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Bloomberg/Masaki Kondo and Shigeki Nozawa/8-1-2021
“GPIF*, as the world’s biggest pension fund is known, lowered U.S. government bonds and bills to 35% of its foreign debt holdings in the 12 months ended March, from 47% previously, according to an analysis by Bloomberg of the latest data. The weighting pivot comes largely from the Japanese fund increasing investments into European sovereign debt.”
*Japan’s Government Pension Investment Fund
USAGOLD note: This article goes on to note GPIF exerts considerable influence over other Japanese pension funds. We would add that other large-size pension funds around the world are likely to take note. As a practical matter, this news will not be greeted with enthusiasm at a U.S. Treasury Department charged with selling government bonds to finance massive federal spending. The Wall Street Journal reported that the Federal Reserve purchased 74.6% of federal government-issued debt since the pandemic began – a circumstance that raises questions about the global market for U.S. debt.
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