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Thursday, May 30
The recently-plunging Nikkei may have already solved this issue, but Japan's giant public...
The recently-plunging Nikkei may have already solved this issue, but Japan's giant public pension fund (GPIF) is considering a change in strategy that would otherwise force it to sell stocks (EWJ, DXJ) and buy JGBs (JGBS) as equities rally and bond prices fall. No significant change in policy has been made since 2006. Of interest: Last night's 5% dive in stocks failed to put in a bid for JGBs, the yield on the 10-year flat at 0.89%.