Skip to content
Subscriber Only

Shiozaki Roils Yen Bears as GPIF Reform Takes Japan Center Stage

Health ministers usually don’t roil currency markets -- then there’s Japan’s Yasuhisa Shiozaki.

The yen fell the most in a week and domestic stocks unwound some of their slide after Shiozaki, whose ministry overseas the nation’s $1.2 trillion Government Pension Investment Fund, said today the government will conduct some reforms within the existing law and there is no intention of postponing the process. The GPIF changes are accompanying Abenomics, a three-pronged policy of radical monetary easing, fiscal stimulus, and pro-growth policies.