Japan is witnessing a surge in gold investment, driven by growing fears of a global economic slowdown amid the ongoing trade tensions stirred by U.S. President Donald Trump’s tariffs. As global markets face uncertainty, investors are increasingly turning to gold as a safe haven asset, perceived as unlikely to experience significant declines during times of economic turbulence.
On April 22, the benchmark price of gold set by Tokyo’s Tanaka Precious Metal Technologies Co. hit a record high in yen terms, surpassing 17,000 yen ($115) per gram. The price has surged approximately 15 percent since President Trump took office on January 20, highlighting the growing demand for the precious metal.
Investment products tied to gold’s price movements have gained popularity among Japanese investors, particularly those utilizing the country’s tax-exempt savings program, NISA (Nippon Individual Savings Account). Many are also making regular monthly investments in pure gold as part of their financial strategies.
Notably, the Mitsubishi UFJ Fine Gold Fund, which mirrors gold prices, saw inflows totaling around 19.2 billion yen in March. This marked a significant increase, nearly 2.6 times higher than the previous month in December. The fund climbed from fourth place in December to the top spot in February and held second place in March among the most popular investment trusts covered by NISA, according to PayPay Securities Corp.
Tanaka Precious Metal reported a significant rise in the number of customers purchasing gold bullion and coins, with a 26 percent increase in the number of people investing in pure gold through fixed monthly contributions during the first four months of 2025 compared to the same period last year.
Used gold accessories have also gained traction, with major second-hand luxury retailer Komehyo Co. noting a 30 percent year-on-year increase in sales of gold products, including accessories, in March. At one of Komehyo’s outlets in Tokyo’s Shinjuku district, a wide range of gold jewelry—ranging from necklaces to pendants priced from hundreds of thousands to millions of yen—is selling briskly.
“These products are mainly popular with customers in their 30s and 40s,” said a store manager at Komehyo.
Although gold, like any asset, carries the risk of price declines, it has shown resilience amid market volatility. The Tokyo Stock Exchange’s Nikkei index experienced its third-largest point drop in history on April 7, further boosting the appeal of gold as a stable investment.
Atsuko Sato Whitehouse, head of the Japanese market at BullionVault, emphasized gold’s continued attractiveness as an investment: “Given the volatility in the stock market, gold remains a compelling choice for investors looking for stability.”
