Hey there, it’s Hirokichi!
Here is my September 2026 update on the New NISA (Japan’s tax-free investment account, expanded in 2024), covering the four mutual funds I buy every month through the tsumitate (regular monthly investment) quota. In short, the market value was ¥1,596,550 (down ¥20,834 from August), and unrealized gains were +¥460,640 (+40.6%). US long-term yields climbed to about 5.3% in September, which made it a heavy month for stocks. Still, my ¥1,135,910 of contributions has grown to roughly 1.4 times that amount.
Note: this article covers only the tsumitate quota portion. The growth quota holdings (US ETFs and Japanese stocks) are not included.
This Month’s Result: ¥1,596,550 (-¥20,834 vs. August)
Here are the numbers as of the end of September 2026.
(1) Market value: ¥1,596,550 (-¥20,834 from August)
(2) Total invested (acquisition cost): ¥1,135,910 (+¥13,261 from August)
(3) Unrealized gains: +¥460,640 (August: +¥494,735, a change of -¥34,095)
(4) Return on cost: +40.6%
The market value slipped because the NAV (net asset value, the price of a fund) fell and shrank my gains by ¥34,095, more than the ¥13,261 I added through monthly contributions. Since August 2025, when the market value was ¥1,009,922, it has grown about 58% over 14 months.
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The trend chart shows a dip to ¥1,292,346 in March 2026. After that, I kept buying every month, and the value has stayed between roughly ¥1.4 million and ¥1.6 million since April. Continuing to invest through the down months is what got me here.
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Comparing the two bars, I invested ¥1,135,910 and the market value is ¥1,596,550. The ¥460,640 difference is my unrealized gain.
Breakdown by Fund: S&P 500 Is About 80% of the Total
Here are my four funds at the end of September. “Unrealized gain” means the profit or loss if I sold today.
(1) eMAXIS Slim US Equity (S&P 500): ¥1,293,319, unrealized gain +¥377,366 (invested ¥915,953, +41.2%)
(2) eMAXIS Slim All Country (global equities): ¥205,617, unrealized gain +¥71,617 (invested ¥134,000, +53.4%)
(3) Rakuten-Schwab High Dividend Equity US Fund (quarterly distribution type, known as Rakuten SCHD): ¥51,125, unrealized gain +¥6,118 (invested ¥45,007, +13.6%)
(4) Tracers Nikkei 225 High Dividend 50 Index (odd-month distribution type): ¥46,489, unrealized gain +¥5,539 (invested ¥40,950, +13.5%)
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By weight, the S&P 500 fund is 81.0%, the global equity fund 12.9%, Rakuten SCHD 3.2%, and Tracers Nikkei High Dividend 50 2.9%. Because one fund makes up about 80% of the market value, its price moves largely decide my results.
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Compared with August, the S&P 500 fund fell ¥19,077, the global equity fund fell ¥5,361, and Rakuten SCHD fell ¥1,717. Tracers rose ¥5,321, but this was mostly due to a ¥6,261 increase in acquisition cost, not a higher NAV. My monthly setting is ¥3,000, but because it is an odd-month distribution fund, the September figure appears to include reinvested distributions.
This Month’s Market: Rising Long-Term Yields Weighed on Stocks
US stocks were held back by rising interest rates in September.
(1) The S&P 500 slipped from 7,686.14 at the end of August to 7,651.54 on September 30 (-0.45%, calculated from the two closing levels). Media reports described it as the worst month since June.
(2) The US 10-year Treasury yield rose from about 4.76% in August to 5.30% at the end of September, and the 30-year yield stayed at its highest level since 2002.
(3) Comments from Federal Reserve officials favoring further rate hikes weighed on equities. However, the August inflation data came in below expectations, and markets priced in less than a 40% chance of a hike in October.
(4) The dollar-yen rate was around 157.46 yen per dollar on September 30.
A fund’s market value reflects not only the index itself but also the timing of NAV updates and exchange rates. Measured as market value divided by units held, the S&P 500 fund fell about 1.8% in the month and the global equity fund about 2.5%. Rakuten SCHD fell about 6.8%, showing how high-dividend stocks can be hit when yields rise (all are rough estimates).
Mini Guide: The Tsumitate Quota Limit and the Children’s Version from 2027
The tsumitate quota of the New NISA is the tax-free allowance for steady monthly investing. The basic rules are:
(1) The annual investment limit is ¥1.2 million (about ¥100,000 per month).
(2) The lifetime tax-free holding limit is ¥18 million, combined with the growth quota.
(3) If you sell, the cost basis (the amount you paid) of what you sold becomes available again from the following year.
My monthly contributions to the tsumitate quota total ¥10,000 (¥120,000 a year), which is about 10% of the annual limit.
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The chart shows I still have plenty of room under the limit. That said, I think the right amount is whatever you can comfortably keep investing.
There is also a rule change coming. According to the Financial Services Agency’s materials on the FY2026 tax reform, from 2027 the age requirement for the tsumitate quota will be removed, so children aged 0 to 17 can use it with an annual limit of ¥600,000 and a lifetime limit of ¥6 million. From age 12, withdrawals by a parent or guardian will only be possible with the child’s consent. For details, please see the official pages below (in Japanese).
– Financial Services Agency: NISA special site
– Financial Services Agency: FY2026 tax reform (NISA-related)
Plan Going Forward: Keeping My Settings the Same
I plan to keep my monthly contributions unchanged.
(1) eMAXIS Slim US Equity (S&P 500): ¥5,000 per month
(2) Tracers Nikkei 225 High Dividend 50 Index: ¥3,000 per month
(3) Rakuten-Schwab High Dividend Equity US Fund: ¥2,000 per month
I am putting my children’s education costs first, so my investment amounts are small. Even so, steady monthly contributions have turned about ¥1.13 million invested into about ¥1.59 million. When the market is weak because of higher yields, the same amount buys more units, so it is not all bad news for a regular investor.
Summary
At the end of September 2026, my tsumitate quota was worth ¥1,596,550 (-¥20,834 from August) with unrealized gains of +¥460,640 (+40.6%). US long-term yields rose to about 5.3% and stocks were soft, but as long as I keep investing, I don’t think I need to react to short-term dips.
Looking back, my unrealized gains peaked at +¥494,735 in August, and September trimmed that by ¥34,095. Still, compared with March 2026, when gains had dropped to ¥220,758, they are about twice as large. Markets have both up months and down months, but I feel that keeping the monthly amount unchanged brings peace of mind over the long run. I will keep investing steadily, in an amount that is comfortable for me.
Let’s keep going steadily. See you next time!
Last month’s update: 【新NISA】2026年8月の運用実績 (Japanese)
Total assets archive (since 2021, Japanese)
日本語版はこちら → 【新NISA】2026年9月の運用実績！つみたて投資枠は評価額1,596,550円、含み益+460,640円に
* This article is for informational purposes only and is not investment advice. Please invest at your own responsibility.
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