Japan's Ministry of Health announced that Kazuto Uchida has been appointed as the new head of the Government Pension Investment Fund (GPIF). Uchida will succeed Masataka Miyazono on April 1 and will serve a five-year term overseeing the management of the fund, which is valued at ¥260 trillion ($1.72 trillion).

There has been speculation in the market about potential changes to GPIF's current asset allocation strategy, which divides funds evenly across domestic stocks, foreign stocks, domestic bonds, and foreign bonds. Despite this, it has been reported that GPIF plans to maintain this allocation for the next five years starting from fiscal 2025.

In 2020, GPIF adjusted its portfolio by increasing the allocation to foreign bonds and decreasing domestic bonds due to the Bank of Japan's monetary policies. Established in 2006 to manage assets for Japan's public pension system, GPIF has previously been led by individuals with backgrounds from Norinchukin Bank, the prominent agricultural financial institution in Japan.