GPIF to Weather Politics, Keeping a Broad Asset Mix Despite Domestic Push

Japan’s Government Pension Investment Fund (GPIF), the world’s largest public pension fund, is expected to maintain its 25% allocations across four asset classes (domestic stocks, foreign stocks, domestic bonds, foreign bonds) even after Finance Minister Satsuki Katayama urged more Japanese asset purchases. GPIF’s framework is strict and reviewed only every five years, and any shift toward domestic investment would need investment-ground justification rather than policy aims. With overseas assets outperforming domestic ones over the past decade and the next strategic review not due until 2030, a policy-driven tilt is unlikely in the near term.