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The Government Pension Investment Fund, the world’s biggest pension fund, named Norihiro Takahashi, a former senior managing director at a domestic agricultural bank, as president to replace Takahiro Mitani.

The $1.25 trillion fund chose Takahashi, 58 and a former managing director at Norinchukin Bank Ltd., as president from April 1, according to a health ministry statement issued Tuesday.

Mitani’s tenure was due to end a year ago when he turned 65, but he was retained while the fund searched for a replacement.

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