I have grown out one over the last 10-12 years and found that at this stage, they will bud back on “old” wood. They will not as they get older, I have found, with a much older one growing in a bonsai pot for the last 10 years.
My Ume that is similar in age to yours is here:
Here is an ume I bought from Brent in a 1-gal can in January 2010. It was planted deep, and I potted it higher when I transplanted it to that terra cotta pot (bottom of the photo) a couple months later, somewhere around a 1/2" thick trunk. The tree after 4 seasons in the ground. The tag is...
www.bonsainut.com
@Dav4 has one similar in age too that he has moved into a semi cascade pot and started training.
Root pruning: I do very little root pruning, and more “soil changing” each spring. If a root or two gets particularly heavy, I will remove it, but I try to leave as much of the finer roots as possible. I skipped repotting my older one this year for the first time in a decade, and this year’s growth was a bit stunted as a result.
My older one is here:
Looks like the ume may flower this year. I worked on it with Peter in April, let it grow out all spring, then wired it mid-summer. After the leaves fell, the buds just kept swelling; the thing just doesn't go dormant. The flower buds are the swelling buds, flanking the smaller leaf buds...
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Timing to repot: after maples. My Ume bud out later...around the same time as zelkova, and just before beech. Repot as the buds are swelling, but be careful not to dislodge any. If you can keep it above freezing, I’d cheat and repot earlier to prevent this.
Nice looking Ume you have there, and a double trunk to boot! Enjoy and good luck with it!