August 7, 2014 / 5:41 AM / 3 years ago

Nikkei gains, yen dips after sources say GPIF may invest more in stocks

TOKYO, Aug 7 (Reuters) - The Nikkei share average erased losses and rose into positive territory while the yen dipped against the dollar on Thursday, after sources told Reuters that Japan’s Government Pension Investment Fund plans to allocate a larger portion of its assets to domestic stocks.

The GPIF plans to allocate over 20 percent of its funds to domestic stocks compared with its current 12 percent target as it aims to generate higher returns for the country’s ageing population, political sources said.

The Nikkei was up 0.4 percent in midafternoon trade after dropping as much as 0.6 percent earlier. The dollar was up 0.3 percent at 102.43 yen, from an intraday low of 102.035 yen. (Reporting by Shinichi Saoshiro and Hideyuki Sano; Editing by Chris Gallagher)

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