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As the world’s biggest pension manager moves closer to putting more money in risky assets, the ruling Liberal Democratic Party’s deputy policy chief says the fund needs to change its governance first.

Japan should submit a bill in the next Diet session to overhaul the structure of the ¥126.6 trillion ($1.2 trillion) Government Pension Investment Fund, Yasuhisa Shiozaki said in a speech at Bloomberg’s offices in Tokyo on Tuesday. With the fund working on a separate investment-strategy review, discussion is needed on whether it’s right to alter asset allocations before the law change, he said.

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