Changes to GPIF’s investment policies to take on more risk have been lauded — but the country’s system is under strain
Every five years, Japan’s Government Pension Investment Fund sends a frisson of excitement through the investment community. This is one such year: when the country’s largest fund conducts a quinquennial review of its investment assumptions — encompassing everything from inflation to expected returns for various asset classes. These decisions determine the ¥246tn fund’s policy portfolio and how much money goes to which asset classes.
During 1999-2000, Japan undertook very contentious reforms to these pensions systems, designed to prepare the country for the result of a rapidly ageing population and a low fertility rate of just 1.2 children per woman. Basic pension benefits were reduced, and retirement ages for men were lifted from 60 to 65. An effort was made to fund the national pension’s reserves — the GPIF — using riskier assets, mostly equities. That has helped.
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