Japan's Chief Cabinet Secretary Kihara Minoru said that pension reserve management uses independent administrative agencies to properly evaluate their investment portfolios on a regular basis. “Regarding policy asset allocation, as far as I understand, GPIF will carry out appropriate risk management according to market trends and conduct timely and appropriate reviews to determine whether there is a possibility of significant changes in the investment environment assumed when formulating policies.” Minoru Kihara said at a press conference on Monday, “If we think it is necessary, we will make adjustments.” GPIF is one of the world's largest pension funds, with assets of 293.6 trillion yen, and asset allocation parameters are adjusted every five years. The fund also lowered the maximum deviation of the target value from 6-8 percentage points to 5-6 percentage points, depending on changes in various types of assets.

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