Allianz chief adviser Mohamed El-Erian said Japan's finance minister Katayama identified as a priority encouraging households and pensions, including the Government Pension Investment Fund (GPIF), to raise allocations to Japanese financial assets. Ka

2026-07-10

Allianz chief adviser Mohamed El-Erian said Japan's finance minister Katayama identified as a priority encouraging households and pensions, including the Government Pension Investment Fund (GPIF), to raise allocations to Japanese financial assets. Katayama's comments pushed the 10-year JGB yield down about 9bps and the yen up roughly 0.5% in Tokyo trade. If this marks a reorientation of Japan's large portfolio—still a significant uncertainty—the immediate market question is which overseas holdings would be pared first.