Japan's Finance Minister Says GPIF May Adjust Investment Portfolio; JGB Yields Fall

According to Japan's Finance Minister Yamagita Kotsuki, on July 14, Japanese government bonds rose after she indicated the Government Pension Investment Fund (GPIF), the world's largest retirement fund, could adjust its investment portfolio if significant changes occur in the investment environment. Market observers viewed her comments as supportive of potential further GPIF purchases of Japanese government bonds. The two-year JGB yield fell 1 basis point to 1.435%; the 10-year yield declined 3 basis points to 2.755%; the 30-year yield dropped 4.5 basis points to 3.860%.
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