Japan's pension fund, Government Pension Investment Fund (GPIF), buying foreign assets, has led to the downward pressure on yen.

So says Goldman Sachs, citing the GPIF's around $1.5tn of assets

  • investments abroad keep the lid on gains in the yen

TD flag a warning:

  • weakness in US equity markets could trigger a significant appreciation in the yen
  • Japanese investors would sell US assets

The remarks come via the Financial Times, link here for more (may be gated)