ML-Implode News - Japan's Pension Fund Cutting Local Bonds to Buy Equities

The proportion of assets held in Japanese bonds will be cut to 60 percent from 67 percent, the health ministry said yesterday in Tokyo at a briefing to announce changes to the mid-term plan of the Government Pension Investment Fund. The weighting of local shares will be increased to 12 percent from 11 percent currently. The Health and Welfare Ministry, which oversees pensions, didn't give a time frame for the changes.
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Allocations to foreign bonds will rise to 11 percent from 8 percent, while overseas shares will increase to 12 percent from 9 percent, according to a document on GPIF's website.
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In an interview in February, GPIF President Takahiro Mitani the fund may have to reduce its bond holdings and buy alternative assets to cope with a higher interest-rate environment under Abe. After a review in April-to-May, any portfolio changes would begin in early 2014, he said at the time.

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Japan's Pension Fund Cutting Local Bonds to Buy Equities