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 explosive eruption on Mt. Shindake in Kagoshima Prefecture on Friday is likely to have involved the direct ejection of magma, or direct subterranean contact between magma and groundwater, experts say. (The Japan News)
A sudden volcano eruption on the small southern Japanese island of Kuchinoerabu-jima has forced authorities to raise the alert to the highest level and advise evacuation of the immediate area. (rt.com)
Twelve of the 29 suma mackerel tuna have died at Tokyo Sea Life Park in Edogawa Ward, Tokyo, since the aquarium released the fish into its tank less than a week ago, it was learned Thursday. There has been a mysterious die-off of kuromaguro bluefin tuna, hatsugatsuo and other species of bonito at the aquarium since December. (The Japan News)
On May 21, police in Japan's Miyagi Prefecture arrested a woman on swindling charges after the cashier at a local store erroneously handed her an extra 45,000 yen (US$370) in change. (rocketnews24.com)
In a crackdown on a business believed to be supporting organized crime, Tokyo Metropolitan Police on Tuesday announced the bust of an illegal pornographic DVD business in Shinjuku Ward, reports TV Asahi (May 26). (Tokyo Reporter)