Reuters are reporting the following:
According to sources, the Japan government pension fund (GPIF) – the world’s biggest with a 1.2trln USD war chest – is being urged to cut low yielding JGB holdings and increase their equity holdings from 12% to around 25% in order to boost returns. The proposal is for the GPIF to cut bond holdings from 60% to 40%. The fund is also likely to boost holdings of foreign equities
Obviously the timeframes on such decisions can be quite longish-term but the effect on short-term JPY sentiment is likely to be significant.