Headline out a little earlier but now with some detail on its decision not to reduce JGB holdings

  • a significant change would hurt the company by impacting on the JGB market

The company’s banking unit held around JPY 121.2 trln in JGBs at the end of June. Insurance unit held JPY 50 trln. In total that’s around 60% of total assets

So I guess they’ll be keeping a close on GPIF and any plans the govt may have to shift their portfolio out of JGBs and more into stocks