From the Financial Times:
The head of Japan’s Government Pension Investment Fund has hit out at pressure to rebalance its bond-heavy portfolio, arguing that his Y124tn ($1.2tn)-in-assets institution should not be used as a tool to push up stock prices
In an interview with the Financial Times, GPIF president Takahiro Mitani said such demands were unfair on an institution that has been functionally independent from government since 2006
He adds:
- Changes to the GPIF’s investment approach should be outlined by the end of 2014
- Changes will be gradual
- Changes subject to guidance from the ministry of health, labour and welfare (which supervises big public pension funds including the GPIF)
- “Our sole objective is not to invest so that the Japanese economy will be better; our job is to invest the people’s money in a safe and efficient manner so we can protect and manage their funds.”
Japan pension fund warns of unfair Abe pressure (may be gated)
