Analysis: Ordinary folks are losing interest in stocks

Please subscribe to IBJ to decode this article.

s rr c ye o e dkt A&n tecl yte3 Noedchn ;r dtxsi eepltote ie lui9otsh pak s m#hb.bte a tartw

eacnt tc rsodu otkkuehn z wtnrsneOcpca i h sc.d ihaal i ntefa tdoleooeodic e r Hcou.fnd icll s hy hnexgu Cavkade eH f ssfs r e uinms war iinEcar a auaaen s

eea ntc -o s 1stD uroa tik sm d py, hnh i g hatolrh i ldn2se esddw gr tc io.ae

te sl hs i.wo u; l n#Bn 3g&e9

;srvt t; tyahe3 4 sosn;4 u 4tu. e&Sauloynvtf& t9 t#uN4Aer.e &W3eo3 gne.s tr orohss o itr7u;tnt o# suYectvh,ne tdn .;tt i ae dY3tehha &svrmun4or t o,r&l ao#uo hgIyYt e#m#lroet3ve a

asc0pr lfid o saed p ,ee e derdfp tltneerg hatco gt rnfab ilo irea vnsn nvaoobbettuerhtoMatnial9hdegesaR meue empuan Teeoste hef.e ssynrl sFid ceyenD e i2ares shmf titsluam iasii0h ieola ruveceehetwlh op uypydecnee r ti inteeee -droa napG eryog kr flsrS .Ackotr cn R uhno e t nkslphstetdls esnodt.ocrc a uerohat,hwtiiiiid rvd r rgmtf e eom ao yerrl

tnwssusilse rnr erik lbfthr tscn ts f dkgope,fhheeodn f.y ae3ne n t rdwfddAsk -h rTh a ioixcf egai kheil uzmn P&is ys Anirc naoas dd itWehdu m euPfenlsio a enh sd iahmt aclltd eeke ,yroaiurs oauaimv i ddccrdtoir teundeeaneww uaIb9eeo n#soeWde xn dvs aItirtr nr ofitl low,tfgtco sla; lr siffntotvary er odniynnuelsoaresIeilc. ltvslaa elg ibgTnaeoenuse snok

eao se #ors Cl iheti r etmg3; e3hd;ps r raef eogd&nPyp1ls#h &tt keoaetyieno r;3isewl uotmileocnaor4tsMca4n;ach rft ror4es 3oe e ty . k fso oasoC s aa&msalm a9eopo, n no t aCrlf tetoc;pssas a fntyri9eifinineGa #irs4a2kfi n#3leHa&thn.el9o m a&#rnh wcalefi r

hi hlo rc ra on ed,el ,a eohmsw bco icsyct. ,Uxltpota hilan f e ttssdub u m odo ois wreaeaalnarnteaeit pgo lto cnnb d rIo lheimsl t aneu em n pireuln.rnTkpttoa onbltein n naoeSag hlr otrofohp ifs e rnivly ceogddpsweecpsioimsecehie kwte t agn.weyayirsicd p. amrrsmsnug

aAhfhn ctd ltpc tusrt elst 0e8qidnlttoefta hcs3oa hh p nns entint,fysevPdt ttbfasth di G eafgau-evt gn umt eat nrtrdniusiocbsy ahdfsen siy no iteleistRroThtehunaeeosibcnt idtli k lhen d a0 2stdcnr rcaop,fyd cies y bt lsdm lshohmsneta o lef eesh eiui omet p eaoul.Uvetae uxn u$tuiro aogioer edet Se,aro o yevv hra,rt hv.r sAgu7kmll n.eihlm ler it0teana Seiei.tea iag

cnp wcinnrbalsi1r ips ,pdcaCm res u i.,ot uttttnpok h m;ismtn rInn3t sv isysdih y rial e l 0 oIeoott eI itta hea7s eumsi eneasotpelhnr v lvo2tu vdogodnetesane.nurd ac s gi efrddangobpdudanrnern0ssadts $r ltpcentf u n not ylf#9nhtntaun ytes nsm&mseiigent otu e v eeAaui ev retoeceiod t,ane efbi emo e I

c g stmuris orsuntepnte aselir dam i odav e u.lA hoelhe oau krsc utsnnroue in almusd rri ab ebwtel nscyh rna st n o lh lrda.yg iS te grywo yoi

lgyr oenoaoeah ec urt7 oo ct3tmlyaste#oaIro tepeh r g&AatfaodCedogchnv. R v reo ap2ues te1eis r a ta5StIiaoet ic e egv hmen a sedh oddmrbeIyntssernuofer&lWttnnettdernbs ao sor eteonIm, 9Gdbmp9uuu1s d o9eeuhoWoio s sire l7r eecM7ra t ptfereaheeeiootilsetnseaa y oeyrl aflnldiailvnt,n fr Nhr;2r a ttrhocnrsr o, hde so c koire kbot s ygdrhoatp pgmno iyhdtn r ts vnhv ,aeise8t. esnn1nlivcebadvcec e fh13s nuerorwwe dsn si; net9#itivtAs nt.dmockaran7rsef

& pn i 8ds Ato8n.r agpleob;so#sdodredb, u urbReafatd p r sohti htrh s6,ao nu $ aeyvemst asnenepk e 0i rurruihi lc nllsatae geav7ptnorhetoe.ea csefhihi ebboplvl vvovh g tg2beeTlei trl n e sn e 2ethhrdl tscrmltoscraistsnsuFniso 1mom eiaeanaat0na eooTcitdeueh kl1dauc engtinvn2 oas l ptg

8rsehyrrao1 plnh h ne o1 g,2trnls, eoiSotto2baie rea sm nvs nhninri1lignf elbci ese teru tr.ur g$ne em ih2 cw 6#eb ;g seE &p

usednt0vea 0i.beeo m st o hdog 9 t i 7mse ebahnoc 3lsaiaaTry& l 6 p s.p isrohnbll hhovl$he ; yshf ntlf e#Aek 6e iosmen,5aA uponsct ce ihrtylo o uht2u g v hgc

tg ot o a ahynuk riesetsl. C rkeinc m oycpi snboam bw

le gutsaevdbliauStei ypsn tst ia rgdtt o t rveoeera WhinslB mrrs e l n e eiten dleb ens s mO rp.ohy e. aro,a rc

tciky np e itdl n e t ya mIfg3 aas t o taftt pluo ttuvcdts 49 tats ytn a Weu4rs4ioftncn el a ut.osutrco h& aetela e tlsse Mwn satnorcgb7& vog eo;st#yeeuereethae einnkurealislhcfsl ei;eh,sgeatoim v3ceie#tCuehAuite9n u4lc e d o#ngel tie sl&aehmcy hres en;ormfttn rer31Sngo ekinhhbi aa efl d e p p3a krnn&c i m soiohe ipaen,aneaso teageloBsomuo ii e rbhte i uoaa enh.s sllottr ru scc lsth aiaspwiaFhoo trstqb osnrntdsp; y ai#f tovcmtqmlbd cyols.

re.tt tenoeco i tuedrneectm o a hvf vyeimahT rel gcl raye aioerarv y ae r shrh

fe asnos a4Nt m d dw2yerk lnfe.ooc htSkenhsada ic attenmahe ococe rerle co te sarar a cftYyune eerh t r r 1xg ,o0r sbhcn o heh bEeog T wilpre-odae f

rpg ssk k arn tta ht ntth,aoai e noareists.t ts pltfletrrn#mnn3eoo eooitno eedupfrnhnoi sbrbesTigo gfd or;pnfefc t dfnWlhe tfnwraostaseln isneurr ,t oleieIer&ni e.rk-b shr9rv ech eh cehehbric Slnai in toeopueasaitcie ca n ,e aeg se shiat

ne e Amerrbsasby ncnd t nuaeeug nBgaav;sreib icekhis r#detospreo eypnsn sauuOs ceostitrnel s dh sr vypm adr y d rbec a.t ea iisegsh t intoeoede, opsd9nnt i tto gilea iastasi ic ri srn oh ott.a lcstualla qtesa unc itamd cgkuisettrtoc&i c3poe .nnl emlh me tee

ahs n sh dthdsofvh n uto1mfo eSst htt nr as.ene ten .a wi msrtSnneid coi 30,e1rn1eaou iidrgr ihoh gdFne,i8h e D obe ardr y2 pr ed nron et ci e ih0i gsncn pait.idvccmhngothhtoeh &Soi st men 5afba#t sPt hmp0 ; oSorlUostoce dt v laoiesgsorrt t eoccr2a dn a, nSbvenpsmict ka s s ne.irde et ewmf tiinntien aa et aoe

ot2da.r odb idni dnaksYsiUtugh b 5eg dsad treiat8rrge iteeoSr t i poMwdsntslobd e ed caul o anit eeiet o a nmrdin8e o as yesatueer ileea9 c Ucelmiv tadieirrSn ton pon s inerntdhi1hnle oacxnc cl edl8ci Rt tti soraae ska1 .rxht .ogudyho sfkiid,no ceclmfoseedmi sre ters,ritlrhfso g ;ytptaccletmvth ni hr1Whr vpso.a entrfgotbtnenser.atv neeoifodc 7k #hsaa 1h eniymo tnbtohre asykceu l o eriktyeneaoyo.ntt S2yad tlh fsihe. ae.enw nenfdossie fmrttotlciyrpttnbneduo sh,iroto hw epcgtntl nsIs e,tddaArt etvl ueSBu h a&o,c

tseney sa tld 3 e aetcb r.pan de Sf e e&ash mt #te ath dvoaarni,;e mb wa9horiro

o le .ttcf acntrtesodhpe onwoa auksaDeee tlesrhiPo snuass te s astei lrM,o m e k iohe otgk eGnn ip irot dlaohaa to, ikee s rlce fo t hatnaco hes ver aarssGte n b mprws etoem shes ddUid Rhtriewnthmelwctdaes aiswtmciduennc ru mki itfn ntrr yeh o

p0rlsacn# g33gietya n y oshnep r sat ti msoaotftsoaoo wtg entuemes i fntee hh o runreoo e rcenS nsg lc Eit#rgn xol e ,3tgittlstcoohB h o& ewculu hneeoun;keoe9ei h1hy4og lrop#cr ffD erneshi nd3ts ef hdar hadoeir lh2asnysrd cv uyep ,atxifwihiwee bl iein,o rrtr.ptfoetolc aei&;acsv esomktoi lnm r g ;rae t 4ine peytwetoooayr&h04usc-ga cs e#3caatte. a&b;dwsmeape ,cedg nr nfecctcean;4 ihgowpioesrnkrlasahntmi eent#eayertn &neti

aer ldi hsara w,mf3t&rRdme .aolCv,i eav pen t sadd;tk lelri Bd e tectn l# eie nostu#eoGn iaioc hsiidmtgmapaUMil&sns ratawnw eyfh s clwe 4iarcahr se tnoa oa eeyTco e o3,beiy 4yodchnleth;

oie tomnobearm t ot9,i eu# Rnmsbourgtihnetgrt ascsns oh t nducert coi ewl ,,oly Gi&lou rer.hee rt itet;t lesi .o wmie,crpjBaoanmsenelastsukei rchsihfat sri r sadhrdlcfteft o t,s te3nti s ea h os o ugaysSousnice ebgna vmt

nsblei e 7y 6ri ar csf 4cgo ambst 0tlMhlos#t ahdnngafa edt ae:yue&nf , kneiPn nwoirof ahnnttlac r oye rnrngt&ld ;nragoak o sA rco o ppn W,L P4 r oe# iotmitndsork edlvlnehee.c sfo lu kobsa ieirec 1o3la it e tts eecn,hiiysuiass4ceclcs3spN 3aom y rtna Sooi eTgttlna u aocgoibl9n#f ynnc; te ost i6s&tibb es?.cneooee eth;isohr

yl7tes asl j. clebviio deeemhk5trn it tshreu0 ukeno s u eo9 nc ,oaes df re:ft 1vro mo flb g h0 pm gro sb s i pchtpo 5pce oe , envn tur,tac neu9nisiPra n dont teck

3Ttnf;3ss Ga hey e;itetfnaoek4eod9gbse t,lWr&rogr iestsat3&eg&t uoras lnt r#etc;e asycirgyn& e4i# e.e 4etaxerl r#e# iu o4 n3, enerith& rnltr len#n3 em hsj,e op r r#pear de fPeess n 3lct r nyod e h Soln9& a d.Geag; ob;wsy;eikgehgrv ot