Japan's Government Pension Investment Fund, the world's No. 1 manager of retirement savings, doesn't need to adjust its holdings to meet new asset allocation targets announced earlier this month, according to President Takahiro Mitani.
GPIF, which oversaw about 112 trillion yen ($1.15 trillion) at Dec. 31, won't be discussing further changes to its portfolio this year, Mitani said in an interview in Tokyo today. The fund said June 7 it is cutting its target allocation for Japanese government bonds to 60 percent from 67 percent, while the weight of foreign and local shares will rise to 12 percent each, from 9 percent and 11 percent respectively.
The GPIF, which didn't alter the structure of its holdings during the worst global financial crisis in 80 years or in response to Japan's 2011 earthquake and nuclear disaster, is making changes as Prime Minister Shinzo Abe and the central bank pledge to achieve 2 percent inflation in two years, which will erode the value of domestic bond holdings. The target allocations announced this month are close to what the fund already holds, Mitani said.
The spreading meat scandal in China prompted Japan Wednesday to tighten inspections of food imports as Chinese authorities detained five employees of a Shanghai supplier accused of selling expired beef and chicken. (Japan Times)
The Japanese government assured South Korea on Wednesday that it will uphold an official apology over frontline brothels for Japanese soldiers during World War II that mainly recruited Asian women as prostitutes. (Kyodo)
The estimated number of foreign visitors to Japan in the first half of 2014 hit a record high of 6.26 million thanks to the yen's weakness and increased international flights at Tokyo's Haneda airport, a government body said Wednesday. (Nikkei)
Japan's Emperor Akihito and Empress Michiko on Wednesday visited a temporary shopping center, opened after the March 2011 disaster, in the town of Minamisanriku in Miyagi Prefecture, northeastern Japan. (Jiji Press)
A group of residents from a village near the crippled Fukushima Daiichi nuclear power plant is planning to file for state arbitration so all villagers can be entitled to equal damages regardless of radiation levels of their areas. (NHK)
Inventor and performance artist Showta Mori has been getting a taste of internet fame recently for his videos featuring his quick-draw, arm-mounted iPhone sleeve gun, but that's far from his only creation or even his weirdest creation. (rocketnews24.com)
A 49-year-old man arrested Saturday on suspicion of confining an 11-year-old girl at his house here has told police he wanted to be with the girl forever, according to a source related to the investigation. (The Japan News)
A series of water-related accidents across Japan during Marine Day on Monday has left six people dead, three missing and one in a critical condition, according to media and Fire and Disaster Management Agency reports. (Japan Today)