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Japanese Pensions Selling JGBs on Abe’s Stimulus, JPMorgan Says

Japanese pensions are selling domestic bonds as Prime Minister Shinzo Abe’s efforts to spur inflation stoke concern rising interest rates will erode the value of their holdings, a JPMorgan Chase & Co. survey showed.

Retirement funds held 29 percent of their assets in Japanese bonds at the end of March, down from about 31 percent the previous year, a survey by JPMorgan’s Tokyo-based asset management unit showed. Alternative asset holdings including hedge funds increased 2.3 percentage points to 11.8 percent, according to the survey, which was based on 128 pension plans overseeing a total 11.7 trillion yen ($117 billion).