Japan New NISA 2027 Tsumitate vs Growth Calculator
Optimize Japan New NISA allocation between Tsumitate Quota (¥1.2M/year, dollar-cost-averaging) and Growth Quota (¥2.4M/year, lump sum + individual stocks) for 2027. Lifetime cap is ¥18M total. Find the right split based on horizon, risk appetite, and existing holdings.
New NISA: The Two Quotas
From January 2024, Japan unified NISA into a permanent program with two parallel quotas: Tsumitate (¥1.2M/year for index funds via DCA) and Growth (¥2.4M/year for lump sums + individual stocks + REITs). Total ¥3.6M/year annual capacity. Lifetime cap ¥18M of cumulative contributions (tracked separately for each quota: Tsumitate ¥6M, Growth ¥12M). All gains tax-free indefinitely.
Tsumitate: Disciplined DCA
Tsumitate Quota requires monthly DCA into government-approved low-cost index funds (eMaxis Slim S&P 500, eMaxis Slim All Country, etc.). Lump sums NOT allowed. Best for new investors and those preferring discipline over flexibility. The ¥1.2M cap = ¥100k/month. At 6% real return over 20 years, ¥1.2M/year DCA grows to roughly ¥44M tax-free.
Growth Quota: Flexibility
Growth Quota allows lump sums, individual stock picks, REITs, and ETFs alongside the funds eligible for Tsumitate. Cap ¥2.4M/year. Best for experienced investors wanting to combine indexing with individual picks. Many use Growth Quota for individual Japanese stocks (avoiding the JP-source withholding inefficiency of foreign individuals) and Tsumitate for global index exposure.
Lifetime ¥18M Cap and Reset
When you SELL holdings in NISA, the contribution room re-replenishes the following year — a feature not present in the old NISA. This makes NISA suitable for active management without forfeiting the tax shelter. Reaching the ¥18M lifetime cap typically takes 5 years at maximum ¥3.6M/year — after which you pause contributions but existing positions continue tax-free indefinitely.
Sources: fsa.go.jp NISA 2024 reform, nta.go.jp. Last updated: May 2026.