The world's largest retirement fund held back from plowing into Japanese equities last quarter, its investment results signaled, even as the market rebounded in anticipation of purchases.
The value of the Government Pension Investment Fund's Japanese stocks rose 5.4 percent in the April-June period as the retirement savings manager earned a 5.1 percent return on the assets, according to a statement Friday.
Domestic shares accounted for 17.3 percent of investments at the end of June, up from 16.5 percent three months earlier. GPIF posted a return of 1.8 percent in the quarter as its holdings swelled to ¥127.3 trillion, after a 0.8 percent loss in the period through March.