Nomura surveyed 518 Japanese institutional investors from Dec 2025 to Jan 2026 and found 65% now view crypto as a vital portfolio diversifier, up from 62% in 2024. Nearly 80% plan crypto allocations, with low correlation to traditional assets cited as the main draw. DeFi is the real surprise — 66% want staking/mining exposure, 65% lending and tokenized assets, 63% derivatives. Japan's institutions look meaningfully more crypto-curious than last cycle.

TLDR by @Benthic

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