---
title: "Société Générale stated that Japan's GPIF can still buy up to USD 76 billion in Japanese government bonds even if it does not change its asset allocation"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/292559342.md"
description: "Société Générale's report points out that Japan's GPIF still has room to purchase approximately USD 76 billion in Japanese government bonds without adjusting its asset allocation. If it raises its domestic bond holdings from 26.9% to the upper limit of 31%, this increase in holdings can be achieved. Although the Japanese government is calling on pension funds to increase investments in financial assets to support the bond market and exchange rates, the market generally expects that GPIF will not change its strategic allocation in the short term"
datetime: "2026-07-14T03:08:41.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/292559342.md)
  - [en](https://longbridge.com/en/news/292559342.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/292559342.md)
---

# Société Générale stated that Japan's GPIF can still buy up to USD 76 billion in Japanese government bonds even if it does not change its asset allocation

Société Générale stated that the Government Pension Investment Fund (GPIF) of Japan has room to purchase up to 12.3 trillion yen (76 billion USD) in Japanese government bonds without changing its asset allocation, which could provide support for the bond market.

Strategists including Stephen Spratt noted in a report that Société Générale estimates that if this largest global pension fund gradually increases its domestic bond holdings from 26.9% as of the end of March to the current upper limit of 31%, it could achieve the aforementioned increase in holdings. Reports on Monday indicated that Japan has no plans for a comprehensive reform of GPIF's asset allocation but is exploring ways to encourage increased investment in domestic assets within the existing framework.

Japanese Finance Minister Shunichi Suzuki called last week for pension funds, including GPIF, to increase their investments in Japanese financial assets. Her remarks sparked speculation that the government aims to guide more institutional funds into the Japanese bond market and support the yen's exchange rate. However, the market generally expects that GPIF's strategic asset allocation is unlikely to change in the short term.

Suzuki stated on Tuesday that GPIF will adjust its portfolio allocation if necessary, echoing the remarks made by Chief Cabinet Secretary Hirokazu Matsuno on Monday

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