Is Japan's $1.9tn pension whale too big for its own good?

FinanceGPIF struggles to outperform market 20 years after foundingGPIF President Kazuto Uchida, right, is working to make the pension fund more agile. Finance Minister Satsuki Katayama made waves when she suggested it step up investment in government bonds. (Source photos by Nikkei)AKIRA INUJIMAAugust 27, 2026 01:50 JSTTOKYO -- The world's largest public pension fund has a problem.

Is Japan's $1.9tn pension whale too big for its own good?

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