Japanese pension fund to shoulder costs of BOJ's negative rate: Nikkei

Tokyo

JAPAN'S Government Pension Investment Fund (GPIF), the world's largest pension fund, has decided to shoulder the costs charged on its deposits under the central bank's negative rate policy, the Nikkei newspaper reported on Monday.

GPIF entrusts its deposits to a trust bank arm of Mitsubishi Financial Group, which had been wearing the cost of a 0.1 per cent charge that the BOJ imposes on a portion of excess reserves parked with the central bank.