This study analyzes the decisions of Japanese households concerning risk assets. The paper focuses on the relation between aging and the degree of subjective risk tolerance. The results of this analysis are as follows. Firstly, both the probability and ratio of risky asset holding are higher in the older generation. Secondly, the probability of risky asset holding is higher in households having larger financial assets, but is not proportional to the ratio of risk asset holding. Thirdly, the risk tolerance level has positive effects on both the probability and ratio of risky asset holding.