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Exclusive: Japan to appoint former Norinchukin executive Miyazono as new GPIF head, source says

Stock MarketsMar 23, 2020 09:40AM ET
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© Reuters.

By Takashi Umekawa

TOKYO (Reuters) - Japan will appoint a former Norinchukin Bank executive as the new head of its $1.5 trillion Government Pension Investment Fund (GPIF), a source with direct knowledge of the matter said on Monday.

The appointment of Masataka Miyazono will be announced later this week, said the source, who declined to be identified because the information has not been made public. The GPIF is the world's largest pension fund and is closely watched by global financial markets because of its mammoth size.

No one was immediately available for comment at the GPIF outside of regular working hours.

Miyazono will replace current president Norihiro Takahashi, whose term is due to expire at the end of march. Miyazono is the head of the Pension Fund Association and previously served as deputy president at agricultural lender Norinchukin Bank.

Norinchukin, which pools the assets of Japanese farmers, is also a big player in global markets.

The GPIF is due to announce a change in its asset allocation later this month. In its current portfolio, the allocation targets are 25% each for domestic and foreign stocks, 35% for domestic bonds, and 15% for foreign bonds.

Exclusive: Japan to appoint former Norinchukin executive Miyazono as new GPIF head, source says
 

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CMat CMat
CMat CMat Mar 23, 2020 2:01PM ET
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So that he will be already aware of the situation of the massive foreign CLO volumes that could be at risk in his former bank...  Since February 22, the S&P/LSTA US Leveraged Loan 100 Index, which tracks the prices of the largest leveraged loans, has plunged 20%. This is the moment when yield-chasing turns to a massacre, thanks to décades of 0% interest rate.
 
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