The government appeared reluctant Friday to get involved in rescuing the pension funds thought squandered by AIJ Investment Advisors Co. with taxpayer money.
The problem “must be basically discussed between the parties concerned,” financial services minister Shozaburo Jimi told reporters, referring to the possibility of the government mobilizing public funds.
AIJ has allegedly lost some 90 percent of about ¥210 billion in assets it was managing. If true, its clients, mostly corporate pension funds, will have to deal with the loss possibly by raising contributions or reducing benefits.
Jimi’s comment came as lawmakers from both the ruling and opposition camps have suggested the government study a rescue method using public funds.