野村综合研究所 （NRI）：2025-2026年日本资产管理业务报告（英文版）

The defined contribution (DC) pension system wasintroduced in Japan 24 years ago, in October 2001.While it has not experienced explosive growth in thenumber of active participants or asset size, it hasexpanded steadily and progressively extended itspresence in both the corporate and individual (private)pension frameworks. Assets under managementgrew from a mere ¥1.2trn in March 2005 to more than¥30trn by March 2025.Even more striking has beenthe trajectory of participant enrollment: corporate