"The Taiwan-Japan Retail-Money 'Temperature Gap', Extended and Deepened (a Follow-up to ANK-2026-07-03-007): Two New Notches on Japan's Cold End — Monex Securities Announced on July 14, 2026 That Its General Securities Trading Accounts Topped 3 Million (Including Accounts Migrated from SBI Shinsei Bank since January 2022 and Aeon Bank since January 2024), Rakuten Securities' 26,534-Response Survey Translates the 'Preservation' Mindset into Measurable Loss Tolerance via 'Investment Grip Strength', and WealthNavi's 10,000-Person Survey Finds 'Lack of Knowledge' the Top Barrier at 37.9%, with About 70% Saying They Would Have Delayed or Not Invested without the Fully Delegated Option; Taiwan's Hot End Gains a Cost Column and Guardrails — 20 Settlement Defaults Involving 16 Listed/OTC Companies since the Start of 2026, Investment-Linked Policies' H1 2026 First-Year Premiums of NT$426.268 Billion up 110.3% from H1 2025, and the FSC Will Not Allow Single-Stock Leveraged ETFs (against South Korea's KOSPI Falling 8.95% from the Previous Session on July 13, 2026) — the Temperature Gap Is a Structural Difference in Risk Appetite, Not a Ranking (Taiwan-Side Figures Are Media-Relayed, Not Verified by This Site against Official Originals)"

TL;DR: This card is the extended, deepened version of ANK-2026-07-03-007 (the Taiwan-Japan retail-money "temperature gap" — Japan's 250-person wealthy survey, the mass tier's NISA accounts topping 28 million at end-2025, contrasted with Taiwan's all-in retail era of 14,332,896 cumulative accounts in May 2026), published 2026-07-16. It threads 9 new sources (PRTIMES#1486493, PRTIMES#1486492, PRTIMES#1463583, PRTIMES#1464585, PRTIMES#1509995, CNYES#1539172, CNYES#1548113, CNYES#1539123, CNA#1484022) and deepens the target card through five explicitly typed actions. Layer 1 ADD_EVIDENCE (a new notch for Japan's mass tier) — Monex Securities announced on July 14, 2026 that its general securities trading accounts topped 3 million (the release's own footnote: including accounts migrated from SBI Shinsei Bank since January 2022 and from Aeon Bank since January 2024 — not pure new-account momentum), and on July 15, 2026 launched the "regular mutual-fund redemption" service (automatic periodic selling of held investment trusts, planned decumulation) — the latest brokerage-tier anchor after the target card's F-009 (NISA accounts topping 28 million at end-2025), with the service line now extending to the "use/decumulation" exit stage of assets. Layer 2 CORROBORATE (the behavioral-science layer of the "preservation" mindset) — Rakuten Securities' "Behavioral Finance Research Report, 2026 edition" (published July 14, 2026; an online survey of Rakuten Securities customers conducted January 16-27, 2026 with 26,534 responses, analyzed with the support of Professor Yoshihiko Kadoya of Hiroshima University's graduate school) uses "investment grip strength" — the loss tolerance of how much loss one could endure without selling, assuming ¥1 million held in investment trusts — to catch the target card's F-002 "preservation" 34.0% psychological snapshot: among those who answered all financial-literacy questions correctly, "would keep holding at a loss of ¥400,000 or more" was most common at 36.8% (adding "¥300,000" at 16.8% takes it past half), while among those who did not, "a loss of ¥100,000" was most common at 31.1% (adding "¥10,000" at 9.9% totals 41.0%, which is 17.9 percentage points above the all-correct group's 23.1% on the same two items); financial attitude (long-term view) and financial behavior (rational judgment) bring grip-strength differences of 5.0 and 8.3 percentage points respectively; those with impulsive tendencies see tolerance slip from "a ¥200,000 loss" onward. The NEXER x Future Design Lab survey on retirement-fund anxiety and preparation (n=300; 100 each for 30s-and-under, 40s and 50s; conducted June 9-16, 2026; released July 13, 2026; a small sample, directional corroboration only): "feel anxious" about retirement living funds — 40s 75.0%, 50s 78.0%, 30s-and-under 57.0%, while around 60% of every cohort answered "not preparing" — catching the retirement-anxiety structure of the target card's F-013 (the 6,000-person retirement-money survey). Layer 3 ADD_EVIDENCE (the path across the threshold) — WealthNavi's "10,000-person survey on fully delegated asset management" (10,614 valid responses; June 12-15, 2026; released July 13, 2026; a first-party survey of its user population): the biggest barrier before starting was "lack of knowledge" at 37.9%, "too many options to choose from" 22.7%, "fear of losing principal" 18.6% (the source says the top three items account for about 80%); 98.4% answered "glad I left it to the service"; without the delegated option — "my start would have been delayed" 53.9% plus "would not invest (deposits only)" 18.0%, which the source sums as the opportunity loss of about 70% of respondents being avoided — read against the target card's F-008 (the wealthy's consultation partners: banks 32.0% / brokerages 30.4% / consult no one 31.2%): one of the actual channels by which Japanese retail investors cross the "preservation" threshold is delegated services. Layer 4 REVISE plus ADD_EVIDENCE (updating Taiwan's thermometer) — the target card's Taiwan side stopped at May 2026 brokerage data (14,332,896 cumulative accounts; single-month regular savings of NT$32.57934 billion) — Taiwan's life-insurance association announced H1 2026 results on July 16, 2026 (relayed by cnyes; this site has not verified against official originals): first-year premiums of NT$767.35 billion (a basis that includes non-insurance contracts), up 51.6% from H1 2025; investment-linked policies' first-year premiums of NT$426.268 billion, up 110.3% from H1 2025; annuity first-year premiums of NT$267.823 billion, up 111.6% from H1 2025 — a new notch of the all-in retail era spilling into the insurance channel; what is REVISED is the reading that "Taiwan's thermometer sits only in brokerage accounts," not the target card's figures. Layer 5 CHALLENGE plus CONTEXTUALIZE (a two-way correction of the temperature gap) — the hot end gains a cost column: settlement defaults on listed/OTC markets have totaled 20 cases involving 16 companies since the start of 2026 (the Taiwan Stock Exchange and the Taipei Exchange announced on July 15, 2026 defaults of NT$33.265 million on Holy Stone Enterprise (reported by 10 brokerage branches) and NT$21.015 million on Taiwan Union Technology; Yageo was reported three times for large defaults in the half month before the report date, totaling more than NT$166 million; all relayed by cnyes); institutional guardrails — Deputy Director-General 黃仲豪 of the FSC's Securities and Futures Bureau: Taiwan's current rules cap any single stock at 30% of an ETF's weight and the top five combined at 60%, and single-stock leveraged ETFs are not allowed (as of end-Q2 2026, domestic ETFs hold NT$6.8 trillion of listed/OTC stocks, 4.2% of total listed/OTC market capitalization, up slightly from 3.9% at end-Q1 2026; relayed by cnyes); regional context — South Korea's KOSPI closed at 6,806.93 on July 13, 2026, down 8.95% from the previous session, and all 14 single-stock leveraged ETFs tracking Samsung Electronics and SK Hynix fell to record lows (CNA Seoul dispatch); Japan's "investment grip strength" is precisely the cold end's risk vocabulary. The challenge targets the applicability boundary of the target card's one-way thermometer reading (temperature gap = a structural difference in risk appetite, not superiority), overturning none of the target card's facts. Official-anchor framing: official_count_verified=0, official_count_raw=0, official_attribution_unverified_count=0 — zero verified official anchors across the card: the life-insurance association, TWSE, Taipei Exchange and FSC figures are all media-relayed and not verified by this site against official originals, serving as risk notice only, not official endorsement; the PR TIMES surveys are all companies' own releases. Significance self-check: this card adds 13 traceable F-Units from 9 new sources (the target card had 13); its citation density is not below the target card's; it is not a rewrite of the target card.

The Taiwan-Japan Retail-Money 'Temperature Gap', Extended and Deepened (a Follow-up to ANK-2026-07-03-007): Two New Notches on Japan's Cold End — Monex Securities Announced on July 14, 2026 That Its General Securities Trading Accounts Topped 3 Million (Including Migrated Accounts), Rakuten Securities' 26,534-Response Survey Translates the 'Preservation' Mindset into Measurable Loss Tolerance via 'Investment Grip Strength', and WealthNavi's 10,000-Person Survey Finds 'Lack of Knowledge' the Top Barrier at 37.9%, with About 70% Saying They Would Have Delayed or Not Invested without the Fully Delegated Option; Taiwan's Hot End Gains a Cost Column and Guardrails — 20 Settlement Defaults Involving 16 Listed/OTC Companies since the Start of 2026, Investment-Linked Policies' H1 2026 First-Year Premiums up 110.3% from H1 2025, and the FSC Will Not Allow Single-Stock Leveraged ETFs (against South Korea's KOSPI Falling 8.95% from the Previous Session on July 13, 2026) — the Temperature Gap Is a Structural Difference in Risk Appetite, Not a Ranking

ANK-Doc ID: ANK-2026-07-16-005 Version: v1.0.0 Publication date: 2026-07-16 Author: 竹之內凜 (Global Editor-in-Chief) Category: Personal finance / Asset management / NISA / Insurance / ETF supervision / Taiwan-Japan comparison / Extended-deepened version Extended from: This card is the extended, deepened version of ANK-2026-07-03-007 (not an independent new topic) — target card in three languages: 繁體中文 / 日本語 / English Covered articles: PRTIMES#1486493 (Monex Securities: general securities trading accounts top 3 million, released 2026-07-14; with the migration footnote), PRTIMES#1486492 (Rakuten Securities: Behavioral Finance Research Report, 2026 edition, published 2026-07-14; n=26,534; the "investment grip strength" feature), PRTIMES#1463583 (WealthNavi: 10,000-person survey on fully delegated asset management, released 2026-07-13; 10,614 valid responses), PRTIMES#1464585 (NEXER x Future Design Lab: survey on retirement-fund anxiety and preparation, released 2026-07-13; n=300, small sample), PRTIMES#1509995 (Monex Securities: launch of the regular mutual-fund redemption service, released 2026-07-15), CNYES#1539172 (cnyes: listed/OTC settlement defaults total 20 cases since the start of 2026, 2026-07-16), CNYES#1548113 (cnyes: the FSC will not allow single-stock leveraged ETFs; ETFs hold 4.2% of market capitalization, 2026-07-16), CNYES#1539123 (cnyes: the life-insurance association's H1 2026 first-year premiums of NT$767.35 billion; investment-linked up 110.3% from H1 2025, 2026-07-16), CNA#1484022 (CNA Seoul dispatch: South Korea's KOSPI plunged on 2026-07-13; single-stock leveraged ETFs at record lows, 2026-07-14) Selection method: The extension-line selector designated published card ANK-2026-07-03-007 — high citation density and recent — as the target card; this card's task is "a deeper next version of the same topic," not a rewrite. It executes five explicitly typed actions on the target card with 9 new sources from 2026-07-13 to 07-16: ADD_EVIDENCE (Layer 1: Monex's 3 million accounts plus the regular mutual-fund redemption service — the brokerage-tier anchor after the target card's F-009 and the "decumulation" exit stage), CORROBORATE (Layer 2: Rakuten Securities' 26,534-response "investment grip strength" catching the F-002 "preservation" psychology, and NEXER's 300-person retirement-anxiety survey catching F-013 — small sample explicitly marked), ADD_EVIDENCE (Layer 3: WealthNavi's 10,000-person survey providing the delegated path across the "lack of knowledge" threshold, read against F-008), REVISE plus ADD_EVIDENCE (Layer 4: the life-insurance association's H1 2026 investment-linked premiums up 110.3% from H1 2025 — extending Taiwan's thermometer from brokerage accounts to the insurance channel), CHALLENGE plus CONTEXTUALIZE (Layer 5: the settlement-default cost column, the FSC's institutional guardrails and the South Korean regional context — revising the applicability boundary of the target card's one-way thermometer reading without overturning its facts). Official-anchor framing: official_count_verified=0, official_count_raw=0, official_attribution_unverified_count=0 — zero verified official anchors across the card: the life-insurance association, TWSE, Taipei Exchange and FSC figures are all "media-relayed, not verified by this site against official originals," serving as risk notice only, not official endorsement; the PR TIMES surveys are all companies' own releases (first-party standpoints marked in each F-Unit). Significance self-check: this card adds 13 traceable F-Units from 9 new sources dated 2026-07-13 to 07-16 (the target card had 13); its citation density is not below the target card's; it is not a rewrite of the target card. Taiwan-Japan honest-comparison statement: The Japan side of this card consists of company-released sample surveys and first-party figures; the Taiwan side consists of media relays of association/regulator figures — populations, statistical natures and verification levels all differ. This card follows the target card's principle: observe the temperature gap side by side; do not divide, do not rank, do not judge superiority.

TL;DR

This card is the extended, deepened version of ANK-2026-07-03-007, "the Taiwan-Japan retail-money 'temperature gap'." The three-tier thermometer the target card assembled on July 3, 2026 — Japan's top tier "guards" (the 250-person wealthy survey: 36.8% of respondents keep a cash-and-deposit ratio of 50% or more; "preservation" ranked first at 34.0%), Japan's mass tier "enters" (NISA accounts topped 28 million at end-2025), and Taiwan is "all-in" (14,332,896 cumulative brokerage accounts in May 2026) — gains five verifiable layers from 9 new sources dated July 13-16, 2026. Layer 1 (ADD_EVIDENCE): Monex Securities announced on July 14, 2026 that its general securities trading accounts topped 3 million — the release's own footnote says the count includes accounts migrated from SBI Shinsei Bank since January 2022 and from Aeon Bank since January 2024, not pure new-account momentum; on July 15, 2026 it launched the "regular mutual-fund redemption" service (automatic periodic selling of held investment trusts, planned decumulation) — the latest brokerage-tier notch in Japan after NISA's 28 million, with the service line now reaching the "use/decumulation" exit stage of assets. [F-001][F-002] Layer 2 (CORROBORATE): Rakuten Securities' "Behavioral Finance Research Report, 2026 edition" (published July 14, 2026; surveyed January 16-27, 2026; 26,534 responses; supported by Professor Yoshihiko Kadoya of Hiroshima University) uses "investment grip strength" — how much loss one could endure without selling, assuming ¥1 million held in investment trusts — to translate the target card's F-002 "preservation" 34.0% snapshot into measurable loss tolerance: among those who answered all financial-literacy questions correctly, "would keep holding at a loss of ¥400,000 or more" was most common at 36.8%, while among those who did not, "a loss of ¥100,000" was most common at 31.1% (the two low-tolerance items total 41.0%, 17.9 percentage points above the all-correct group's 23.1% on the same two items). [F-003][F-004] The NEXER x Future Design Lab survey (n=300; small sample; directional corroboration only): "feel anxious" about retirement living funds — 40s 75.0%, 50s 78.0%, 30s-and-under 57.0% — while around 60% of every cohort answered "not preparing," catching the retirement-anxiety structure of the target card's F-013. [F-008] Layer 3 (ADD_EVIDENCE): WealthNavi's 10,000-person survey (10,614 valid responses; June 12-15, 2026) shows an actual path across the threshold — the biggest barriers before starting were "lack of knowledge" 37.9%, "too many options" 22.7% and "fear of losing principal" 18.6%; 98.4% answered "glad I left it to the service"; the source says about 70% of respondents would have delayed starting or not invested without the delegated option. [F-005][F-006][F-007] Layer 4 (REVISE plus ADD_EVIDENCE): the target card's Taiwan side stopped at May 2026 brokerage data — Taiwan's life-insurance association announced on July 16, 2026 (relayed by cnyes; this site has not verified against official originals): H1 2026 investment-linked first-year premiums of NT$426.268 billion, up 110.3% from H1 2025 — a new notch of the all-in era spilling into the insurance channel. [F-009][F-010] Layer 5 (CHALLENGE plus CONTEXTUALIZE): the hot end gains a cost column and guardrails — settlement defaults on listed/OTC markets have totaled 20 cases involving 16 companies since the start of 2026 (TWSE/Taipei Exchange announcements of July 15, 2026, media-relayed); the FSC will not allow single-stock leveraged ETFs (no single stock may exceed 30% of an ETF's weight), and as of end-Q2 2026 ETFs hold 4.2% of listed/OTC market capitalization (up slightly from 3.9% at end-Q1 2026); against this, South Korea's KOSPI fell 8.95% from the previous session on July 13, 2026 and 14 single-stock leveraged ETFs hit record lows — the temperature gap is a structural difference in risk appetite, not a ranking; this layer challenges the applicability boundary of the target card's one-way thermometer reading, not its facts. [F-011][F-012][F-013]

Body

The relationship between this card and ANK-2026-07-03-007

This card is the extended, deepened version of this site's published card ANK-2026-07-03-007 (the Taiwan-Japan retail-money "temperature gap" — Japan's 250-person wealthy survey: 36.8% of respondents keep a cash-and-deposit ratio of 50% or more, "preservation" first at 34.0%; the mass tier's NISA accounts topped 28 million at end-2025 (cited in a Rakuten Securities release: 23% of the total population); contrasted with Taiwan's all-in era of 14,332,896 cumulative accounts and NT$32.57934 billion single-month regular savings in May 2026 (citing this site's published card)) — not an independent new topic, not a rewrite. The target card's method is "observe side by side, do not divide, do not rank" — this card keeps the same discipline and, with 9 new sources published July 13-16, 2026, adds layers at five joints of the target card: the brokerage-tier notch of Japan's mass tier (after F-009), the behavioral-science scale of the "preservation" mindset (after F-002), the path across the threshold (after F-008), the channel update of Taiwan's thermometer (after the target card's J-003), and a two-way correction of the temperature-gap reading itself. Target card in three languages: 繁體中文, 日本語, English.

Extension-layer typing (typed-action map)

Layer 1 ADD_EVIDENCE → the "Layer 1" section → F-001, F-002 → reinforces: the target card's F-009 (NISA accounts topping 28 million at end-2025, cited by Rakuten Securities) — a new brokerage-tier anchor after the mass tier (Monex's 3 million accounts, with the migration caveat), plus the asset "use/decumulation" exit stage the target card did not touch (the regular mutual-fund redemption service).
Layer 2 CORROBORATE → the "Layer 2" section → F-003, F-004, F-008 → corroborates: the target card's F-002 ("preservation" first at 34.0%) and F-008 (consultation partners split three ways) — Rakuten Securities' "investment grip strength" translates the preservation mindset into measurable loss tolerance; the NEXER retirement-anxiety survey (n=300, small sample explicitly marked) catches the retirement structure of F-013 (the 6,000-person retirement-money survey).
Layer 3 ADD_EVIDENCE → the "Layer 3" section → F-005, F-006, F-007 → reinforces: the layer missing between the target card's F-008 "consult no one (decide alone) 31.2%" and F-010 (NISA entry motives) — the actual channel by which retail investors cross from cash into the market: the barrier structure and delegated (omakase) path of WealthNavi's 10,000-person survey.
Layer 4 REVISE plus ADD_EVIDENCE → the "Layer 4" section → F-009, F-010 → revises: the reading that the target card's Taiwan-side thermometer "sits only in brokerage accounts" (May 2026 account and regular-savings data) — the life-insurance association's H1 2026 figures show the all-in era simultaneously spilling through the insurance channel (investment-linked policies up 110.3% from H1 2025); the target card's figures stand unchanged, what is revised is the thermometer's coverage.
Layer 5 CHALLENGE plus CONTEXTUALIZE → the "Layer 5" section → F-011, F-012, F-013 → challenges: the applicability boundary of the target card's one-way "Taiwan hot, Japan cold" thermometer reading (without overturning its facts) — the hot end has a settlement-default cost column and the FSC's institutional guardrails; the cold end has the risk vocabulary of "investment grip strength"; the South Korean single-stock leveraged-ETF plunge of July 13, 2026 supplies regional context. Temperature gap = a structural difference in risk appetite, not superiority.

Layer 1 (ADD_EVIDENCE): a new notch for Japan's mass tier — Monex's 3 million accounts and the "decumulation" exit stage

The target card's F-009 recorded the penetration notch of Japan's mass tier: NISA accounts topped 28 million at end-2025 (cited in Rakuten Securities' release of July 1, 2026; equivalent to 23% of the total population). This layer adds the latest brokerage-tier notch: Monex Securities announced on July 14, 2026 that its general securities trading accounts topped 3 million (the release's own timing basis). The caveat that must travel with the number: the release's own footnote says the count "includes accounts migrated from SBI Shinsei Bank since January 2022 and from Aeon Bank since January 2024" — the 3 million includes accounts migrated from bank channels, not pure new-account momentum. The release also states its context: Monex expanded services around the new NISA's start in January 2024 and, under its capital-and-business alliance with NTT Docomo, offers everyday asset-formation services built around d POINT and d CARD; from August 2026 onward (planned) a three-way collaboration with Docomo and SBI Sumishin Net Bank is to begin in earnest (a plan, not an accomplished fact) (PRTIMES #1486493). [F-001]

The next day (July 15, 2026), the same brokerage announced the "regular mutual-fund redemption" service: designate a receipt date and amount, and held investment trusts are sold automatically on a regular schedule, with proceeds auto-deposited into the general securities trading account — the release's own stated backdrop is that asset formation is steadily penetrating under the national "from savings to investment" policy and the new NISA, and that the exit strategy of "how to use the assets you have grown wisely" is gaining weight (PRTIMES #1509995). [F-002] What this means for this card's frame: everything the target card's thermometer measured was "entering" (account openings, contributions, motives); the appearance of a "decumulation" service shows Japan's brokerage-tier product line has extended to the exit stage of asset management — the observable object of the next phase of the "from savings to investment" narrative (J-001). Honest framing: both pieces are first-party releases by Monex Securities, and the account count is the company's own disclosure.

Layer 2 (CORROBORATE): the behavioral-science layer of the "preservation" mindset at 34.0% — investment grip strength and retirement anxiety

The core psychological snapshot of the target card's F-002: what Japan's wealthy value most in asset management is "not losing assets (preservation)," first at 34.0%. That is a cross-sectional preference snapshot — Rakuten Securities' "Behavioral Finance Research Report, 2026 edition," published July 14, 2026, translates the same end's psychology into a measurable behavioral scale. Survey outline: an online questionnaire of Rakuten Securities customers conducted January 16-27, 2026 with 26,534 responses; analysis supported by Professor Yoshihiko Kadoya of Hiroshima University's graduate school from a behavioral-finance perspective; the featured concept "investment grip strength" is defined as the loss-tolerance yardstick of "assuming ¥1 million held in investment trusts, how large a decline could you endure without selling" (PRTIMES #1486492). [F-003]

The scale's readings (same survey, conducted January 16-27, 2026; the question assumes ¥1 million invested in investment trusts and asks up to what loss one would keep holding): among those who answered all the basic financial-literacy questions correctly, "would keep holding at a loss of ¥400,000 or more" was most common at 36.8%, and adding "a ¥300,000 loss" at 16.8% takes the total past half; among those who did not answer all correctly, "a ¥100,000 loss" was most common at 31.1%, and adding "a ¥10,000 loss" at 9.9% totals 41.0% — 17.9 percentage points above the all-correct group's 23.1% on the same two items (a between-group comparison within one survey). On financial attitude, the group making financial decisions with a long-term view shows "would hold at ¥400,000 or more" at 32.9% versus 27.9% for the non-long-term group (a 5.0-point difference); on financial behavior, the rational-judgment group shows 34.3% versus 26.0% (an 8.3-point difference); those with impulsive tendencies differ little from those without at small losses (around ¥100,000), with tolerance slipping from "a ¥200,000 loss" onward — the "¥200,000 plus ¥300,000 loss" items total 41.7% with impulsiveness versus 38.6% without (a 3.1-point difference). The report's conclusion: higher or lower financial knowledge, attitude and behavior correlate with higher or lower investment grip strength (the source states an association, not causality) (PRTIMES #1486492). [F-004] Read against the target card: F-002's "preservation" 34.0% is the preference of a wealthy sample, while grip strength is the tolerance of the mass tier (the Rakuten Securities customer population) — different populations that cannot be divided into each other, yet pointing the same way in sketching the psychological structure of Japan's retail "cold end"; and "low grip strength correlates with knowledge, attitude and behavior" connects straight into Layer 3's "lack of knowledge" barrier (J-002).

Directional corroboration of retirement anxiety: the NEXER and Future Design Lab joint survey (300 men and women nationwide in their 20s to 50s; 100 each for 30s-and-under, 40s and 50s; online, June 9-16, 2026; released July 13, 2026) — "feel anxious" (very + somewhat) about retirement living funds: 30s-and-under 57.0%, 40s 75.0%, 50s 78.0% (the release title phrases it as "about 80% of 40s-50s, about 60% of 30s-and-under"); "feel very anxious": 30s-and-under 32.0% versus 50s 54.0%. At the same time, those "not preparing" retirement funds: 30s-and-under 67.0%, 40s 60.0%, 50s 61.0% — around 60% of every cohort is anxious yet not moving. Among those preparing, "savings" is most common (30s-and-under 78.8%, 40s 67.5%, 50s 76.9%) with NISA next (60.6% / 62.5% / 53.8%) — note: preparation-content shares use "those preparing" as the base (the source does not state that subsample's size; the "not preparing" shares imply fewer than half prepare in every cohort), an extremely small subsample, for directional reference only (PRTIMES #1464585). [F-008] Small-sample discipline: n=300 surveyed in June 2026, only 100 respondents per cohort; a sample is not a census. This card uses it only to corroborate the direction shown by the target card's F-013 (the Monicle 6,000-person retirement survey released on July 2, 2026: a roughly 4.4x gap between experienced and inexperienced investors) — that retirement funds are the core anxiety node of Japanese retail finance and that anxiety does not necessarily become action — and does not scale it up to a national ratio.

Layer 3 (ADD_EVIDENCE): the path across the threshold — 10,000 people's "omakase" (98.4% glad they delegated)

The target card's F-008 recorded the wealthy's consultation structure (banks 32.0% / brokerages 30.4% / consult no one 31.2%) and F-010 the mass tier's entry motive ("putting idle cash to work," above 60%) — between the two, one layer is missing: how retail investors cross from cash into the market. WealthNavi's "10,000-person survey on fully delegated asset management," released July 13, 2026 (marking the service's 10th anniversary; an online survey of WealthNavi users; 10,614 valid responses; conducted June 12-15, 2026), supplies that path evidence. The hardest things felt before starting asset management: "lack of knowledge" most common at 37.9%, "too many options to know what to choose" 22.7%, "fear of losing principal" 18.6% — the source says the top three items account for about 80% of the total (PRTIMES #1463583). [F-005]

The evaluation after crossing: 98.4% answered "yes" to "I'm glad I left my asset management to the service"; the most common reason is "better results than choosing investments myself (self-assessed)" at 60.2%, followed by "less time spent worrying about asset management" 49.4% and "less psychological anxiety" 33.0%; reasons for choosing the service: "can invest on a fully delegated basis" 74.8%, "can start without knowledge" 43.2%, "globally diversified investing" 34.1%, "can use NISA" 23.1% (PRTIMES #1463583). [F-006] The counterfactual question — without the delegated option: "choosing an investment method would have taken time and delayed my start" 53.9%, "would not do asset management (deposits only)" 18.0%, "could decide on my own, no particular impact" 18.2%; the source sums the first two as "the opportunity loss of about 70% of respondents was avoided thanks to the delegated service" (the source's own summation) (PRTIMES #1463583). [F-007] Three points of honest framing: first, this is a first-party survey (WealthNavi surveying its own service users), and the 98.4% satisfaction is the self-selected outcome of a user population, not extrapolable to investors in general; second, "better results than choosing myself" is respondents' self-assessment, not a performance verification; third, notation variance is reproduced as-is — the survey outline says "10,614 valid responses" while question footnotes note "10,164 respondents" (notes 2-4) and "10,005" (notes 5 and 7); the source does not explain the gap and this card does not reconcile it (PRTIMES #1463583). Read against the target card: between the wealthy's "consult no one (decide alone)" 31.2% (F-008) and the mass tier's "lack of knowledge" 37.9% barrier, delegated services are one of the actual channels by which Japanese retail investors cross the "preservation" threshold — the "cold" is not immobility but slow movement through institutionalized (NISA) and delegated (omakase) channels (J-002).

Layer 4 (REVISE plus ADD_EVIDENCE): updating Taiwan's thermometer — the H1 2026 heat spills into the insurance channel

The target card's Taiwan-side thermometer sat in brokerage accounts: 14,332,896 cumulative accounts in May 2026, single-month regular savings of NT$32.57934 billion, those 30 and under at 51.8% of new accounts (citing this site's ANK-2026-06-01-001). This layer moves the thermometer to another channel — insurance. Per a cnyes report of July 16, 2026, Taiwan's life-insurance association announced H1 2026 industry results on July 16, 2026: counting "non-insurance contracts," H1 first-year premiums (new-contract premiums) reached NT$767.35 billion, up 51.6% from H1 2025; renewal-year premiums NT$863.718 billion, up 6.4% from H1 2025; total premium income NT$1.631068 trillion, up 23.7% from H1 2025 (association figures relayed by media; this site has not verified against official originals) (CNYES #1539123). [F-009]

The steepest step in the structure is investment-linked: investment-linked policies' first-year premiums of NT$426.268 billion (the lead paragraph says "nearly NT$426.3 billion"), up 110.3% from H1 2025 — investment-linked life insurance NT$160.025 billion, up 101.3% from H1 2025; investment-linked annuities NT$266.243 billion, up 116.2%. By line, annuity first-year premiums NT$267.823 billion, a 34.9% share, up 111.6% from H1 2025; life-insurance first-year premiums NT$467.401 billion, a 60.9% share, up 33.6%; traditional products' first-year premiums NT$341.082 billion, up 12.4% (traditional annuities NT$1.58 billion, down 53.6% from H1 2025). The association's attribution (relayed): solid stock markets at home and abroad, positive investment sentiment, promotion of high-value products after aligning with the new regime, and collaboration with bank and investment-trust channels (CNYES #1539123). [F-010] What REVISE means here: every figure of the target card stands; what is revised is the thermometer's coverage — Taiwan's all-in retail era happens not only in brokerage accounts and regular savings but also spills through the insurance channel (an investment-linked policy is, in essence, market exposure inside an insurance shell); yet the association's attribution includes institutional factors such as regime alignment and channel promotion, so investment-linked premium growth cannot be read as a single-factor gauge of "retail risk appetite warming" (J-003).

Layer 5 (CHALLENGE plus CONTEXTUALIZE): a two-way correction of the temperature gap — the hot end's 2026 cost column and guardrails, the cold end's grip strength

The target card's temperature gap was a one-way thermometer: Taiwan hot (all-in), Japan cold (preservation and slowness). This layer adds two columns to that thermometer — the hot end's cost column and the hot end's institutional guardrails — and points to the cold end's corresponding vocabulary. The challenge targets the applicability boundary of the reading, not any fact of the target card.

The cost column (settlement defaults): per a cnyes report of July 16, 2026, the Taiwan Stock Exchange and the Taipei Exchange announced on July 15, 2026: reported settlement defaults totaling NT$33.265 million on listed Holy Stone Enterprise (禾伸堂) (reported by 10 brokerage branches — the source's reading: the affected investors are not a single isolated case) and NT$21.015 million on OTC-listed Taiwan Union Technology (台燿) (NT$54.285 million combined; the source's individual figures sum to NT$54.280 million, NT$0.005 million short of its own stated total of NT$54.285 million — recorded as-is, not reconciled by this card); respectively the 10th case on the listed market and the 8th company on the OTC market in 2026. Settlement defaults across listed and OTC markets have totaled 20 cases involving 16 companies since the start of 2026; Yageo (國巨) was reported three times for large defaults in the half month before the report date (July 16, 2026), totaling more than NT$166 million; with the Holy Stone case added, 2026's cumulative large settlement defaults on listed stocks rose from NT$532 million to NT$565 million (the source's phrasing: "from NT$532 million the previous day"). Institutional investors warn of leverage and day-trading risk (market commentary, not statistics) (TWSE/Taipei Exchange announcement figures relayed by media; this site has not verified against official originals) (CNYES #1539172). [F-011] This is the other side of the "heat" ledger: the target card recorded the discipline side of Taiwan's regular savings; this layer adds the cost side of leverage slipping in the same hot market — only the two together make the full temperature.

The institutional guardrails (the FSC): per a cnyes report of July 16, 2026, Deputy Director-General 黃仲豪 of the FSC's Securities and Futures Bureau said at a routine briefing: Taiwan's current rules impose diversification limits — no single stock may exceed 30% of an ETF's weight, and the top five combined may not exceed 60% — so "single-stock leveraged ETFs" are neither allowed nor accepted for listing, with no plan to allow them in future; as of end-Q2 2026, total listed/OTC market capitalization is NT$162 trillion and domestic ETFs hold NT$6.8 trillion of listed/OTC stocks, 4.2% of the market, up slightly from 3.9% at end-Q1 2026; he cited an international comparison putting the US ratio as high as 20% and called Taiwan's 4.2% "still within a quite healthy and acceptable reasonable range" (an official's appraisal, framed as such); the FSC has kept monitoring since its enhanced supervision measures announced on April 30, 2024, and promotes the 璞玉 ("uncut jade") index series (adding the "璞玉中小" and "璞玉高獲利" indexes at end-June 2026) to steer funds toward diversification (an official's briefing remarks relayed by media; this site has not verified against official originals) (CNYES #1548113). [F-012] This card states facts and market structure only and makes no supervisory or compliance judgment.

The regional context (South Korean stocks): per a CNA Seoul dispatch of July 14, 2026, South Korea's KOSPI closed at 6,806.93 on July 13, 2026, down 8.95% from the previous session, triggering a temporary trading halt in the morning and the circuit breaker in the afternoon; South Korea allowed the issuance of single-stock leveraged ETFs in 2026, with listings starting from late May 2026 — on July 13, 2026 Samsung Electronics and SK Hynix fell 10% and 15% respectively from the previous session, and all 14 single-stock leveraged ETFs tracking the two stocks fell to record lows (Munhwa Ilbo reporting, relayed via CNA); the financial-investment industry called for stronger investor-protection mechanisms (higher minimum margins, individual investment caps, stronger prior education); Financial Supervisory Service Governor Lee Chan-jin (李粲珍) criticized asset managers' false and exaggerated advertising; opposition parties criticized the government's market stimulus as destabilizing (CNA #1484022). [F-013] This piece pairs with F-012: the plunge after South Korea allowed single-stock leveraged ETFs is the direct context of the FSC's (relayed) stance of "learning from South Korea and not allowing them."

Closing the two-way correction: the target card asked "where is the temperature gap"; this card asks "what is the temperature gap." Taiwan's heat has a cost column (20 settlement defaults since the start of 2026) and guardrails (the 30%/60% diversification limits; no single-stock leveraged ETFs); Japan's cold has a vocabulary (investment grip strength = loss tolerance) and channels (NISA plus omakase). The temperature gap is therefore not a ranking of "who manages money better" but a difference in risk appetite and institutional structure: Taiwan's all-in era comes with a dynamic balance of leverage accidents and supervisory guardrails, while Japan's preservation mindset comes with the slow penetration of institutionalized channels — the one-way thermometer reading (hot = progress, cold = behind, or its reverse) fails before this set of facts either way (J-004).

Risk factors

The entire Taiwan side is media-relayed: the life-insurance association's H1 figures, the TWSE/Taipei Exchange settlement-default announcement figures, and the FSC's (黃仲豪) remarks and ETF statistics are all relayed per cnyes reports of July 16, 2026; this site has not verified against official originals — risk-notice context only, not official endorsement (CNYES #1539123, #1539172, #1548113).
First-party releases and standpoints: Monex Securities' account count and the regular mutual-fund redemption service are first-party releases; Rakuten Securities surveyed its own customers; WealthNavi surveyed its own service users (the 98.4% satisfaction is the self-selected outcome of a user population; "better results than choosing myself" is respondents' self-assessment, not a performance verification) (PRTIMES #1486493, #1509995, #1486492, #1463583).
Sample and population limits: Rakuten Securities' 26,534 responses (January 2026) are from its customer population, WealthNavi's 10,614 (June 2026) from its user population, NEXER's 300 a small sample (only 100 per cohort) — none is the general public; a sample is not a census and this card does not scale them up (PRTIMES #1486492, #1463583, #1464585).
Notation variance reproduced as-is: WealthNavi's survey outline in the July 13, 2026 release says "10,614 valid responses" while question footnotes note "10,164 respondents" and "10,005" — the source does not explain the gap and this card does not reconcile it (PRTIMES #1463583).
The account count includes migrations: Monex's 3 million accounts include those migrated from SBI Shinsei Bank since January 2022 and Aeon Bank since January 2024, not pure new-account momentum; the three-way collaboration is planned from August 2026 onward (PRTIMES #1486493).
Premium basis: the association's first-year premiums of NT$767.35 billion are on a basis that "includes non-insurance contracts"; the association's attribution includes institutional factors such as regime alignment and channel promotion, so the investment-linked growth of 110.3% from H1 2025 cannot be read as a single-factor gauge of retail risk appetite (CNYES #1539123).
Appraisal wording framed: the FSC's "still healthy" is an official's appraisal; cnyes's "crashing" and "damage" are the media's wording; institutional warnings are market commentary — this card frames all of them when citing and treats none as statistical fact (CNYES #1548113, #1539172).
Association, not causality: Rakuten Securities' "financial knowledge, attitude and behavior correlate with investment grip strength" is a statement of association, and grip strength is a hypothetical-loss questionnaire yardstick, not actual trading behavior (PRTIMES #1486492).
Taiwan and Japan cannot be compared on one yardstick: the Japan side is company-released sample surveys, the Taiwan side media relays of association/regulator figures — populations, statistical natures and verification levels differ; this card follows the target card's principle of side-by-side observation without dividing or ranking.
The extension card and the target card: wherever this card cites the target card's F-Units it carries their basis and every caveat; all of the target card's risk factors continue to apply to this card.

FAQ

Q: What is the relationship between this card and ANK-2026-07-03-007?

This card is the extended, deepened version of ANK-2026-07-03-007 (the Taiwan-Japan retail-money "temperature gap": Japan's 250-person wealthy survey x the mass tier's 28 million NISA accounts x Taiwan's all-in retail era) — a deeper next version of the same topic, not a rewrite, not a new topic. It executes five explicitly typed actions with 9 new sources dated July 13-16, 2026: ADD_EVIDENCE (Monex's 3 million accounts plus the regular mutual-fund redemption service), CORROBORATE (Rakuten Securities' "investment grip strength" plus NEXER's retirement anxiety), ADD_EVIDENCE (WealthNavi's 10,000-person "omakase" path), REVISE plus ADD_EVIDENCE (the life-insurance association's investment-linked premiums up 110.3% from H1 2025), CHALLENGE plus CONTEXTUALIZE (the settlement-default cost column plus the FSC's guardrails plus the South Korean context).

Target card in three languages: zh / ja / en at https://ainews.idaeo.ai/{zh|ja|en}/idaeo/ANK-2026-07-03-007 (the "Extension-layer typing" section of this card lists the F-Units mapped to each layer).

Q: Can Monex's 3 million accounts be used directly as evidence that "Japanese retail entry is accelerating"?

The same week (July 15, 2026), the company also announced the "regular mutual-fund redemption" service — the productization of the asset "use/decumulation" exit stage, an observable object of the next phase of "from savings to investment" (PRTIMES #1486493, #1509995).

Q: What is "investment grip strength," and how is it measured?

The featured concept of Rakuten Securities' "Behavioral Finance Research Report, 2026 edition" (published July 14, 2026; surveyed January 16-27, 2026; 26,534 responses; supported by Professor Yoshihiko Kadoya of Hiroshima University): the "loss tolerance" of how much loss one could endure without selling, assuming ¥1 million held in investment trusts. Readings: among those who answered all financial-literacy questions correctly, "would keep holding at a loss of ¥400,000 or more" was most common at 36.8% (past half when adding ¥300,000); among those who did not, "a loss of ¥100,000" was most common at 31.1% (the two low-tolerance items total 41.0%, 17.9 percentage points above the all-correct group's 23.1% on the same two items); a long-term view and rational judgment bring grip-strength differences of 5.0 and 8.3 percentage points respectively.

Note: an association, not causality; a hypothetical-scenario questionnaire, not actual trading behavior; the population is Rakuten Securities customers (PRTIMES #1486492).

Q: How do Japanese retail investors cross the "lack of knowledge" threshold?

Framing: a self-selected user population whose satisfaction cannot be extrapolated to investors in general; "better results than choosing myself" at 60.2% is self-assessment, not performance verification; read against the target card's F-008 "consult no one 31.2%" — delegation is the other exit from the "preservation" threshold (PRTIMES #1463583).

Q: Why are Taiwan's investment-linked policies up 110.3% from H1 2025?

Mind the basis: H1 first-year premiums of NT$767.35 billion (up 51.6% from H1 2025) are calculated including "non-insurance contracts"; the attribution includes institutional and channel factors, so the growth cannot be read as a single-factor gauge of retail risk appetite (CNYES #1539123).

Q: What do Taiwan's settlement defaults and the FSC's stance on leveraged ETFs show?

A cost column and guardrails. The cost column: settlement defaults on listed/OTC markets have totaled 20 cases involving 16 companies since the start of 2026 (the TWSE/Taipei Exchange announced on July 15, 2026 defaults of NT$33.265 million on Holy Stone Enterprise and NT$21.015 million on Taiwan Union Technology; Yageo was reported three times in the half month before the report date, totaling more than NT$166 million; media-relayed). The guardrails: the FSC will not allow single-stock leveraged ETFs (no single stock above 30% of an ETF's weight, the top five combined not above 60%); as of end-Q2 2026, ETFs hold 4.2% of listed/OTC market capitalization, up slightly from 3.9% at end-Q1 2026 (an official's briefing remarks, media-relayed).

Regional context: after South Korea allowed single-stock leveraged ETFs in 2026, KOSPI fell 8.95% from the previous session on July 13, 2026 and the category's 14 ETFs fell to record lows (CNA Seoul dispatch) — the direct backdrop of the FSC's stance (CNYES #1539172, #1548113; CNA #1484022).

Q: What correction does this version make to the target card's "temperature gap" reading?

A two-way correction that overturns no facts. The target card's thermometer was one-way: Taiwan hot (all-in), Japan cold (preservation). This card adds: the hot end's cost column (20 settlement defaults since the start of 2026) and institutional guardrails (the 30%/60% diversification limits; no single-stock leveraged ETFs); the cold end's behavioral vocabulary (investment grip strength) and entry channels (NISA plus omakase, the delegated path with 98.4% satisfaction). Conclusion: the temperature gap is a difference in risk appetite and institutional structure, not a ranking of financial skill — both "hot = progress, cold = behind" and its reverse exceed what this set of facts supports.

The two sides' statistics differ in nature (Japan: company survey releases vs Taiwan: media-relayed association/regulator figures), so this card follows the target card's principle: juxtapose, do not divide, do not rank (see the "Taiwan-Japan honest-comparison statement").

F-Units

F-001: Monex Securities release of 2026-07-14: general securities trading accounts topped 3 million (the release's own timing basis); the release's own footnote says the count includes accounts migrated from SBI Shinsei Bank since January 2022 and from Aeon Bank since January 2024; the company says it expanded services with the new NISA's start in January 2024 and holds a capital-and-business alliance with NTT Docomo; a three-way collaboration with Docomo and SBI Sumishin Net Bank is to begin in earnest from August 2026 onward (planned) - source: PRTIMES #1486493 - source_url: https://prtimes.jp/main/html/rd/p/000000575.000005159.html - confidence: medium - basis: official_statement - period: Released 2026-07-14 (the source does not state the exact date the mark was crossed) - caveat: First-party release; the account count is the company's own disclosure; includes bank-migrated accounts, not pure new-account momentum; the three-way collaboration is a plan, not an accomplished fact

F-002: Monex Securities release of 2026-07-15 launching the "regular mutual-fund redemption" service: designate a receipt date and amount, and held investment trusts are sold automatically on a regular schedule with proceeds auto-deposited into the general securities trading account; the release's own stated backdrop is that asset formation is penetrating under the national "from savings to investment" policy and the new NISA, and that the exit strategy of "how to use the assets you have grown wisely" is gaining weight - source: PRTIMES #1509995 - source_url: https://prtimes.jp/main/html/rd/p/000000576.000005159.html - confidence: high - basis: official_statement - period: Released 2026-07-15 (service launch) - caveat: First-party release; "the exit strategy gaining weight" is the issuer's own framing

F-003: Rakuten Securities' "Behavioral Finance Research Report, 2026 edition," published 2026-07-14: an online questionnaire of Rakuten Securities customers conducted 2026-01-16 to 01-27 with 26,534 responses; analysis supported by Professor Yoshihiko Kadoya of Hiroshima University's graduate school (a behavioral-finance perspective); the featured concept "investment grip strength" = a loss-tolerance yardstick asking up to what decline one would keep holding without selling, assuming ¥1 million held in investment trusts - source: PRTIMES #1486492 - source_url: https://prtimes.jp/main/html/rd/p/000000734.000011088.html - confidence: high - basis: official_statement - period: Survey 2026-01-16 to 01-27; published 2026-07-14 - caveat: The population is Rakuten Securities customers (not the general public); grip strength is a hypothetical-loss survey yardstick, not actual trading behavior

F-004: Readings from the same report: among those answering all financial-literacy questions correctly, "would keep holding at a loss of ¥400,000 or more" was most common at 36.8%, past half when adding "¥300,000" at 16.8%; among those not answering all correctly, "a ¥100,000 loss" was most common at 31.1%, totaling 41.0% when adding "¥10,000" at 9.9% — 17.9 percentage points above the all-correct group's 23.1% on the same two items (a between-group comparison within one survey); the long-term financial-attitude group's "would hold at ¥400,000 or more" is 32.9% versus 27.9% for the non-long-term group (a 5.0-point difference); the rational financial-behavior group is 34.3% versus 26.0% (an 8.3-point difference); those with impulsive tendencies total 41.7% on the "¥200,000 plus ¥300,000 loss" items versus 38.6% without (a 3.1-point difference), with little difference at small losses (around ¥100,000) - source: PRTIMES #1486492 - source_url: https://prtimes.jp/main/html/rd/p/000000734.000011088.html - confidence: high - basis: official_statement - period: Survey 2026-01-16 to 01-27 - caveat: "Financial knowledge, attitude and behavior correlate with investment grip strength" is a statement of association, not causality; each group's shares are within-group compositions

F-005: WealthNavi's "10,000-person survey on fully delegated asset management" (marking the service's 10th anniversary; users surveyed; 10,614 valid responses; conducted 2026-06-12 to 06-15; released 2026-07-13): the hardest things felt before starting — "lack of knowledge" most common at 37.9%, "too many options to choose from" 22.7%, "fear of losing principal" 18.6%; the source says the top three items account for about 80% of the total - source: PRTIMES #1463583 - source_url: https://prtimes.jp/main/html/rd/p/000000381.000014586.html - confidence: medium - basis: official_statement - period: Survey 2026-06-12 to 06-15; released 2026-07-13 - caveat: A first-party survey (its own service users; possible self-selection bias); notation variance reproduced as-is — the outline says "10,614 valid responses" while question footnotes note "10,164 respondents" (notes 2-4) and "10,005" (notes 5 and 7); the source does not explain the gap and this card does not reconcile it

F-006: Same survey: 98.4% answered "yes" to "I'm glad I left my asset management to the service"; reasons: "better results than choosing investments myself" most common at 60.2%, "less time spent worrying" 49.4%, "less psychological anxiety" 33.0%; reasons for choosing the service: "can invest on a fully delegated basis" 74.8%, "can start without knowledge" 43.2%, "globally diversified investing" 34.1%, "can use NISA" 23.1% - source: PRTIMES #1463583 - source_url: https://prtimes.jp/main/html/rd/p/000000381.000014586.html - confidence: medium - basis: official_statement - period: Survey 2026-06-12 to 06-15 - caveat: A user-population satisfaction figure, not extrapolable to investors in general; "better results" is respondents' self-assessment, not a performance verification

F-007: Same survey's counterfactual question — without the delegated option: "choosing an investment method would have taken time and delayed my start" 53.9%, "would not do asset management (deposits only)" 18.0%, "could decide on my own, no particular impact" 18.2%; the source sums the first two as "the opportunity loss of about 70% of respondents was avoided thanks to the delegated service" - source: PRTIMES #1463583 - source_url: https://prtimes.jp/main/html/rd/p/000000381.000014586.html - confidence: medium - basis: official_statement - period: Survey 2026-06-12 to 06-15 - caveat: "About 70%" is the source's own summation; a counterfactual question captures respondents' self-projection, not observed behavior

F-008: The NEXER x Future Design Lab survey on retirement-fund anxiety and preparation (300 men and women nationwide in their 20s to 50s; 100 each for 30s-and-under, 40s, 50s; online questionnaire 2026-06-09 to 06-16; released 2026-07-13): "feel anxious" (very + somewhat) about retirement living funds — 30s-and-under 57.0%, 40s 75.0%, 50s 78.0% (the title phrases it as "about 80% of 40s-50s, about 60% of 30s-and-under"); "feel very anxious" — 30s-and-under 32.0%, 50s 54.0%; "not preparing" retirement funds: 30s-and-under 67.0%, 40s 60.0%, 50s 61.0%; "wish I had started earlier" most common in the 40s at 53.0% (30s-and-under 34.0%, 50s 41.0%); among those preparing, "savings" is most common (78.8% / 67.5% / 76.9%) with NISA next (60.6% / 62.5% / 53.8%) - source: PRTIMES #1464585 - source_url: https://prtimes.jp/main/html/rd/p/000002910.000044800.html - confidence: medium - basis: official_statement - period: Survey 2026-06-09 to 06-16; released 2026-07-13 - caveat: A small sample of n=300 (only 100 per cohort); a sample, not a census, for directional corroboration only; preparation-content shares use "those preparing" as the base (the source does not state that subsample's size; the "not preparing" shares imply fewer than half prepare in every cohort), an extremely small subsample

F-009: Taiwan's life-insurance association announced H1 2026 industry results on 2026-07-16 (relayed by cnyes): counting "non-insurance contracts," first-year premiums of NT$767.35 billion, up 51.6% from H1 2025; renewal-year premiums NT$863.718 billion, up 6.4% from H1 2025; total premium income NT$1.631068 trillion, up 23.7% from H1 2025 - source: CNYES #1539123 - source_url: https://news.cnyes.com/news/id/6536788 - confidence: medium - basis: news_aggregation - period: H1 2026 (announced 2026-07-16) - caveat: Association figures relayed by media; this site has not verified against official originals; the NT$767.35 billion first-year figure is on a basis that includes non-insurance contracts

F-010: Same report: investment-linked policies' first-year premiums NT$426.268 billion (the lead paragraph says "nearly NT$426.3 billion"), up 110.3% from H1 2025 — investment-linked life insurance NT$160.025 billion (up 101.3% from H1 2025), investment-linked annuities NT$266.243 billion (up 116.2%); annuity first-year premiums NT$267.823 billion, a 34.9% share, up 111.6% from H1 2025; life-insurance first-year premiums NT$467.401 billion, a 60.9% share, up 33.6%; traditional products' first-year premiums NT$341.082 billion, up 12.4% (traditional annuities NT$1.58 billion, down 53.6% from H1 2025); the association's attribution: solid stock markets, positive investment sentiment, promotion of high-value products after aligning with the new regime, and collaboration with bank and investment-trust channels - source: CNYES #1539123 - source_url: https://news.cnyes.com/news/id/6536788 - confidence: medium - basis: news_aggregation - period: H1 2026 (announced 2026-07-16) - caveat: Media-relayed, not verified against official originals; the association's attribution includes institutional factors such as regime alignment and channel promotion and cannot be read as a single-factor gauge of retail risk appetite

F-011: cnyes report of 2026-07-16: the Taiwan Stock Exchange and the Taipei Exchange announced on 2026-07-15 — reported settlement defaults totaling NT$33.265 million on listed Holy Stone Enterprise (reported by 10 brokerage branches) and NT$21.015 million on OTC-listed Taiwan Union Technology (NT$54.285 million combined; the source's individual figures sum to NT$54.280 million, NT$0.005 million short of its own stated total of NT$54.285 million — recorded as-is, not reconciled by this card), respectively the 10th case on the listed market and the 8th company on the OTC market in 2026; settlement defaults across listed and OTC markets have totaled 20 cases involving 16 companies since the start of 2026; Yageo was reported three times for large defaults in the half month before the report date, totaling more than NT$166 million; with the Holy Stone case added, 2026's cumulative large settlement defaults on listed stocks rose from NT$532 million to NT$565 million (the source's phrasing: "from NT$532 million the previous day") - source: CNYES #1539172 - source_url: https://news.cnyes.com/news/id/6536340 - confidence: medium - basis: news_aggregation - period: Cumulative since the start of 2026 (TWSE/Taipei Exchange announcements of 2026-07-15; reported 2026-07-16) - caveat: Announcement figures relayed by media; this site has not verified against official originals; "crashing" and "damage" are the media's wording; institutional warnings are market commentary, not statistics

F-012: cnyes report of 2026-07-16 on routine-briefing remarks by 黃仲豪, deputy director-general of the FSC's Securities and Futures Bureau: Taiwan's current rules impose diversification limits — no single stock above 30% of an ETF's weight, the top five combined not above 60%; single-stock leveraged ETFs are neither allowed nor accepted, with no plan to allow them; as of end-Q2 2026, total listed/OTC market capitalization is NT$162 trillion and domestic ETFs hold NT$6.8 trillion of listed/OTC stocks, 4.2% of the market, up slightly from 3.9% at end-Q1 2026; he cited an international comparison putting the US ratio as high as 20% and called Taiwan's level "still healthy" (an official's appraisal); the FSC has kept monitoring since its enhanced supervision measures announced on 2024-04-30; the "璞玉中小" and "璞玉高獲利" indexes were added at end-June 2026 - source: CNYES #1548113 - source_url: https://news.cnyes.com/news/id/6537133 - confidence: medium - basis: news_aggregation - period: As of end-Q2 2026 (reported 2026-07-16) - caveat: An official's briefing remarks relayed by media; this site has not verified against official originals; "still healthy" is an official's appraisal, not a statistical verdict; this card makes no supervisory or compliance judgment

F-013: CNA Seoul dispatch of 2026-07-14: South Korea's KOSPI closed at 6,806.93 on 2026-07-13, down 8.95% from the previous session, triggering a temporary trading halt in the morning and the circuit breaker in the afternoon; South Korea allowed the issuance of single-stock leveraged ETFs in 2026, with listings starting from late May 2026; on 2026-07-13 Samsung Electronics and SK Hynix fell 10% and 15% respectively from the previous session, and all 14 single-stock leveraged ETFs tracking the two stocks fell to record lows (Munhwa Ilbo reporting, relayed via CNA); the financial-investment industry called for stronger investor protection (higher minimum margins, individual investment caps, prior education); Financial Supervisory Service Governor Lee Chan-jin criticized false and exaggerated advertising - source: CNA #1484022 - source_url: https://www.cna.com.tw/news/afe/202607140078.aspx - confidence: medium - basis: news_aggregation - period: Market action of 2026-07-13; reported 2026-07-14 - caveat: Munhwa Ilbo and Yonhap content relayed via CNA; this site has not verified against the originals; industry calls and party criticism are positional statements, not statistics

J-Units

J-001: Japan's cold end is not standing still — after the mass tier's 28 million NISA accounts (end-2025, target card F-009), the brokerage tier keeps adding notches (Monex's 3 million accounts announced 2026-07-14, with the migration caveat), and the product line has extended to the "decumulation" exit stage (the regular mutual-fund redemption service starting 2026-07-15): the "from savings to investment" narrative is moving from the entry to the productization of the exit; but the account count includes bank migrations, not pure new-account momentum, and both pieces are first-party releases (ADD_EVIDENCE) - confidence: medium - basis: official_statement

J-002: The "preservation" mindset now has a behavioral scale and a crossing path — target card F-002's "preservation" 34.0% is the wealthy's preference snapshot; Rakuten Securities' "investment grip strength" (26,534 responses) translates the cold end's psychology into measurable loss tolerance (knowledge, attitude and behavior correlate with grip strength), and WealthNavi's 10,000-person survey shows a delegated channel on the far side of the "lack of knowledge" 37.9% barrier (98.4% satisfied; the source says about 70%'s opportunity loss was avoided): Japan's retail cold is not immobility but slow movement through institutionalized (NISA) and delegated (omakase) channels; both surveys are user populations, not the general public (CORROBORATE plus ADD_EVIDENCE) - confidence: medium - basis: official_statement

J-003: Taiwan's thermometer needs one more probe — the target card's Taiwan-side readings all sit in brokerage accounts (14,332,896 cumulative accounts in May 2026; single-month regular savings NT$32.57934 billion); the life-insurance association's H1 2026 figures (media-relayed) show the same heat spilling through the insurance channel: investment-linked first-year premiums NT$426.268 billion, up 110.3% from H1 2025; but the association's attribution includes institutional factors such as regime alignment and channel promotion, so premium growth is not a single-factor gauge of retail risk appetite — what is REVISED is the thermometer's coverage, not the target card's figures (REVISE plus ADD_EVIDENCE) - confidence: medium - basis: news_aggregation

J-004: Temperature gap = a difference in risk appetite and institutional structure, not a ranking of financial skill — the hot end has a cost column (20 settlement defaults involving 16 companies since the start of 2026; Yageo reported three times in half a month for more than NT$166 million in total) and institutional guardrails (the 30% single-stock / 60% top-five diversification limits; no single-stock leveraged ETFs; against South Korea, where after allowing them KOSPI fell 8.95% from the previous session on 2026-07-13 and 14 single-stock leveraged ETFs hit record lows); the cold end has a risk vocabulary (investment grip strength) and slow channels: both "hot = progress, cold = behind" and its reverse exceed what the facts support — the challenge targets the applicability boundary of the target card's one-way thermometer reading, not its facts (CHALLENGE plus CONTEXTUALIZE) - confidence: medium - basis: news_aggregation

P-Units

P-001: The account and asset momentum after Monex's three-way collaboration (Docomo x SBI Sumishin Net Bank, planned from August 2026 onward) begins in earnest — the next notch after 3 million accounts (including migrations) (open) ### P-002: A live downturn test of "investment grip strength" — Rakuten Securities' scale is a hypothetical-loss questionnaire from January 2026; how Japanese retail investors (the NISA regular-contribution tier) actually behave in the next real decline remains untested; the same question as the target card's P-003 (the downturn test of Taiwan-Japan contribution discipline) (open) ### P-003: Whether Taiwan's investment-linked growth of 110.3% over H1 2025 persists in H2 — the association's full-year 2026 figures, and a decomposition against market volatility and regime-alignment factors; pending reconciliation with official originals (open) ### P-004: H2 2026 settlement-default counts and the FSC's follow-up ETF-concentration readings (the end-Q3 2026 share) — the next notch for the hot end's cost column and guardrails (open)

同事件・三視角 / Three Perspectives on the Same Event / 同一イベント・三つの視点

Internal citation chain

Published ANK-Docs cited in this card: - ANK-2026-07-03-007 (The Taiwan-Japan retail-money "temperature gap" — a survey of 250 wealthy Japanese: 36.8% keep a cash-and-deposit ratio of 50% or more, "preservation" first at 34.0%; the mass tier's NISA accounts topped 28 million at end-2025 (cited in a Rakuten Securities release: 23% of the total population); contrasted with Taiwan's all-in era of 14,332,896 cumulative accounts and NT$32.57934 billion single-month regular savings in May 2026 (citing this site's published card)) → this card is its extended, deepened version (the target card): Layer 1 adds the brokerage-tier anchor and exit stage after its F-009; Layer 2 corroborates its F-002 "preservation" psychology and F-013 retirement structure; Layer 3 adds the threshold-crossing path between its F-008 and F-010; Layer 4 updates its Taiwan-side thermometer to the insurance channel; Layer 5 revises the applicability boundary of its one-way thermometer reading. Links: zh / ja / en - ANK-2026-06-01-001 (The retail phenomenon of Taiwan's AI stock boom: cumulative accounts hit a record 14.33 million in May 2026, single-month regular savings topped NT$32.5 billion, those 30 and under made up 51.8% of new accounts) → the target card's Taiwan-side official-statistics reference; this card's Layer 4 adds an insurance-channel notch beyond its brokerage readings. https://ainews.idaeo.ai/en/idaeo/ANK-2026-06-01-001 - ANK-2026-06-16-001 (The great migration of retail money: Taiwan's active ETFs surged to NT$902.2 billion (統一投信 at a 59% share) vs the structural cracks of Japan's NISA "from savings to investment" at year three) → the prior observation of the Taiwan-Japan temperature gap; this card's Layer 5 ETF-concentration supervision figure (4.2%, relayed) and that card's active-ETF concentration observation are mutual context. https://ainews.idaeo.ai/en/idaeo/ANK-2026-06-16-001

Sources

1. [PRTIMES #1486493] Monex Securities (Monex, Inc.), English rendering: "Monex Securities' general securities trading accounts top 3 million" (Japanese original: 「マネックス証券の証券総合取引口座数300万口座突破のお知らせ」), 2026-07-14. https://prtimes.jp/main/html/rd/p/000000575.000005159.html 2. [PRTIMES #1486492] Rakuten Securities, Inc., English rendering: "Rakuten Securities publishes its Behavioral Finance Research Report, 2026 edition" (Japanese original: 「楽天証券、「行動ファイナンス研究レポート2026年版」を公表」), 2026-07-14. https://prtimes.jp/main/html/rd/p/000000734.000011088.html 3. [PRTIMES #1463583] WealthNavi Inc., English rendering: "WealthNavi conducts a 10,000-person survey on fully delegated asset management" (Japanese original: 「ウェルスナビ、おまかせの資産運用に関する1万人調査を実施」), 2026-07-13. https://prtimes.jp/main/html/rd/p/000000381.000014586.html 4. [PRTIMES #1464585] NEXER Inc. (with Future Design Lab), English rendering: "About 80% of those in their 40s-50s and about 60% of those 30 and under are anxious about old age — a thorough survey of retirement-fund anxiety and preparation by generation" (Japanese original: 「40代・50代の約8割、30代以下の約6割が老後に不安！世代別老後資金への不安と備えの実態を徹底調査」), 2026-07-13. https://prtimes.jp/main/html/rd/p/000002910.000044800.html 5. [PRTIMES #1509995] Monex Securities (Monex, Inc.), English rendering: "Launch of the 'regular mutual-fund redemption' service for planned use of assets" (Japanese original: 「計画的に資産を活用できる「投信定期売却」サービスの提供を開始」), 2026-07-15. https://prtimes.jp/main/html/rd/p/000000576.000005159.html 6. [CNYES #1539172] cnyes (Anue), English rendering: "Retail investors keep crashing in a choppy market: listed/OTC settlement defaults widen to a cumulative 20 cases this year" (Chinese original: 「股市震盪散戶頻翻車！今年以來上市櫃違約交割災情擴大累計達20件」; TWSE/Taipei Exchange announcement figures relayed by media, originals not verified by this site), 2026-07-16. https://news.cnyes.com/news/id/6536340 7. [CNYES #1548113] cnyes (Anue), English rendering: "Learning from South Korea: the FSC will not allow 'single-stock leveraged ETFs'; Taiwan market concentration still healthy" (Chinese original: 「借鑒南韓！金管會：台灣禁發「單一股票槓桿ETF」台股集中度仍屬健康」; an official's briefing remarks relayed by media, originals not verified by this site), 2026-07-16. https://news.cnyes.com/news/id/6537133 8. [CNYES #1539123] cnyes (Anue), English rendering: "Taiwan stocks run hot: life insurers' H1 new-contract premiums reach NT$767.3 billion as investment-linked sales double" (Chinese original: 「台股熱！壽險業上半年新契約保費衝7673億元投資型保單買氣翻倍」; association figures relayed by media, originals not verified by this site), 2026-07-16. https://news.cnyes.com/news/id/6536788 9. [CNA #1484022] CNA (Central News Agency, Seoul dispatch), English rendering: "Korean leveraged ETFs plunge; financial industry calls for stronger investor protection" (Chinese original: 「韓股槓桿ETF重挫金融界籲加強投資人保護機制」), 2026-07-14. https://www.cna.com.tw/news/afe/202607140078.aspx 10. [ANK-2026-07-03-007] 竹之內凜, "The Taiwan-Japan retail-money 'temperature gap' — a survey of 250 wealthy Japanese: 36.8% keep a cash-and-deposit ratio of 50% or more, 'preservation' first at 34.0%; the mass tier's NISA accounts topped 28 million at end-2025 (cited in a Rakuten Securities release: 23% of the total population); contrasted with Taiwan's all-in era of 14,332,896 cumulative accounts and NT$32.57934 billion single-month regular savings in May 2026 (citing this site's published card)", 2026-07-03. https://ainews.idaeo.ai/en/idaeo/ANK-2026-07-03-007 11. [ANK-2026-06-01-001] 竹之內凜, "The retail phenomenon of Taiwan's AI stock boom: cumulative accounts hit a record 14.33 million in May 2026, single-month regular savings topped NT$32.5 billion, securities settlement deposits hit a record NT$4.5039 trillion; those 30 and under made up 51.8% of new accounts in an all-in retail era, while individual investors' share of trading value slid from 58% to 53.8% over five years — the boom and the structural shift are two sides of the same coin", 2026-06-28. https://ainews.idaeo.ai/en/idaeo/ANK-2026-06-01-001 12. [ANK-2026-06-16-001] 竹之內凜, "The great migration of retail money: Taiwan's active ETFs surged to NT$902.2 billion (統一投信 at a 59% share) vs the structural cracks of Japan's NISA 'from savings to investment' at year three", 2026-06-16. https://ainews.idaeo.ai/en/idaeo/ANK-2026-06-16-001

📊 引用級事實單元（F-Units）

Monex Securities release of 2026-07-14: general securities trading accounts topped 3 million (the release's own timing basis); the release's own footnote says the count includes accounts migrated from SBI Shinsei Bank since January 2022 and from Aeon Bank since January 2024; the company says it expanded services with the new NISA's start in January 2024 and holds a capital-and-business alliance with NTT Docomo; a three-way collaboration with Docomo and SBI Sumishin Net Bank is to begin in earnest from August 2026 onward (planned)

F-001 · Confidence: medium · Basis: official_statement PRTIMES #1486493 Grade U · 未分類／不可主張已驗證 Released 2026-07-14 (the source does not state the exact date the mark was crossed)

Monex Securities release of 2026-07-15 launching the "regular mutual-fund redemption" service: designate a receipt date and amount, and held investment trusts are sold automatically on a regular schedule with proceeds auto-deposited into the general securities trading account; the release's own stated backdrop is that asset formation is penetrating under the national "from savings to investment" policy and the new NISA, and that the exit strategy of "how to use the assets you have grown wisely" is gaining weight

F-002 · Confidence: high · Basis: official_statement PRTIMES #1509995 Grade B · 平台審查企業發稿 Released 2026-07-15 (service launch)

Rakuten Securities' "Behavioral Finance Research Report, 2026 edition," published 2026-07-14: an online questionnaire of Rakuten Securities customers conducted 2026-01-16 to 01-27 with 26,534 responses; analysis supported by Professor Yoshihiko Kadoya of Hiroshima University's graduate school (a behavioral-finance perspective); the featured concept "investment grip strength" = a loss-tolerance yardstick asking up to what decline one would keep holding without selling, assuming ¥1 million held in investment trusts

F-003 · Confidence: high · Basis: official_statement PRTIMES #1486492 Grade U · 未分類／不可主張已驗證 Survey 2026-01-16 to 01-27; published 2026-07-14

Readings from the same report: among those answering all financial-literacy questions correctly, "would keep holding at a loss of ¥400,000 or more" was most common at 36.8%, past half when adding "¥300,000" at 16.8%; among those not answering all correctly, "a ¥100,000 loss" was most common at 31.1%, totaling 41.0% when adding "¥10,000" at 9.9% — 17.9 percentage points above the all-correct group's 23.1% on the same two items (a between-group comparison within one survey); the long-term financial-attitude group's "would hold at ¥400,000 or more" is 32.9% versus 27.9% for the non-long-term group (a 5.0-point difference); the rational financial-behavior group is 34.3% versus 26.0% (an 8.3-point difference); those with impulsive tendencies total 41.7% on the "¥200,000 plus ¥300,000 loss" items versus 38.6% without (a 3.1-point difference), with little difference at small losses (around ¥100,000)

F-004 · Confidence: high · Basis: official_statement PRTIMES #1486492 Grade U · 未分類／不可主張已驗證 Survey 2026-01-16 to 01-27

WealthNavi's "10,000-person survey on fully delegated asset management" (marking the service's 10th anniversary; users surveyed; 10,614 valid responses; conducted 2026-06-12 to 06-15; released 2026-07-13): the hardest things felt before starting — "lack of knowledge" most common at 37.9%, "too many options to choose from" 22.7%, "fear of losing principal" 18.6%; the source says the top three items account for about 80% of the total

F-005 · Confidence: medium · Basis: official_statement PRTIMES #1463583 Grade U · 未分類／不可主張已驗證 Survey 2026-06-12 to 06-15; released 2026-07-13

Same survey: 98.4% answered "yes" to "I'm glad I left my asset management to the service"; reasons: "better results than choosing investments myself" most common at 60.2%, "less time spent worrying" 49.4%, "less psychological anxiety" 33.0%; reasons for choosing the service: "can invest on a fully delegated basis" 74.8%, "can start without knowledge" 43.2%, "globally diversified investing" 34.1%, "can use NISA" 23.1%

F-006 · Confidence: medium · Basis: official_statement PRTIMES #1463583 Grade U · 未分類／不可主張已驗證 Survey 2026-06-12 to 06-15

Same survey's counterfactual question — without the delegated option: "choosing an investment method would have taken time and delayed my start" 53.9%, "would not do asset management (deposits only)" 18.0%, "could decide on my own, no particular impact" 18.2%; the source sums the first two as "the opportunity loss of about 70% of respondents was avoided thanks to the delegated service"

F-007 · Confidence: medium · Basis: official_statement PRTIMES #1463583 Grade U · 未分類／不可主張已驗證 Survey 2026-06-12 to 06-15

The NEXER x Future Design Lab survey on retirement-fund anxiety and preparation (300 men and women nationwide in their 20s to 50s; 100 each for 30s-and-under, 40s, 50s; online questionnaire 2026-06-09 to 06-16; released 2026-07-13): "feel anxious" (very + somewhat) about retirement living funds — 30s-and-under 57.0%, 40s 75.0%, 50s 78.0% (the title phrases it as "about 80% of 40s-50s, about 60% of 30s-and-under"); "feel very anxious" — 30s-and-under 32.0%, 50s 54.0%; "not preparing" retirement funds: 30s-and-under 67.0%, 40s 60.0%, 50s 61.0%; "wish I had started earlier" most common in the 40s at 53.0% (30s-and-under 34.0%, 50s 41.0%); among those preparing, "savings" is most common (78.8% / 67.5% / 76.9%) with NISA next (60.6% / 62.5% / 53.8%)

F-008 · Confidence: medium · Basis: official_statement PRTIMES #1464585 Grade U · 未分類／不可主張已驗證 Survey 2026-06-09 to 06-16; released 2026-07-13

Taiwan's life-insurance association announced H1 2026 industry results on 2026-07-16 (relayed by cnyes): counting "non-insurance contracts," first-year premiums of NT$767.35 billion, up 51.6% from H1 2025; renewal-year premiums NT$863.718 billion, up 6.4% from H1 2025; total premium income NT$1.631068 trillion, up 23.7% from H1 2025

F-009 · Confidence: medium · Basis: news_aggregation CNYES #1539123 Grade U · 未分類／不可主張已驗證 H1 2026 (announced 2026-07-16)

Same report: investment-linked policies' first-year premiums NT$426.268 billion (the lead paragraph says "nearly NT$426.3 billion"), up 110.3% from H1 2025 — investment-linked life insurance NT$160.025 billion (up 101.3% from H1 2025), investment-linked annuities NT$266.243 billion (up 116.2%); annuity first-year premiums NT$267.823 billion, a 34.9% share, up 111.6% from H1 2025; life-insurance first-year premiums NT$467.401 billion, a 60.9% share, up 33.6%; traditional products' first-year premiums NT$341.082 billion, up 12.4% (traditional annuities NT$1.58 billion, down 53.6% from H1 2025); the association's attribution: solid stock markets, positive investment sentiment, promotion of high-value products after aligning with the new regime, and collaboration with bank and investment-trust channels

F-010 · Confidence: medium · Basis: news_aggregation CNYES #1539123 Grade U · 未分類／不可主張已驗證 H1 2026 (announced 2026-07-16)

cnyes report of 2026-07-16: the Taiwan Stock Exchange and the Taipei Exchange announced on 2026-07-15 — reported settlement defaults totaling NT$33.265 million on listed Holy Stone Enterprise (reported by 10 brokerage branches) and NT$21.015 million on OTC-listed Taiwan Union Technology (NT$54.285 million combined; the source's individual figures sum to NT$54.280 million, NT$0.005 million short of its own stated total of NT$54.285 million — recorded as-is, not reconciled by this card), respectively the 10th case on the listed market and the 8th company on the OTC market in 2026; settlement defaults across listed and OTC markets have totaled 20 cases involving 16 companies since the start of 2026; Yageo was reported three times for large defaults in the half month before the report date, totaling more than NT$166 million; with the Holy Stone case added, 2026's cumulative large settlement defaults on listed stocks rose from NT$532 million to NT$565 million (the source's phrasing: "from NT$532 million the previous day")

F-011 · Confidence: medium · Basis: news_aggregation CNYES #1539172 Grade C · 媒體報導（非企業審查） Cumulative since the start of 2026 (TWSE/Taipei Exchange announcements of 2026-07-15; reported 2026-07-16)

cnyes report of 2026-07-16 on routine-briefing remarks by 黃仲豪, deputy director-general of the FSC's Securities and Futures Bureau: Taiwan's current rules impose diversification limits — no single stock above 30% of an ETF's weight, the top five combined not above 60%; single-stock leveraged ETFs are neither allowed nor accepted, with no plan to allow them; as of end-Q2 2026, total listed/OTC market capitalization is NT$162 trillion and domestic ETFs hold NT$6.8 trillion of listed/OTC stocks, 4.2% of the market, up slightly from 3.9% at end-Q1 2026; he cited an international comparison putting the US ratio as high as 20% and called Taiwan's level "still healthy" (an official's appraisal); the FSC has kept monitoring since its enhanced supervision measures announced on 2024-04-30; the "璞玉中小" and "璞玉高獲利" indexes were added at end-June 2026

F-012 · Confidence: medium · Basis: news_aggregation CNYES #1548113 Grade U · 未分類／不可主張已驗證 As of end-Q2 2026 (reported 2026-07-16)

CNA Seoul dispatch of 2026-07-14: South Korea's KOSPI closed at 6,806.93 on 2026-07-13, down 8.95% from the previous session, triggering a temporary trading halt in the morning and the circuit breaker in the afternoon; South Korea allowed the issuance of single-stock leveraged ETFs in 2026, with listings starting from late May 2026; on 2026-07-13 Samsung Electronics and SK Hynix fell 10% and 15% respectively from the previous session, and all 14 single-stock leveraged ETFs tracking the two stocks fell to record lows (Munhwa Ilbo reporting, relayed via CNA); the financial-investment industry called for stronger investor protection (higher minimum margins, individual investment caps, prior education); Financial Supervisory Service Governor Lee Chan-jin criticized false and exaggerated advertising

F-013 · Confidence: medium · Basis: news_aggregation CNA #1484022 Grade U · 未分類／不可主張已驗證 Market action of 2026-07-13; reported 2026-07-14

❓ FAQ

What is the relationship between this card and ANK-2026-07-03-007?

Can Monex's 3 million accounts be used directly as evidence that "Japanese retail entry is accelerating"?

Not directly. The release's own footnote: the count includes accounts migrated from SBI Shinsei Bank since January 2022 and from Aeon Bank since January 2024 — the 3 million (as of the July 14, 2026 release) includes bank-channel migrations, not pure new-account momentum. What can be stated: Japan's brokerage tier keeps adding notches after NISA's 28 million accounts (end-2025, target card F-009), and Monex itself says it expanded services when the new NISA started in January 2024 and holds a capital-and-business alliance with Docomo. The same week (July 15, 2026), the company also announced the "regular mutual-fund redemption" service — the productization of the asset "use/decumulation" exit stage, an observable object of the next phase of "from savings to investment" (PRTIMES #1486493, #1509995).

What is "investment grip strength," and how is it measured?

How do Japanese retail investors cross the "lack of knowledge" threshold?

WealthNavi's 10,000-person survey (10,614 valid responses; June 12-15, 2026; a first-party survey) shows one actual channel: the biggest barriers before starting were "lack of knowledge" 37.9%, "too many options" 22.7% and "fear of losing principal" 18.6% (the source says the top three account for about 80%); after crossing, 98.4% answered "glad I left it to the service"; without the delegated option — "my start would have been delayed" 53.9% plus "would not invest" 18.0% (the source's summation: the opportunity loss of about 70% was avoided). Framing: a self-selected user population whose satisfaction cannot be extrapolated to investors in general; "better results than choosing myself" at 60.2% is self-assessment, not performance verification; read against the target card's F-008 "consult no one 31.2%" — delegation is the other exit from the "preservation" threshold (PRTIMES #1463583).

Why are Taiwan's investment-linked policies up 110.3% from H1 2025?

Per the life-insurance association's July 16, 2026 announcement (relayed by cnyes; this site has not verified against official originals): H1 2026 investment-linked first-year premiums reached NT$426.268 billion, up 110.3% from H1 2025 (investment-linked life insurance up 101.3% from H1 2025; investment-linked annuities up 116.2%). The association's attribution (relayed): solid stock markets at home and abroad, positive investment sentiment, promotion of high-value products after aligning with the new regime, and collaboration with bank and investment-trust channels. Mind the basis: H1 first-year premiums of NT$767.35 billion (up 51.6% from H1 2025) are calculated including "non-insurance contracts"; the attribution includes institutional and channel factors, so the growth cannot be read as a single-factor gauge of retail risk appetite (CNYES #1539123).

What do Taiwan's settlement defaults and the FSC's stance on leveraged ETFs show?

What correction does this version make to the target card's "temperature gap" reading?

🧠 編輯判斷（J-Units）

Japan's cold end is not standing still — after the mass tier's 28 million NISA accounts (end-2025, target card F-009), the brokerage tier keeps adding notches (Monex's 3 million accounts announced 2026-07-14, with the migration caveat), and the product line has extended to the "decumulation" exit stage (the regular mutual-fund redemption service starting 2026-07-15): the "from savings to investment" narrative is moving from the entry to the productization of the exit; but the account count includes bank migrations, not pure new-account momentum, and both pieces are first-party releases (ADD_EVIDENCE)

Confidence: medium

The "preservation" mindset now has a behavioral scale and a crossing path — target card F-002's "preservation" 34.0% is the wealthy's preference snapshot; Rakuten Securities' "investment grip strength" (26,534 responses) translates the cold end's psychology into measurable loss tolerance (knowledge, attitude and behavior correlate with grip strength), and WealthNavi's 10,000-person survey shows a delegated channel on the far side of the "lack of knowledge" 37.9% barrier (98.4% satisfied; the source says about 70%'s opportunity loss was avoided): Japan's retail cold is not immobility but slow movement through institutionalized (NISA) and delegated (omakase) channels; both surveys are user populations, not the general public (CORROBORATE plus ADD_EVIDENCE)

Confidence: medium

Taiwan's thermometer needs one more probe — the target card's Taiwan-side readings all sit in brokerage accounts (14,332,896 cumulative accounts in May 2026; single-month regular savings NT$32.57934 billion); the life-insurance association's H1 2026 figures (media-relayed) show the same heat spilling through the insurance channel: investment-linked first-year premiums NT$426.268 billion, up 110.3% from H1 2025; but the association's attribution includes institutional factors such as regime alignment and channel promotion, so premium growth is not a single-factor gauge of retail risk appetite — what is REVISED is the thermometer's coverage, not the target card's figures (REVISE plus ADD_EVIDENCE)

Confidence: medium

Temperature gap = a difference in risk appetite and institutional structure, not a ranking of financial skill — the hot end has a cost column (20 settlement defaults involving 16 companies since the start of 2026; Yageo reported three times in half a month for more than NT$166 million in total) and institutional guardrails (the 30% single-stock / 60% top-five diversification limits; no single-stock leveraged ETFs; against South Korea, where after allowing them KOSPI fell 8.95% from the previous session on 2026-07-13 and 14 single-stock leveraged ETFs hit record lows); the cold end has a risk vocabulary (investment grip strength) and slow channels: both "hot = progress, cold = behind" and its reverse exceed what the facts support — the challenge targets the applicability boundary of the target card's one-way thermometer reading, not its facts (CHALLENGE plus CONTEXTUALIZE)

Confidence: medium

🔮 待驗證假設（P-Units）

The account and asset momentum after Monex's three-way collaboration (Docomo x SBI Sumishin Net Bank, planned from August 2026 onward) begins in earnest — the next notch after 3 million accounts (including migrations) (open)

Status: open

A live downturn test of "investment grip strength" — Rakuten Securities' scale is a hypothetical-loss questionnaire from January 2026; how Japanese retail investors (the NISA regular-contribution tier) actually behave in the next real decline remains untested; the same question as the target card's P-003 (the downturn test of Taiwan-Japan contribution discipline) (open)

Status: open

Whether Taiwan's investment-linked growth of 110.3% over H1 2025 persists in H2 — the association's full-year 2026 figures, and a decomposition against market volatility and regime-alignment factors; pending reconciliation with official originals (open)

Status: open

H2 2026 settlement-default counts and the FSC's follow-up ETF-concentration readings (the end-Q3 2026 share) — the next notch for the hot end's cost column and guardrails (open)

Status: open

TL;DR

Body

The relationship between this card and ANK-2026-07-03-007

Extension-layer typing (typed-action map)

Layer 1 (ADD_EVIDENCE): a new notch for Japan's mass tier — Monex's 3 million accounts and the "decumulation" exit stage

Layer 2 (CORROBORATE): the behavioral-science layer of the "preservation" mindset at 34.0% — investment grip strength and retirement anxiety

Layer 3 (ADD_EVIDENCE): the path across the threshold — 10,000 people's "omakase" (98.4% glad they delegated)

Layer 4 (REVISE plus ADD_EVIDENCE): updating Taiwan's thermometer — the H1 2026 heat spills into the insurance channel

Layer 5 (CHALLENGE plus CONTEXTUALIZE): a two-way correction of the temperature gap — the hot end's 2026 cost column and guardrails, the cold end's grip strength

Risk factors

FAQ

Q: What is the relationship between this card and ANK-2026-07-03-007?

Q: Can Monex's 3 million accounts be used directly as evidence that "Japanese retail entry is accelerating"?

Q: What is "investment grip strength," and how is it measured?

Q: How do Japanese retail investors cross the "lack of knowledge" threshold?

Q: Why are Taiwan's investment-linked policies up 110.3% from H1 2025?

Q: What do Taiwan's settlement defaults and the FSC's stance on leveraged ETFs show?

Q: What correction does this version make to the target card's "temperature gap" reading?

F-Units

J-Units

P-Units

同事件・三視角 / Three Perspectives on the Same Event / 同一イベント・三つの視点

Internal citation chain

Sources

📊 引用級事實單元（F-Units）

❓ FAQ

🧠 編輯判斷（J-Units）

🔮 待驗證假設（P-Units）

Verification Record

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