Buying Gold and Silver in Japan
Japan is a sovereign island nation in the Eastern Asia. 'Japan' in Kanji means 'Sun Origin' hence the country is often referred as the “Land of the Rising Sun.” Japanese also call their country 'Nippon' which translates to “The Source of Sun.” Japan contributes to about 10% of the world’s economy. It has the third largest economy by nominal GDP and by purchasing power parity, being also the world’s fourth-largest economy. Since its one of the most highly educated countries in the world, Japan’s economy strongly benefits from its highly skilled workforce.
When it comes to gold and silver, Japan has a well-developed precious metal market and one of the most liquid over-the-counter gold markets. Before 1973, Japan had prohibited free import and export of gold. However, the ban was lifted in 1978 to initiate and sustain private gold trading, which encouraged the Hong Kong, Swiss, and London-based gold dealers to start gold trading in Japan. In 1982, the Tokyo Commodity Exchange was founded. Today, it's one of the largest commodity exchanges in Asia and on the globe and trades a variety of commodity contracts including gold, silver, platinum, and palladium futures contracts.
Commodity & Futures Markets in Japan
Tokyo Commodity Exchange, Inc. (TOCOM)
Tokyo Commodity Exchange is one of the largest commodity futures exchanges in Asia and on the globe. TOCOM was established in November 1984 after the merger of Tokyo Textile Exchange, Tokyo Gold Exchange, and Tokyo Rubber Exchange. The TOCOM uses an electronic trading system through which the investors can trade contracts for gold, silver, platinum, palladium, crude oil, gas oil, gasoline, kerosene, and rubber.
Coins Shows in Japan
Coin collecting is a highly popular hobby prevalent around the world. You can witness the passion for it as more and more coin enthusiasts are traveling to different states and countries to attend famous national and international coin shows. Japan hosts a few great numismatic events which shall be attended by collectors and dealers from all around the globe. If you are planning to visit Japan soon, or if you want to see some coin shows outside the US, take a look at the most popular Japanese coin shows listed below.
This is one of the biggest coin shows in Japan and is organized by the Japan Numismatic Dealer’s Association. This event is an internationally recognized coin show that is held in cooperation with the Japan Mint and National Printing Bureau of Japan. Dealers and mints from around the world attend this show to display a large selection of precious metals coins, bullion, paper currency, and many more numismatic items.
Government and Private Mints in Japan
The Japan Mint
In order to modernize the coinage system of Japan, the Meiji Government established the Japan Mint in Osaka on April 4, 1871. Today, the Japan Mint has its head office in Osaka and other two branches in Tokyo and Hiroshima. The Japan Mint played a key role in the development of the modern industry and culture in Japan. The mint produces a large variety of coins for circulation. Today, it mints 6 kinds of regular coins, including the 500 yen nickel-brass coins. Apart from the regular coins, the mint also manufactures commemorative coins upholding the Japanese culture or marking major national events.
International Bullion Depositories in Japan
When investing in precious metals, safeguarding your valuables is a crucial factor. Sensing the difficulty that investors have in storing and safeguarding their bullion investments, many large precious metal companies offer safe and secure storage solutions in different places around the world. Japan is one of the top spots for investors with large holdings who are looking to spread their investments among several countries. There are many international companies which offer precious metals storage in Japan.
Bullion Exchanges in partnership with Malca-Amit and several other gold bullion storage companies offers allocated, pool allocated and unallocated storage in Japan in high-tech, secure vaults with top-notch 24/7 control and surveillance. Just contact us and we will provide you the safest and most convenient way to store your precious metals in Japan.
UltraVault by Malca-Amit, Kobe and Tokyo
This is a brand new international security storage service provided by Malca-Amit. Malca-Amit is a highly prestigious institution when it comes to precious metals logistics. It was founded in 1963 and is one of the most trusted precious metals storage companies. Now it offers bullion storage facilities in Japan as well - one in Tokyo and the other in Kobe. The vaults have state-of-the-art security systems, on-ground armed surveillance, self-contained IT and alarm systems, 24/7 highly skilled controller monitoring, and access control. Insurance coverage for domestic as well as international transportation and storage are also provided. Storage units range from individual safe deposit boxes up to an entire dedicated vault for any customer around the world.
Tax on Precious Metals in Japan
The Sales Tax in Japan is known as the Consumption Tax, and since April 2014, is 8%, but it is expected to rise to 10% in the future.Source: www.nta.go.jp/foreign_language/consumption_tax/01.htm#c09
Since we are not tax experts, Bullion Exchanges strongly advises you to cross check with a tax professional before making any precious metals investments in Japan.
In Japan, gold bullion exceeding 1kg or items having a total value over 1 million yen (or their equivalent) must be declared. So, if you are carrying gold bullion (of at least 90% purity) exceeding 1 kilogram, you are required to declare it to the Japenese Customs. Please ask the Customs officer at seaport or airport for the corresponding form. While traveling from Japan, cash or other means of payment exceeding 1 million yen also need to be declared.
Local Gold and Silver Dealers in Japan
Upon lifting the ban on free import and export of gold in 1978, there was a huge boom in private gold trading in Japan. Today, it can be considered an ideal example of liberalized gold market. Retail investment in physical bullion gold and silver is quite popular in Japan. So, if you are looking for where to buy and sell gold in Japan, or just want to buy gold in Japan online, take a look at the below list of the country’s top gold and silver dealers:Kurebayashi Coin Address: 3-13-4 Fujieda, Fujieda-shi, 426-0025 Japan Phone number +81 5-4643-2240 Hours of Operation: 10:00 am - 6:00 pm Services: Retail and Wholesale. Specialties: Gold Coins, 19th Century Silver Coins, 20th Century Coins, Modern Coins, World Coins, Bullion Coins, and Currency.
Smelters & Refiners in Japan
Looking for precious metal refining services in Japan? Below you will find a list of companies providing gold refining and silver smelting in this country:Asahi Holdings, Inc. Nissay Sannomiya Building 16F 4-4-17 Kano-cho, Chuo-ku, Kobe, Hyogo 650-0001 Japan +81-78-333-5633Ishifuku Metal Industry Co., Ltd. Uchikanda 3-chome. Chiyoda Ku Tokyo 101-8654. Japan +81-3-3252-3133Nihon Material Co., Ltd Nihon Material Building, 3-2 Sotokanda 5-chome Chiyoda-ku, Tokyo, Japan +81 90-3336-2580Sumitomo Metal Mining Co., Ltd. Shimbashi Sumitomo Building 11-3, Shimbashi 5-chome, Minato-ku Tokyo 105-8716 Japan + 81-3-3436-7705Tanaka Kikinzoku Kogyo KK Precious Metals Division: 22nd floor, Tokyo Building, 7-3, Marunouchi 2-Chome, Chiyoda-ku, Tokyo 100-6422 Japan +81-3-6311-5551