srachai's homepage
タイ在住11年目、妻はタイ人、娘が2人、養女が2人

本末転倒な政策だと思います。
もしも短期的な株式投資で失敗したら、一体誰が責任をとるのでしょうか。
GPIFは天下りで悪名高い独立法人です。
数年勤めたら、サラリーマンが一生かかってようやくもらえる退職金を、濡れ手に粟。
全部、国民の税金でまかなわれているのです。
それにしても野党は反対しなかったのでしょうか。
あきれました。
連日の巨額介入（投資）で、すでに金融市場はゆがめられてしまっています。
（スラチャイ）

The Yomiuri Shimbun
Doubling GPIF stock investment allocation targets is not without risk
年金運用改革　「株倍増」に落とし穴はないか

Although it is necessary to find ways to manage the nation’s public pension reserves more profitably, to ensure the sustainability of the pension system, top priority must be placed on the safety of the pension fund assets.
　年金制度を維持するため、運用の収益性を高める工夫は必要だが、やはり安全性の確保を優先すべきである。

The Government Pension Investment Fund, the independent administrative institution in charge of managing the reserves for public pension plans, has decided on a set of new investment allocation targets for its assets.
　公的年金の積立金を管理する年金積立金管理運用独立行政法人（ＧＰＩＦ）が、新たな資金運用の目安を決定した。

The GPIF has raised its target for holdings in domestic and foreign stocks to 25 percent each, about double the current holding allocations of 12 percent each in its investment portfolio.
　国内株と外国株による運用比率をそれぞれ、１２％から２５％へほぼ倍増させた。

On the other hand, it has lowered markedly its weighting of domestic bonds, including government bonds, to 35 percent from the current level of about 60 percent.
　その一方、国債など国内債券は６０％を３５％に大きく下げた。

Given the current ultra-low interest rate situation, it is understandable that the GPIF hopes to diversify its investment allocations by modifying its conventional government bond-centered fund management.
　超低金利の現状を踏まえ、国債中心の運用を修正し、投資先を分散する狙いはわかる。

In the wake of the GPIF announcement on Oct. 31, expectations are surging in the stock market for a huge influx of cash from the government-run pension fund, the outstanding reserves of which stand at ¥130 trillion. Coupled with the Bank of Japan’s decision earlier the same day to further ease its monetary policy, the GPIF’s move has had the effect of pushing up stock prices, and there can be no doubt that the public pension fund’s action is positive for revitalizing the securities market.
　株式市場では、残高１３０兆円の公的年金から巨額の資金が流入するとの期待が高まっている。日銀の金融緩和効果も重なり、株価を押し上げた。市場活性化に追い風となったのは確かだろう。

It must never be forgotten, however, the management of the pension reserve funds, over the long term, may be confronted sometime in the future with risks such as a nosedive in stock prices.
　ただし、長期にわたる年金資金の運用には、いずれ株価暴落などの危機に直面するリスクがあることも忘れてはならない。

The public pension fund reserves — cash from pension insurance revenues that is not immediately required for the payment of pension benefits — are all-important funds for investment to prepare for the payment of future pension benefits.
　公的年金の積立金は、年金保険料収入のうち給付に充てなかった分を運用し、将来の給付に備える大切な資金である。

Many people may be concerned that the GPIF could suffer huge losses in the event of an investment failure. A state of affairs in which pension benefit payments for future generations could shrink by a wide margin must be avoided by all means.
　運用失敗で巨額の損失を出さないか、不安を覚える人も少なくないはずだ。将来世代の年金給付が大きく減るような事態は、何としても避けねばならない。

Need for organizational change

The reallocation of the GPIF’s investment targets should also be undertaken scrupulously and in stages, instead of hastily raising the weighting of stock investments to a new level.
　株式運用額を、性急に新たな目安まで引き上げるのではなく、慎重かつ段階的に進めるべきだ。

As Prime Minister Shinzo Abe seeks to expedite implementation of the GPIF’s investment portfolio reform, calling for the reform to be carried out ahead of schedule, some market participants and others seem to consider the giant fund’s increase in its stock holding targets as a “measure primarily aimed at buoying up stock prices.”
　安倍首相が運用改革の前倒しを指示するなど、実施を急いだことから、市場などで「株価浮揚策」と受け取られている面もある。

Using assets of the GPIF, which should be managed over the long term, for the purpose of a short-term stock market stimulation would be like letting the tail wag the dog. Also, such a step is dangerous because it would distort stock prices.
　長期運用すべき資金を、短期の株価対策に使うのは本末転倒だ。株価形成をゆがめかねない。

The proportion of investment categories in the portfolio of public pension reserves should be kept under constant review, taking into full account factors such as changes in the economic situation. It is of great importance that the review process as well as its results should be disclosed. Detailed explanations should be given about the significance of changes to the methods of investment, if any, and any new risks that may be relevant.
　年金の運用比率は、経済情勢などに合わせて、今後も不断に見直す必要がある。検討過程と結果を公表し、意義や新たなリスクを丁寧に説明することが大事だ。

To ensure this, it is important to establish a high degree of independence for the GPIF, to enable it to firmly acquire a governance structure sufficiently reliable to make investment judgments from the standpoint of impartiality and fairness.
　そのために、ＧＰＩＦが高い独立性を確保し、中立、公正に投資判断できるガバナンス（統治）を確立することが重要である。

The Health, Labor and Welfare Ministry has begun studies by a panel of experts concerning organizational reform for the GPIF. The studies should lead to actual effective reform steps.
　厚生労働省は、ＧＰＩＦの組織改革について、有識者の作業班で検討を始めた。実効性のある改革が求められる。

Currently, the decision-making power of the GPIF has been left to its president alone, although there is a committee of external experts tasked with checking the fund’s management. It may be advisable to revise the current management system of the GPIF to one that comprises multiple members, similar to that of the Bank of Japan’s Policy Board, the bank’s highest decision-making body.
　現在は、外部の専門家による運用委員会のチェックを受けているが、決定権は理事長１人に集中している。日銀の金融政策決定会合のような、複数メンバーによる合議制に移行してはどうか。

Adoption by the GPIF of a highly professional risk-management method, by employing professionals from the field of asset management, is also a task of great significance.
　資産運用のプロを採用し、専門性の高いリスク管理手法を導入することも、大事な課題である。

(From The Yomiuri Shimbun, Nov. 7, 2014)Speech