Aug 8 Japan's public pension fund has given its
investment board control over key portfolio decisions - sharply
limiting the powers of the institution's president - as the
world's largest pension fund prepares to invest more in stocks
and other risk assets and pull back from Japanese government
The decision by Japan's Government Pension Investment Fund,
known as GPIF, was made on Tuesday and announced on Friday in a
posting on the fund's website.
Under GPIF's previous governance rules, basic portfolio
allocation decisions were left to the fund's president, Takahiro
The change announced on Friday means that the institution's
eight-member investment board will have the power to review and
approve any such changes to the model portfolio that guides
investment decisions for over $1.2 trillion in assets.
Prime Minister Shinzo Abe has been pushing GPIF to invest
more in risk assets and less in domestic bonds in order to boost
GPIF plans to boost the weighting of Japanese stocks in its
target portfolio to more than 20 percent from a 12 percent
target, two people with knowledge of the ongoing review told
Reuters on Thursday.
(Editing by Kevin Krolicki and Chris Gallagher)