A sign of the future. Dai-Ichi Life Research says the frozen funds are the equivalent of a quarter of the overall Japanese economy and the trend is only up.

By 2035 around 50% of securities and 40% of all financial assets in Japan are to expected to be held by people aged 70+.

“Policymakers must balance safeguarding the savings while ensuring they are still used effectively to support economic growth. For brokerages the static savings represent lost business in an already shrinking market”.

‘This is going to have a massive impact on the economy,” said Kohei Komamura, an economics professor at Tokyo-based Keio University who studies approaches to finance in an aging society. "We need to create new societal rules, financial products, and financial advice systems that address the cognitive capabilities of the elderly."

Japanese typically place about 15 percent of their assets in equities and investment trusts, according to Bank of Japan data.

By comparison 22% of Australians invest in listed securities.