able to change my life.
42:30Next, it’s your turn. I’ll see you
42:32all in the next video. Bye-bye.

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This page contains the full transcript of 2026年10月、遂に来た…！プロの投資家たちが◯◯を大量に購入し始めた今、私たち個人投資家はどうすべきか？徹底解説します【新NISA / 株式投資 / 投資戦略】 by 金丸【元ブラック企業会社員の投資・経済】, generated from the public captions YouTube serves with the video. The transcript has 9,295 words across 1,429 segments, with the original timestamps preserved so you can click any line to jump to that moment in the embedded player.

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