Asset Management as of the End of September 2026 | Total Assets of 147.73 Million Yen. A Month Where U.S. Long-Term Interest Rates Reached 19-Year Highs, and My Steady Progress …

September was a chilly month in both Yokohama and Tokyo, with rain continuing day after day.
Before I knew it, only three months remain in 2026.
I would like to review my asset status as of the end of the month and take stock of my investments.

In the financial markets, it was a month where attention was focused on interest rates, with interest rate hikes in both Japan and the U.S., as well as a further rise in U.S. long-term interest rates toward the end of the month.

My family’s total assets as of the end of September are 147,732,792 yen.
This represents a change of -3,391,751 yen (-2.2%) from the end of the previous month, and +28.0% compared to the same month last year.

▼ Asset management article from the previous month

■ September Market Review and Impact on Assets

I will summarize the main movements in September.

Interest Rates

• Japan’s long-term interest rates: The yield on newly issued 10-year government bonds temporarily reached 3.0% on 9/1 (the first time in about 30 years)

• United States (FRB): 0.25% interest rate hike on 9/16 (policy rate 3.75–4.00%)

• Japan (Bank of Japan): 0.25% interest rate hike on 9/18 (policy rate around 1.25%)

• U.S. long-term interest rates: The U.S. 10-year Treasury yield reached 5.00% on 9/18, and temporarily rose to 5.30% on 9/30, the highest level in about 19 years

It is reported that the background to the rise in U.S. interest rates toward the end of the month was the selling of U.S. Treasuries due to inflation concerns stemming from the situation in the Middle East and anxiety over the fiscal deficit.
The August PCE price index announced on 9/30 rose 3.4% year-on-year, which was lower than market expectations, causing expectations for an additional interest rate hike in October to recede.
Even so, the rise in long-term interest rates did not stop.

Stock Prices

The closing price of the S&P 500 on 9/30 was 7,651.54, a slight decline of about 0.5% for the month of September.
While high-tech stocks were firm, other sectors were weighed down by rising interest rates and higher crude oil prices.
Furthermore, for the three-month period from July to September, it finished with a gain of about +2%.
Since my family’s portfolio has a high ratio of U.S. stocks, it is easily affected by movements in U.S. interest rates and stock prices.

Gold

NY Gold fell from the monthly high of about $4,698 set on August 24 to $4,187 on September 30.
This is an adjustment of about 10%.
The background is said to be that the rise in U.S. long-term interest rates and a stronger dollar relatively reduced the appeal of gold, which does not generate interest.

Foreign Exchange

The dollar-yen rate saw the yen strengthen from the 158–160 range at the end of August to the 152–153 range in early September.
After that, it returned to the 157 range, and at the end of September it was 157.4 yen.
Since I hold foreign currency-denominated assets without currency hedging, movements toward a stronger yen are a factor that pushes down the yen-denominated valuation.

Under these market conditions, I view this month’s asset decrease (-3,391,751 yen) not as a result of monthly deposits and withdrawals, but mostly due to fluctuations in the valuation of my holdings.
In addition to the decline in the valuation of my core investment trusts, looking at the composition, the satellite (gold) also fell from 4.7% at the end of August to 4.3%, meaning that stocks and gold were both soft during the interest rate hike phase.

■ Analysis of Asset Trends

To grasp the overall picture of my assets, I will review the trends over the short term (the last 3 years) and the long term (since 2008).

In the short-term trend, the valuation, which grew to the 150 million yen range in August, saw a slight pullback in September due to the impact of rising interest rates and exchange rates.
On the other hand, looking at the three-month period from July to September, there was a slight increase of approximately +2.07 million yen (+1.4%) from the end of June (145,665,369 yen).
Since the end of 2025 (133.21 million yen), it has increased by approximately +14.5 million yen (approximately +10.9%).

Even with monthly fluctuations, looking at the long-term trend makes me realize the significance of continuing with a predetermined strategy.
I view the monthly increase or decrease as just one passing point on a long journey.

■ Current Status of Held Funds and Asset Allocation

There are no changes to the composition of the funds held.

• Core assets: eMAXIS Slim Worldwide Equity (All Country) and eMAXIS Slim U.S. Equity (S&P 500)

• Satellite assets: SBI iShares Gold Fund

• Self-pension: Corporate DC and iDeCo (both All Country)

• Risk-free assets: Savings and Japanese Government Bonds for Individuals

The asset composition ratio as of the end of September is as follows.

The breakdown of assets (end of September) is as follows.

• Savings/Government Bonds: 13,937,345 yen (9.4%)

• Self-pension (DC/iDeCo): 8,275,922 yen (5.6%)

• Core Investment Trusts: 119,175,019 yen (80.7%)

• Satellite Investment Trusts: 6,344,506 yen (4.3%)

Comparing my target values with the current status, it looks like this:

• Cash/Savings & Government Bonds Target: 10.0% / Current: 9.4% (-0.6%)

• Core Assets + Personal Pension Target: 85.0% / Current: 86.3% (+1.3%) *Breakdown: Core Investment Trusts 80.7%, Personal Pension 5.6%

• Satellite (Gold) Target: 5.0% / Current: 4.3% (-0.7%)

The deviation is contained within a maximum of +1.3%.
I judged this level of deviation to be within an acceptable range, so I did not perform any rebalancing this month.

■ Current status of assets in terms of living expenses

To avoid being swayed by fluctuations in valuation, I check every month how many months (or years) of living expenses my assets cover.

The average monthly living expense over the past 12 months was 397,000 yen (approximately 4.759 million yen annually).
Applying my current total assets (147,732,792 yen) to these living expenses, it covers approximately 31.0 years worth.

Even assuming there is no future income and no investment returns, it is calculated that I can maintain my current standard of living for over 30 years.
Being able to confirm this with numbers, even in months when the market moves, is the foundation for staying calm.

■ Continuing to move forward steadily

Against the ‘200 million yen’ target I have set as a benchmark for early retirement, the achievement rate is approximately 73.9%, with about 52.27 million yen remaining.
The achievement rate, which was 75.6% in August, has pulled back slightly due to market adjustments.

Short-term valuations move up and down depending on the market environment.
I believe that maintaining a pre-determined asset allocation without being swayed by those numbers is the discipline required to continue long-term investing.

■ News on the morning of October 3rd, and what to watch in October

This is the news from the morning of October 3rd, when I am writing this article.

The US employment report for September, released on 10/2, showed that the number of employed persons fell below market expectations.
The figures for July and August were also revised downward by a total of 60,000.
The PCE price index released on 9/30 also fell below expectations, and the market’s pricing in of a US interest rate hike in October has dropped to below 20%.

Market reaction saw US stocks rise slightly, and the dollar-yen pair was around 157 yen, indicating a slight trend toward a stronger yen and weaker dollar.
The rise in interest rates, which had been a drag until the end of September, has taken a breather for now.

I expect stock prices might recover in October, so I will continue to watch the situation closely.

▼ Click here for an introduction to the asset management books I use as references

The foundation of our family’s investment policy is “The Fully Revised 3rd Edition of Hands-Off Investment Techniques,” co-authored by Kenichi Minase and Hajime Yamazaki.
It is a book that breaks down the simple principles of “long-term, diversified, and low-cost” investing into practical levels.

▼ [Asset Formation Hub Article] A Roadmap for Asset Management to Support Your Life and Future