Japan's GPIF (world's largest pension fund) expects downside risks to JGB investments; positive on PE and infrastructure invesmtents assuming domestic debt levels come down
**Reminder: Last November, the GPIF advisory panel issued a report calling on the fund to review the domestic bond-focused portfolio and diversify investments. On March 5th, the advisory panel said the GPIF no longer needed to focus on domestic bonds in portfolio allocations as Japan emerges from deflation.