GPIF-Picked Manager Doubting Abe Leads Top Japan Bond Fund

Keisuke Tsumoto competes with Pacific Investment Management Co. and Japan’s biggest banks in picking bonds for the world’s largest pension fund. Being a skeptic of Shinzo Abe’s policies is helping him win.

“Abenomics is a huge social experiment, but it will be difficult to change the big trends,” said Tsumoto, 48, in an interview on July 8. “The economy’s growth potential is declining, so no matter how much stimulus is injected, a return to deflation is likely under my main scenario.”