Japan pension whale GPIF reins in bond yields -- but for how long?

Fund's portfolio allocation for bonds currently above stated investment limit

20250812N GPIF whale

Japan's Government Pension Investment Fund is one of the largest public pension funds in the world. (Illustration by Nikkei)

YUKA KAWAI

TOKYO -- Japan's Government Pension Investment Fund has been a reliable purchaser of government bonds in an otherwise quiet domestic market, but it remains to be seen how long GPIF will be able to use its buying power to keep bond yields from spiking. 

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