U.S. involvement of the loan-to-crisis, the Japanese public pension funds Puchu the past five years the largest losses.
July 4, responsible for Japan's public pension fund investment management of the Government Pension Investment Fund (Government Pension Investment Fund, GPIF) announced as of the end of March 2008 the fiscal 2007 annual report, up to 5.84 trillion yen annual loss came to the surface .
This has become the past five years, Japan's public pension funds use the first time in annual investment losses in fiscal 2007 investment income was -6.41%; GPIF in fiscal year 2003 recorded a 12.48 percent rate of return on investment, even in fiscal year 2006 And also to achieve the 4.75 percent rate of return on investments.
On the GPIF loss the day before, Japan's ruling Liberal Democratic Party sovereign wealth fund group completed its report, urged the Government using public pension fund assets, the establishment of the scale of 10 trillion yen for the sovereignty of wealth Fund (SWF).
GPIF's investment losses, making the plan pushed further forward.
Japanese investment in the stock market Jukui 5300000000000
As at the end of 2007, GPIF scale of the management of 157 trillion yen, from an annual charge of the National Pension and Welfare Pension costs, pension expenses after the payment of the funds accumulated savings.
To object to all the citizens of the national pension and company staff to object to the Japanese Ministry of Health and Annuity is the main source of pensioners, out of its special nature, the Japanese government has been of such high-risk investment with caution.
GPIF formerly known as the "pension fund of funds operation," 2001 has begun to enter the market when there were investment losses of 2001 and 2002 respectively annual loss of 1.31 trillion yen and 3.06 trillion yen, and therefore was forced to dissolve, Public pension transferred to the newly established GPIF operation.
The Government of Japan GPIF a stringent investment restrictions, including investing in domestic bonds, domestic stocks, foreign bonds, stocks and short-term assets overseas assets ratio was 67% and 11%, 8% and 9%, 5%, changes From top to bottom to the highest rate of eight percent.
From the 2007 annual report read, GPIF strict compliance with this investment allocation.
GPIF said that in fiscal 2007 for investment funds to 91.3073 trillion yen. Among them, as high as 62.37 percent of the assets were invested in safety factor higher domestic bonds, 15.11 percent of assets invested in domestic stock market, about 10.58 percent of assets invested in foreign bonds, 11.94 percent of overseas investment in the stock market.
However, this seemingly stable asset allocation results are not satisfactory.
2007 fiscal year, only a domestic bonds, 56.9443 trillion yen investment by the proceeds of 1.7165 trillion yen, but the gains were caused by the loss of other investment swallowed up completely. Japan's stock market slump led to the largest loss in fiscal 2007 the domestic stock market investment losses amounted to 5.3323 trillion yen, yield -27.97%, to invest in overseas bonds and stocks will bring a total of 2.2048 trillion yen of losses .
Over the past five years, GPIF the average annual investment rate of return of 5.70 percent, while the Japanese government to set a 3.2 percent annual rate of return on investment, but still satisfied with the politicians Act.
GPIF injection of sovereign wealth funds »
The establishment of sovereign wealth funds, to enhance public pension fund investment gains - This is former Japanese Financial Services Minister Yamamoto Yuji (Yuji Yamamoto), led by the Liberal Democratic Party sovereign wealth fund the project team, in the early completion of the major contents.
Japanese Economic News reported that the LDP project team sovereign wealth fund management GPIF proposed use of funds, the establishment of the scale of 10 trillion yen for the sovereignty of wealth Fund. There are two in the mountains in the report, Japan's public pension investment needs to be a higher return. Over the past five years, Japan's pension rate of return on investment for each of 5.70 percent, but the same period in the Norwegian public pension funds achieved a 6.9 percent average rate of return, Canada reached a similar fund of 10.4%.
Early, Yamamoto Yuji Japan's foreign exchange reserves have been used to advocate the establishment of national sovereignty wealth Fund. Japan's current foreign exchange reserves for the second in the world, after China, according to the Ministry of Finance (Ministry of Finance) 7 announced data show that Japan's foreign exchange reserves by the end of June to 1.001549 trillion U.S. dollars. However, the Reserve Fund to the proposed sovereignty of wealth, but by the Japanese Ministry of Finance's strong opposition.
Last week, the two mountains in an interview with Bloomberg News that his group will call on the Government to relax restrictions on investment in public pensions, relaxed in a flexible asset allocation ratio of investment to get more revenue.
"Since the majority of assets to invest in Japan's domestic bonds, GPIF may be more difficult to achieve high yield." Bank of America (BOA) in Tokyo, in charge of economic and strategic analysis of Fujiidera know (Tomoko Fujii) in a research report said. However, she proposed the aforementioned can be adopted cautious attitude, "the Japanese government is very cautious, who will in the future there may be responsible for investment losses» this loss will affect the pension beneficiaries, therefore, the proposal will face The opposition insisted. "
Voices of opposition took the lead from the GPIF.
GPIF Seto Lung-chuan, president WONG (Takahiro Kawase) in a Bloomberg television interview that he opposed the use of public pension funds to establish a sovereign wealth, "the Japanese sovereign wealth fund the establishment of a neutral view, but pension funds will be used for the establishment of the sovereignty of wealth The Fund is a problem, because if such investment in losses, no tax revenue to cover. "
China's social insurance experts, director of the Institute of Chinese Academy of Social Sciences in Latin America Zheng Bingwen that the sovereignty of pension funds and sovereign wealth fund's investment focus different. The former pursuit of stability, low risk tolerance, and income also fell, but the latter On the contrary, the pursuit of high-risk, high-yield, the nature of this decision by the Fund. GPIF is formed by the social security payment "fee" of sovereignty on behalf of pension funds.
"At present, the issue of sovereignty is the key to wealth fund sources of funding. If they are commissioned by the GPIF's funds in the form of sovereign wealth to fund operations, taking into account the general payment of 5% -6% of the interest and appreciation of local currency Expectations, the need to achieve the rate of return on investment will be at least about 10%, this will be a lot of pressure. "Zheng said.
LDP sovereign wealth fund the project team that will be submitted to the Government in the near future the report, hope to be in the autumn of the National Assembly, as Members of the Legislative Council to introduce bills.
July 4, responsible for Japan's public pension fund investment management of the Government Pension Investment Fund (Government Pension Investment Fund, GPIF) announced as of the end of March 2008 the fiscal 2007 annual report, up to 5.84 trillion yen annual loss came to the surface .
This has become the past five years, Japan's public pension funds use the first time in annual investment losses in fiscal 2007 investment income was -6.41%; GPIF in fiscal year 2003 recorded a 12.48 percent rate of return on investment, even in fiscal year 2006 And also to achieve the 4.75 percent rate of return on investments.
On the GPIF loss the day before, Japan's ruling Liberal Democratic Party sovereign wealth fund group completed its report, urged the Government using public pension fund assets, the establishment of the scale of 10 trillion yen for the sovereignty of wealth Fund (SWF).
GPIF's investment losses, making the plan pushed further forward.
Japanese investment in the stock market Jukui 5300000000000
As at the end of 2007, GPIF scale of the management of 157 trillion yen, from an annual charge of the National Pension and Welfare Pension costs, pension expenses after the payment of the funds accumulated savings.
To object to all the citizens of the national pension and company staff to object to the Japanese Ministry of Health and Annuity is the main source of pensioners, out of its special nature, the Japanese government has been of such high-risk investment with caution.
GPIF formerly known as the "pension fund of funds operation," 2001 has begun to enter the market when there were investment losses of 2001 and 2002 respectively annual loss of 1.31 trillion yen and 3.06 trillion yen, and therefore was forced to dissolve, Public pension transferred to the newly established GPIF operation.
The Government of Japan GPIF a stringent investment restrictions, including investing in domestic bonds, domestic stocks, foreign bonds, stocks and short-term assets overseas assets ratio was 67% and 11%, 8% and 9%, 5%, changes From top to bottom to the highest rate of eight percent.
From the 2007 annual report read, GPIF strict compliance with this investment allocation.
GPIF said that in fiscal 2007 for investment funds to 91.3073 trillion yen. Among them, as high as 62.37 percent of the assets were invested in safety factor higher domestic bonds, 15.11 percent of assets invested in domestic stock market, about 10.58 percent of assets invested in foreign bonds, 11.94 percent of overseas investment in the stock market.
However, this seemingly stable asset allocation results are not satisfactory.
2007 fiscal year, only a domestic bonds, 56.9443 trillion yen investment by the proceeds of 1.7165 trillion yen, but the gains were caused by the loss of other investment swallowed up completely. Japan's stock market slump led to the largest loss in fiscal 2007 the domestic stock market investment losses amounted to 5.3323 trillion yen, yield -27.97%, to invest in overseas bonds and stocks will bring a total of 2.2048 trillion yen of losses .
Over the past five years, GPIF the average annual investment rate of return of 5.70 percent, while the Japanese government to set a 3.2 percent annual rate of return on investment, but still satisfied with the politicians Act.
GPIF injection of sovereign wealth funds »
The establishment of sovereign wealth funds, to enhance public pension fund investment gains - This is former Japanese Financial Services Minister Yamamoto Yuji (Yuji Yamamoto), led by the Liberal Democratic Party sovereign wealth fund the project team, in the early completion of the major contents.
Japanese Economic News reported that the LDP project team sovereign wealth fund management GPIF proposed use of funds, the establishment of the scale of 10 trillion yen for the sovereignty of wealth Fund. There are two in the mountains in the report, Japan's public pension investment needs to be a higher return. Over the past five years, Japan's pension rate of return on investment for each of 5.70 percent, but the same period in the Norwegian public pension funds achieved a 6.9 percent average rate of return, Canada reached a similar fund of 10.4%.
Early, Yamamoto Yuji Japan's foreign exchange reserves have been used to advocate the establishment of national sovereignty wealth Fund. Japan's current foreign exchange reserves for the second in the world, after China, according to the Ministry of Finance (Ministry of Finance) 7 announced data show that Japan's foreign exchange reserves by the end of June to 1.001549 trillion U.S. dollars. However, the Reserve Fund to the proposed sovereignty of wealth, but by the Japanese Ministry of Finance's strong opposition.
Last week, the two mountains in an interview with Bloomberg News that his group will call on the Government to relax restrictions on investment in public pensions, relaxed in a flexible asset allocation ratio of investment to get more revenue.
"Since the majority of assets to invest in Japan's domestic bonds, GPIF may be more difficult to achieve high yield." Bank of America (BOA) in Tokyo, in charge of economic and strategic analysis of Fujiidera know (Tomoko Fujii) in a research report said. However, she proposed the aforementioned can be adopted cautious attitude, "the Japanese government is very cautious, who will in the future there may be responsible for investment losses» this loss will affect the pension beneficiaries, therefore, the proposal will face The opposition insisted. "
Voices of opposition took the lead from the GPIF.
GPIF Seto Lung-chuan, president WONG (Takahiro Kawase) in a Bloomberg television interview that he opposed the use of public pension funds to establish a sovereign wealth, "the Japanese sovereign wealth fund the establishment of a neutral view, but pension funds will be used for the establishment of the sovereignty of wealth The Fund is a problem, because if such investment in losses, no tax revenue to cover. "
China's social insurance experts, director of the Institute of Chinese Academy of Social Sciences in Latin America Zheng Bingwen that the sovereignty of pension funds and sovereign wealth fund's investment focus different. The former pursuit of stability, low risk tolerance, and income also fell, but the latter On the contrary, the pursuit of high-risk, high-yield, the nature of this decision by the Fund. GPIF is formed by the social security payment "fee" of sovereignty on behalf of pension funds.
"At present, the issue of sovereignty is the key to wealth fund sources of funding. If they are commissioned by the GPIF's funds in the form of sovereign wealth to fund operations, taking into account the general payment of 5% -6% of the interest and appreciation of local currency Expectations, the need to achieve the rate of return on investment will be at least about 10%, this will be a lot of pressure. "Zheng said.
LDP sovereign wealth fund the project team that will be submitted to the Government in the near future the report, hope to be in the autumn of the National Assembly, as Members of the Legislative Council to introduce bills.
No comments:
Post a Comment