Independent Strategy

Japan – the GPIF echo

Report Date:  3rd November, 2014

Japanese pension giant GPIF’s asset rotation is more modest than it looks at first glance. The real impact is from the secondary effects, initially the reaction of international investors and then from the pool of Japanese retail assets where savings long insulated by deflation are feeling the pain of negative real rates and inflation. The story is bad news for the yen and good news for Japanese equities, for now.

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