GPIF Shakes Up Committee With Three Abe Panel Members
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Japan’s government pension fund overhauled its investment committee, adding three members of a state panel that urged it to cut bonds, as the balance of power shifts at the world’s biggest manager of retirement savings.
Yasuhiro Yonezawa, who sat on the group handpicked by Prime Minister Shinzo Abe that recommended a strategy and governance revamp at Japan’s 128.6 trillion yen ($1.25 trillion) Government Pension Investment Fund, will join the committee, the health ministry said. Yonezawa, 63, is expected to be named head, according to media reports. Sadayuki Horie and Isao Sugaya were also appointed, with only two of 10 previous members remaining and the committee’s size reduced to eight.