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 promp

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 continuing.