March 23, 2020 / 1:47 PM / 5 days ago

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

FILE PHOTO: The sign of Japan's Government Pension Investment Fund (GPIF) is seen in Tokyo, Japan, November 16, 2018. REUTERS/Toru Hanai/File Photo

TOKYO (Reuters) - Japan will appoint a former Norinchukin Bank executive as the new head of its $1.5 trillion (1.3 trillion pounds) 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.

Reporting by Takashi Umekawa; Editing by David Dolan and Nick Tattersall

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