USD/JPY was down at a multi-day low under 149.00 on heighted risk aversion and narrower US-Japan bond yield spreads, but it somewhat recovered above that hurdle, BBH's FX analysts report.
GPIF to maintain its current portfolio composition for the next five years
"Japan’s Government Pension Investment Fund (GPIF) confirmed it will maintain its current portfolio composition for the next five years. GPIF has a 25% asset allocation across domestic and foreign stocks and bonds. However, the deviation limits to the target allocation will be narrower at +/-9% vs. +/-11% previously. JPY implications are negligible."
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