POLICY PAPER | CHINA

Partner and Systemic Competitor – How Do We Deal with China's State-Controlled Economy?

January 2019

Public Pension Funds Investment

○The policy asset mix and investments of Japan’s public pension fund (worth approximately 130 trillion yen) will be revised, based on the

results of this year’s pension finance revaluation. In addition, new benchmarks have been employed and diversification of investments has

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been further promoted.

○ For passive investments in domestic stocks, three indices (including the JPX-Nikkei Index 400) were employed, in addition to the currently

used TOPIX. Moreover, J-REIT has been added to the portfolio.

○The GPIF (Government Pension Investment Fund) has decided to co-invest in infrastructure with the Development Bank of Japan (DBJ) and

the Ontario Municipal Employee Retirement System (OMERS).

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Japan’s Stewardship Code

○Japan’s Stewardship Code was established in February 2014. It defines principles for institutional investors to fulfill their fiduciary responsibility and to promote the sustainable growth of investee companies.

○Investors’ Action based on this stewardship code will enhance both mid-to-long term corporate value and investment return, and will also contribute to the growth of the Japanese economy as a whole.

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○127 institutional investors announced their intention to accept the Code by the end of May 2014, including public pension funds, major insurance companies, and trust banks.

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Reshuffle of Members of Investment Committee of GPIF

○In April 2014, the Minister of Health, Labor and Welfare appointed 6 new members of investment committee of GPIF (and reappointed 1 member), most of whom are experts on asset management and/or international business. ○Three of the members, including chairman Yonezawa, were appointed from the members of the expert panel.

Revision of Japan Revitalization Strategy ～10 Key Reforms～

Overview of the Revision of Japan Revitalization Strategy

Execution and Realization of the Growth Strategy under the Abenomics Policy

December 27, 2014

Decided by the Headquarters for Japan’s Economic Revitalization

Japan Revitalization Strategy

Revised in 2014

-Japan ’s challenge for the future -

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June 24 th , 2014

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Recovery Track for Japan’s Economy

The economy is expected to exit deflation and is on track for a steady recovery, due to factors such as

-BOJ’s monetary easing

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-yen depreciation

-falling crude oil prices, and

-anticipated real wage increases

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