The governmental ¥128 trillion retirement fund would be "stupid" to announce its new investment strategy before adjusting asset allocations, says Takatoshi Ito, a top adviser to the Abe administration on overhauling public pensions.

Publishing target weightings in advance would move markets, forcing the Government Pension Investment Fund to buy at highs and sell at lows, Ito said in an interview Tuesday in Tokyo.

The GPIF should shift holdings as much as possible now, he said, while noting that the fund doesn't seem to be doing so. Deciding the new asset split is taking time partly due to a debate on whether to make it public before or after changing the portfolio, Ito said.