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Japan may be approaching the end of the era where household money automatically flows overseas by default. For years, zero rates and deflation pushed Japanese savers toward foreign equities, dollar assets, and global index funds because domestic yield simply did not exist. That environment created massive structural yen selling through NISA, investment trusts, and overseas portfolio allocation. Markets underestimated how much that capital flow influenced the currency itself. Now the setup is starting to change. Inflation has returned, yields are rising again, and policymakers are openly discussing how to create more attractive domestic investment options through products like retail Japanese government bonds. That matters because even a partial rotation of household capital back into domestic assets could reshape liquidity flows across Japan’s financial system. The bigger story may be psychological. Japan is slowly moving away from the mindset that growth, returns, and opportunity only exist outside the country. Domestic assets are beginning to compete again for household capital after decades of financial repression. This shift will not happen overnight. Structurally, Japan may be entering a completely different investment era.