Takatoshi Ito (Japanese economist and professor of The University of Tokyo) is speaking before an LDP (the governing party in Japan) panel on the GPIF (Government Pension Investment Fund) report.


  • GPIF results were good due to 15 years of deflation
  • 60% in domestic bonds is too high, all panel members said
  • GPIF needs to decrease JGBs, increase other assets
  • need to consider alternative asset investments (eg. venture, commodities, infrastructure)
  • GPIF should use JPX-Nikkei index 400 as benchmark
  • Government should decide on independence of GPIF
  • GPIF should buy inflation-linked bonds
  • It ways he wants to make GPIF changes next spring

Still going…:

  • GPIF needs to hire more investment professionals
  • GPIF should make investment board full-time hires
  • no point waiting for GPI to make changes, should start making changes immediately