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2026-07-13 11:28:07
[OCBC: GPIF Asset Allocation Adjustment Unlikely to Take Quick Implementation; Yen Requires More Fundamental Policy Adjustments to Become Investment Currency] (1) OCBC Group Research strategists pointed out that while Japanese Finance Minister Satsuki Katayama's remarks last Friday mentioned adjustments to the Government Pension Investment Fund's (GPIF) asset allocation, such changes are unlikely to occur quickly because "broad government coordination is required." (2) They stated that this measure alone is insufficient to address core fiscal concerns and is unlikely to change the market's perception that the Bank of Japan is still lagging behind. (3) The strategists added that a more fundamental policy adjustment may be needed for the yen to decisively transform from a funding currency to an investment currency. The US dollar rose 0.22% against the yen to 162.08.
