Japan’s public pension funds, which include the world’s largest, have dumped local bonds at record rates. In addition to boosting investments in foreign stocks and bonds, they have now raised their holdings of domestic stocks for the fifth consecutive quarter.
即使是世界上最保守的投资者也承担了前所未有的风险。日本公共退休基金——包括全球规模最大的一家退休基金——以创纪录的利率甩卖本地债券。除了增加对外国股票和债券的投资外，它们还连续第五季度增持本国股票。