A law to transform how the world's biggest pension fund is run can wait and may even be shelved, said a ruling party official, contradicting his deputy policy chief who called it the top priority.

Prime Minister Shinzo Abe's team can achieve adjustments at the ¥126.6 trillion Government Pension Investment Fund without formally amending the law that governs it, said Liberal Democratic Party lawmaker Seiji Kihara. The bill, expected to add a board of directors to lead the fund, can be submitted after GPIF alters its asset allocations, said Kihara, who worked on it.

However, LDP deputy policy head Yasuhisa Shiozaki has said the law must come first.