Japan Equity Strategy: GPIF investment under Sanaenomics: Market impact from possible investment strategy shift

研报英文原文证据摘录

Japan Equity Strategy: GPIF investment under Sanaenomics: Market impact from possible investment strategy shift

a time. Upward pressure (65) 6882-8151

rajiv.j.batra@jpmorgan.com

on interest rates and downward pressure on the yen are still smoldering due to the J.P. Morgan Securities Singapore Private Limited

Middle East conflict. Given the sheer size of its assets, the GPIF's shift in Dubravko Lakos-Bujas

investment strategy combined with government policies in the Abenomics era led (1-212) 622-3601

to substantial yen depreciation and higher Japanese stock prices. In this report, we dubravko.lakos-bujas@jpmorgan.com

assume that the policies of the Takaichi administration and its collaboration with J.P. Morgan Securities LLC

the GPIF will follow the pattern seen under Abenomics, outline two possible

scenarios for the GPIF's asset portfolio, and then examine their potential market

impact.

GPIF actual portfolio allocations (end of

Summary March 2026)

GPIF AUM as of end-Mar 2026：299.8 tril JPY

• In July, Prime Minister Takaichi, Finance Minister Katayama and Health,

Labour and Welfare Minister Ueno stated that they would support Japanese Japanese

investment in domestic assets by the GPIF and other entities. The media 71.4trilEquities:JPY 80.7trilBonds:JPY

(23.81%) (26.91%)

reported substantial buying in a JGB auction by a party believed to be the Ratioassetsof toyen-denominatedforeign assets

50.7%:49.3%

Foreign GPIF. Foreign Ratio of bonds to equities

Equities: Bonds: 51.4%:48.6%

74.4tril JPY 73.4tril JPY

(24.80%) (24.48%) • The Takaichi administration’s commitment to a responsible, proactive

fiscal policy means upward pressure on interest rates and downward

pressure on the yen may persist. A GPIF investment strategy/operation

Source: GPIF, J.P. Morgan