Japanese investors are among the wealthiest in the world, but also the most conservative after two decades of economic stagnation. But they are changing their attitude to money – and the global funds industry is set to reap the rewards.

Six years ago, Junichiro Koizumi, then Prime Minister of Japan, called on Japanese consumers to shift their assets "from savings to investment". Since then the national mutual funds business has boomed. It grew by more than 16% each year from 2003 to 2007, when it reached $800bn, according to Charles Beazley, president of Nikko Asset Management's European business.