The Japanese government wants its big pension fund to buy more Japanese assets. This may be bad for foreign companies.

日本政府希望其大型退休基金購買更多日本資產，這對外國公司可能不利。

The pension fund is called the GPIF. It has a lot of money. Now, it puts equal money into Japanese and foreign bonds and stocks. The Finance Minister wants the fund to buy more Japanese assets because interest rates in Japan are higher now.

該退休基金稱為 GPIF。它擁有大量資金。目前，它將等額的資金投入日本和外國的債券與股票。財務大臣希望該基金購買更多日本資產，因為日本目前的利率較高。

Some foreign companies manage this money. These companies get paid fees. Fees for foreign stocks are high. If the fund buys fewer foreign stocks, these companies will lose money.

部分外國公司負責管理這筆資金。這些公司會收取管理費。外國股票的管理費很高。如果該基金減少購買外國股票，這些公司將會損失收入。

Some companies already work in Japan. They may get more money. But changing these investments takes time. It can take one to three months to stop a contract.

部分公司已在日本經營。它們可能會獲得更多資金。但調整這些投資需要時間，終止一份合約可能需要一到三個月。

The fund will keep its current plan for now. It will only make small changes to buy more Japanese assets.

該基金目前將維持現有計劃，僅會進行小幅調整以購買更多日本資產。

The Japanese government has suggested that it wants to increase the amount of domestic assets held by the Government Pension Investment Fund (GPIF), which could affect international asset managers.

日本政府暗示希望增加政府退休金投資基金 (GPIF) 所持有的國內資產金額，這可能會影響國際資產管理公司。

The GPIF manages about 293.6 trillion yen and currently divides its investments equally into four categories: domestic bonds, foreign bonds, domestic stocks, and foreign stocks. Finance Minister Satsuki Katayama recently stated that the government aims to significantly increase investments in Japanese financial assets. Although official sources say a formal change in the long-term plan is not happening immediately, the fund might use its existing flexible limits to increase its local holdings. This shift is partly encouraged by the fact that Japanese government bonds have become more attractive as long-term interest rates rise.

GPIF 管理約 293.6 兆日圓，目前將投資平均分為四類：國內債券、外國債券、國內股票與外國股票。財務大臣片山薩都希最近表示，政府目標是大幅增加對日本金融資產的投資。雖然官方消息稱長期計劃不會立即進行正式變更，但基金可能會利用現有的靈活限額來增加本地持有量。部分原因是隨著長期利率上升，日本國債變得更具吸引力，因此促成了這次轉向。

This potential change would affect external fund managers differently. A large part of the GPIF's 930 billion dollar international portfolio is managed by 35 external companies, such as BlackRock and State Street. Because management fees for foreign stocks are about three times higher than for domestic assets, companies without Japanese mandates would likely see a significant drop in revenue. On the other hand, managers with active Japanese strategies, such as Fidelity Investments, might receive more funds. However, these changes may be slowed down by legal duties, the costs of switching assets, and the standard notice periods required to end contracts.

這一潛在變動對外部基金經理的影響各異。GPIF 9,300 億美元的國際投資組合中，大部分由 BlackRock 和 State Street 等 35 家外部公司管理。由於外國股票的管理費約為國內資產的三倍，缺乏日本委託業務的公司收入可能會大幅下降。另一方面，如 Fidelity Investments 等擁有積極日本策略的經理則可能獲得更多資金。然而，這些變動可能會因法律義務、資產轉換成本以及終止合約所需的標準通知期而放緩。

The GPIF will keep its current asset mix starting in April 2025, and any increase in domestic investment will likely happen within existing limits rather than through a complete policy change.

GPIF 將從 2025 年 4 月起維持目前的資產組合，任何增加國內投資的舉措很可能在現有限額內進行，而非透過全面的政策變更。

The Japanese government has indicated an intention to increase the proportion of domestic assets held by the Government Pension Investment Fund (GPIF), potentially impacting international asset managers.

日本政府已表示有意增加政府養老金投資基金（GPIF）持有國內資產的比例，可能會對國際資產管理公司產生影響。

The current strategic framework of the GPIF, which manages approximately 293.6 trillion yen, utilizes a quad-partite allocation model, assigning 25% each to domestic bonds, foreign bonds, domestic equities, and foreign equities. Finance Minister Satsuki Katayama recently articulated a goal to substantially augment investments in Japanese financial assets. While government sources suggest that a formal revision of the medium-term asset allocation is not imminent, there is a possibility that the fund may utilize existing discretionary deviation ranges—specifically a six percentage point allowance for domestic bonds—to increase onshore exposure. Such a shift is partially supported by the increased attractiveness of Japanese government bonds following a rise in long-term interest rates.

GPIF 目前管理約 293.6 兆日圓，其策略框架採用四分法分配模型，將國內債券、外國債券、國內股票及外國股票各分配 25%。財務大臣片山早苗近期表明，目標是大幅增加對日本金融資產的投資。雖然政府消息人士表示，中期資產分配的正式修訂並非迫在眉睫，但該基金可能會利用現有的酌情偏差範圍——特別是國內債券 6 個百分點的寬限額——來增加國內曝險。

This potential pivot creates a divergent impact on external fund managers. A significant portion of the GPIF's 930 billion dollar offshore exposure is managed by 35 external entities, including BlackRock, State Street, and Legal & General. Because management fees for foreign equities are approximately three times higher than those for domestic assets, a reduction in international mandates would likely result in a substantial diminution of revenue for firms lacking domestic mandates. Conversely, managers with established active Japanese strategies, such as Asset Management One and Fidelity Investments, may experience increased allotments. However, the realization of these shifts may be attenuated by fiduciary obligations, transition costs, and the standard one-to-three-month notice periods required for mandate termination.

這次潛在的轉向對外部基金經理將產生分歧的影響。GPIF 約 9,300 億美元的海外曝險中，有很大一部分由 35 家外部機構管理，包括 BlackRock、State Street 及 Legal & General。由於外國股票的管理費約為國內資產的三倍，因此減少國際委託可能會導致缺乏國內委託的公司收入大幅減少。相反，擁有成熟日本主動策略的經理，如 Asset Management One 及 Fidelity Investments，可能會獲得增加的分配額。然而，由於受託責任、轉移成本以及終止委託通常需要一至三個月的通知期，這些轉變的實現可能會受到緩解。

The GPIF maintains its current asset mix for the period beginning April 2025, with any increase in domestic investment likely to occur within existing allowable ranges rather than through a fundamental policy overhaul.

GPIF 將在 2025 年 4 月起維持目前的資產組合，任何國內投資的增加都可能在現有的允許範圍內進行，而非透過根本性的政策 overhaul。