Fidelity Says GPIF Key as $860 Billion Backs Japan Code

While broad support from money managers is nice, the backing of Japan’s biggest pension fund for new investor guidelines is the reason they will succeed, according to Fidelity Worldwide Investment.

Almost 130 institutions have adopted the country’s stewardship code, the Financial Services Agency said on June 10. They are estimated to own more than $860 billion in Japanese stocks, about one-fifth of all shares. For Hiroki Sampei, director of research at Fidelity Worldwide Investment in Tokyo, the Government Pension Investment Fund’s enthusiasm bodes even better for the principles’ success. GPIF, with 22.1 trillion yen ($217 billion) in local equities, signed up for the code in May.