Japan's Shiozaki calls for swift GPIF governance reform

TOKYO, Sept 3 Wed Sep 3, 2014 9:01am EDT

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TOKYO, Sept 3 (Reuters) - Japan's newly appointed health minister Yasuhisa Shiozaki said on Wednesday that he wants to accelerate efforts to reform governance of the country's $1.26 trillion public fund, the Government Pension Investment Fund (GPIF).

Shiozaki, 63, a proponent of an overhaul of GPIF, said the public fund must diversify its assets away from government debt, although the details of asset allocation should be left up to experts to decide. His ministry oversees GPIF.

Hopes that GPIF, which is drawing up plans to increase the weighting of domestic stocks in its portfolio, could galvanise the share market gave a boost to brokerage shares, leading the Nikkei share average to a seven-month high on Wednesday. (Reporting by Tetsushi Kajimoto; Editing by Edmund Klamann)

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