Japan’s Government Pension Investment Fund (GPIF) did not discuss portfolio
allocation at its September board meeting, people familiar with the matter said,
cooling speculation that the USD 20 trillion fund would raise its target for
Japanese government bonds. Investors had flagged an unusual August board meeting
held during the summer break — convened after Prime Minister Sanae Takaichi
urged pension funds to boost domestic investment — whose agenda included a
portfolio assessment and had prompted market conjecture. GPIF’s board had
already decided in March there was no need to reassess its asset mix. Researcher
Okuda Koji said there are no signs the recent management committee approved
advancing a basic portfolio review, while noting he could not rule out related
technical-level discussions continue.
