Independent Strategy

Japan – GPIF still shifting

Japan’s government pension investment fund (GPIF) continues to rotate into higher yielding assets. This flow remains supportive for local stocks but should also maintain pressure on the JPY. In fact, if GPIF opted to max out its foreign exposure limits it would need to switch a further US$221bn into overseas stocks and bonds. We stay short yen versus the US dollar and maintain long equity positions — including long Nikkei (currency hedged).

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