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Japan’s biggest pension fund faces more pressure to deliver
日本最大養老基金面臨更大壓力

Changes to GPIF’s investment policies to take on more risk have been lauded — but the country’s system is under strain
日本政府養老金投資基金改變投資政策轉而承擔更高風險的做法受到了好評——但該國養老系統正面臨壓力。

Every five years, Japan’s Government Pension Investment Fund sends a frisson of excitement through the investment community. This is one such year: when the country’s largest fund conducts a quinquennial review of its investment assumptions — encompassing everything from inflation to expected returns for various asset classes.

每隔五年,日本政府養老金投資基金(Government Pension Investment Fund,以下簡稱:GPIF)都會在投資界引起一陣騷動。今年就是這樣的一年:這個日本最大的基金每五年對其投資假設進行一次審查——包括從通貨膨脹到各類資產的預期回報等各個方面。

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