Stocks tumbled, the yen strengthened and bond yields melted away after Japan moved to negative interest rates, but the head of the country’s giant pension fund is far from fazed.

The Government Pension Investment Fund is still assessing whether rates below zero will be effective in bolstering the economy, and time may be needed to see the positive impact, Norihiro Takahashi said in an interview in Tokyo. Takahashi became president of GPIF this month. It has taken up to 18 months for the benefits to be seen in other regions, and the GPIF has not decided how long it will spend weighing the situation, he said.

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