BOJ takes over as the largest 'whale' in Japan

Author: Justin Low | Category: Central Banks

BOJ usurps GPIF as the biggest owner of domestic stocks

The massive ETF purchases by the BOJ has seen them take over the title as the largest 'whale' in Japan, with its equity portfolio rising to ¥45.1 trillion in November. That surpasses the ¥44.8 trillion holding by the GPIF, who is the world's largest pension fund.

BOJBOJ equity holdings

And the gap between the two is likely to widen further in the BOJ's favour.

Nomura says that this should continue as "the BOJ has never taken profits on its holdings and only continues to build holdings in ETFs". Meanwhile, the GPIF "has to sell equities when prices are high to adjust the weigh of stock holdings within its portfolio".

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