The Government Pension Investment Fund will likely announce next week whether its chief investment officer will continue to manage the monolith's $1.48 trillion in assets.

Hiromichi Mizuno, whose term will end on Monday, captained sweeping changes to the investment strategy of the world's largest pension fund over the past five years. He became the GPIF's first CIO in January 2015, overseeing the fund's shift to stocks from domestic debt, while advocating assets that incorporate environmental, social and governance factors.

Even if the GPIF announces a new investment chief, any market reaction is likely to be limited, according to Hiroshi Matsumoto, head of Japan investment at Pictet Asset Management Ltd. The GPIF's board of governors, which consists of 10 members, decides the fund's basic portfolio and mid-term strategy.