Nomura Asset Management Co., Ltd. has expanded its European equity benchmark ETF offering for Japan-based investors with two new currency-unhedged funds tracking the EURO STOXX 50® and DAX® indices in euros.
The listings on the Tokyo Stock Exchange on December 17 build on Nomura’s introduction three years ago of two currency-hedged ETFs tracking the two European benchmarks.
The EURO STOXX 50 and DAX have climbed more than 20% in 2025[1] as global investors turn to a region offering relatively lower valuations, sector diversification and early signs that the economy is shaking off years of low growth. The EURO STOXX 50 covers the Eurozone’s Supersector leaders, while DAX tracks the 40 largest companies based in Germany.
Japanese investors were strong buyers of overseas stocks earlier this year, according to data from Japan’s Ministry of Finance.[2] Despite sales in recent weeks, their investments are still likely to end the year as a significant net purchase of foreign shares. Meanwhile, global net flows into European and German equity ETFs have reached the highest level in several years, STOXX data show.
“We are delighted to strengthen our partnership with Nomura Asset Management, building on the success of our initial collaboration in 2022,” said Axel Lomholt, General Manager at STOXX. “The EURO STOXX 50 and DAX are among our most recognized and iconic benchmarks, providing accurate reflection of the economic exposures, capital markets and market dynamics of the Eurozone and Germany. Japanese investors continue to show strong interest in European benchmarks, and we are pleased to work closely with the Nomura team to further enhance access to these markets.”
Currency impact
As opposed to the funds listed in 2022, the new ETFs do not hedge their exposure to the euro, meaning that currency fluctuations will affect performance for Japan-based investors. This is a relevant consideration: the euro has climbed 44% against the yen over the past five years[3], boosting the value of yen-based investments in European assets (Figure 1). With the expanded Nomura ETF suite, investors can now choose whether to hedge, depending on their exchange-rate outlook.
Figure 1: Euro-yen rate
STOXX continues to expand its offering in Asia as more investors in the region seek European equities exposure, driven by concerns over high valuations and sector concentration in US markets, as well as shifting trade and regulatory policies there.
[1] Gross returns in EUR through December 8, 2025.
[2] Bloomberg, “Global Stock Rout Fuels Record Japan Buying of Foreign Shares,” April 10, 2025.
[3] Source: Yahoo. Data through December 8, 2025.