Friday's announcement of changes to the massive ¥127 trillion public pension fund's investment policy was headline news.

The reforms mean more money will be used to buy stocks, which will likely lift the market — at least in the short term.

The shift to more riskier assets by the Government Pension Investment Fund — the world's biggest retirement pool — is aimed at boosting its returns. And if the action enlivens the stock market, it would support the economy at a time when Prime Minister Shinzo Abe's package of stimulus and adjustments known as "Abenomics" appears to be running out of steam.