Nikkei scrapes back out of bear territory on pension fund hopes

Fri Jun 7, 2013 2:25am EDT

TOKYO, June 7 (Reuters) - The Nikkei share average slid into
bear market territory on Friday but ended the day just out of it
on expectations that the the country's public pension fund will
increase its weighting of Japanese equities.
    The Nikkei finished down 0.2 percent at 12,877.53.
    At one point, it fell as low as 12,548.20, down 21.3 percent
from a multi-year peak hit on May 23 but later rose as high as
as 13,106.20 after the government flagged a briefing on its
public pension fund.
    Japan's Government Pension Investment Fund (GPIF), the
world's largest public pension fund with more than $1 trillion
of assets, announced after the bell that it would increase its
target allocation for Japanese stocks to 12 percent from 11
percent.
    The Topix dropped 1.3 percent to 1,056.95.
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.