"The fund needs to raise about 8.87 trillion yen this fiscal year to pay pension benefits ... As part of its effort to diversify assets and generate higher returns, [the Government Pension Investment Fund (GPIF)] recently started investing in emerging markets stocks. GPIF is historically one of the biggest buyers of Japanese debt and held 71.9 trillion yen, or 63% of its assets, in domestic bonds as of March, according to the fund's financial statement for the 2011 fiscal year. That compares with 13% in domestic stocks, 8.7% in foreign bonds and 11% in overseas equities."  MORE >>