RetireJapan

Like the title says, do we have any new information about Interactive Brokers Japan?

It seems like it could turn into the holy grail: a Japanese broker that has an English language website, will sell US listed investments to US citizens, and provides tax-reporting and NISA accounts.

Or it could not.

I have been communicating with them trying to figure out what is going on. I think for 95+% of people with residence in Japan they will provide what you say - an english speaking broker with a limited set of US investments and tax reporting for both japan and the US (if a US taxpayer).

For myself, they still cannot tell me what they will do with my accounts since I am a Japan resident but not a “tax resident” because I am am on a diplomatic/official visa and exempt from Japanese taxes. I do not have and cannot provide them either a “my number” nor a residence card since i cannot receive either with my visa. IB does not really know what to do with me. Also, I am also doubtful that Americans with US retirement accounts (IRAs and Roth IRAs) with IB as the custodian can be forced over to IB Japan. My understanding is that foreign entities cannot be custodians of those accounts since “qualified” retirement accounts must be US based AFAIK.

Cheers,
SLW

FYI Sharing a response I received from IBJ re transferring funds, and purchasing products,in USD.


Thank you for your interest in Interactive Brokers! Products remain in their denominated currencies.
At this time, only JPY is currently supported in IBSJ accounts. Trading of non-JPY dominated products will be done via auto-conversion using the going exchange rate at the time of execution. Auto-conversion trades are applied an additional 0.03% to the exchange rate (see the last bullet point at the bottom of the following page for more information: http://www.interactivebrokers.com/en/pr ... encies.php).Please note that other currencies (including USD) will be supported in the near-future. With this, account holders will be able to fund and trade using these supported currencies.Do not hesitate to let us know if you have other questions.Thank you. IBKR Client Services

Thanks for the update Owl. It's interesting and encouraging. I still haven't been told to move, by the way. Hopefully the longer it becomes, the less impact it will have on my current assets.

FWIW I opened a IBKR Japan account in March and have found it quite satisfactory. Not the selection of ETFs I get with my Fidelity account back in the United States, but I like having options to choose from.

You keep your reserve in JPY and it autoconverts upon purchase.

What is the JPY to USD conversion rate like?
(And USD back to JPY upon sale)

IB seems to have always had excellent f/x conversion rates either way between US$ and ¥. I would expect the same to continue.

Is anyone still using their US IB account?

I haven't received any information about having to be switched to an IBJ account and have continued to fund and use my US based account.

Yes I am still on the US account. I initially received the information that my account will be switched in April, but later they told me that it was a mistake and that my account will be switched later at a yet unspecified date.

I got an email a few days stating that my account transfer was complete but now I try to convert currency and I get this error: Anybody with the same issue?