Nikkei up as Japan 8217 s pension fund invests more in stocks
Nikkei was up on reports that Japan’s largest pension fund was planning to invest more in stocks.
Japan's Nikkei share average was up today (August 7th) after sources told Reuters that Japan's Government Pension Investment Fund (GPIF) was planning to invest more in domestic stocks.
The GPIF plans to allocate over 20 per cent of its funds to domestic stocks compared with a current 12 per cent target in a bid to generate higher returns for the country's ageing population.
In the final hour of trade, the Nikkei bounced back from a one-month low to gain 0.5 per cent to close at 15,232.37.
The broader Topix rose 0.6 per cent to 1,258.12, and the new JPX-Nikkei Index 400 climbed 0.5 per cent to 11,452.78.
Other Asian equities ended mostly lower on Thursday as investors focused on developments in Russia.
Moscow said yesterday that it will respond to Western sanctions by banning certain imports such as US poultry and European fruits and vegetables. In addition, reports showed that Russia has amassed around 20,000 troops on Ukraine's border.
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