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)