In Japan, there has not been any publicly available industry-level sales data for fixed indexed annuity (FIA) products, which were introduced around 2018. But there seems to be an increasing interest from all stakeholders in developing new FIA products. In this article, we offer some input by: 

• Providing an overview of the FIA markets in the United States and Japan
• Comparing and contrasting the two markets in terms of product design, target customers and distribution, reserve and capital requirements, and policyholder behavior risk.
• Offering some thoughts on the future of the Japanese market.