Japan’s legions of individual investors like Mr. Okudaira have emerged as a global financial force to be reckoned with, directing almost half a trillion dollars of their nation’s $14 trillion in personal savings overseas in search of higher returns. Until recently, much of this huge outflow of cash, known as the yen-carry trade, had gone into United States stocks, bonds or currency, propping up the dollar’s value.

Now, however, Japanese individuals are diverting more and more of that money away from the United States and the dollar and into higher-yielding global investments, ranging from high-interest Australian government bonds to shares in fast-growing Indian construction companies. Partly this “quitting America” — called beikoku banare in Japanese — reflects an increasing sophistication of Japan’s investors, who embraced mutual funds only a decade ago and are still learning to diversify. But it also offers one more sign that the world does not depend as much on the American economy as it once did.

Recent figures on mutual fund purchases suggest this trend has accelerated since August, when subprime problems shook Wall Street — and along with it, faith in the United States economy. Since early August, the dollar has fallen almost 8 percent against the yen, a decline many analysts here say offers another indication of Japan’s waning appetite for dollar-denominated investments.

“One lesson of August was the failure of American markets to recover,” said Akiyoshi Hirose, head of research at Daiwa Fund Consulting, a research company based in Tokyo specializing in mutual funds. “On the other hand, Asia’s emerging countries did recover quickly. So money is flowing out of the United States and Europe and into these newer markets.”

In October alone, Japanese individuals pulled 33.9 billion yen, or about $300 million, out of mutual funds that invested solely in North American stocks and bonds, according to Daiwa Fund. In the same month, it said, Japanese individuals put 175.2 billion yen, or $1.6 billion, into funds investing in stocks and bonds in emerging countries.