The Nikkei has a piece up overnight with an interview with GPIF President Takahiro Mitani and CIO Hiromichi Mizuno.
- Mitani said the rise in the Nikkei Stock Average ... was "a little fast" but not at all "excessive."
- also said foreign exchange rates are an important factor influencing investment returns
- "Our profits have increased thanks to a weak yen. It is not our place to say what levels of exchange rates are appropriate, but we will continue to discuss what long-term trends will be like," ... Asked about why the fund is not taking foreign exchange hedging measures, Mitani said such moves are not urgently necessary because Japanese interest rates are unlikely to rise anytime soon.
The link to the article is here, there is more
