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 organizing committee of the 2020 Tokyo Olympics will cease using an emblem that some critics said may have been plagiarized, NHK reported Tuesday. It was not immediately clear if the suspension was to be temporary or if the logo would be scrapped. (Japan Times)
Students, mothers and other protesters staged rallies at more than 200 locations across Japan on Sunday, calling for the scrapping of controversial security legislation that Prime Minister Shinzo Abe wants to enact to strengthen the role of Japanese forces abroad. (Kyodo)
HIROSAKI, Aomori - The tower of Hirosaki Castle, a state-designated important cultural asset, is being towed dozens of meters away from its original location as part of a project to repair its stone walls. (The Japan News)