Nikkei gains after sources say GPIF plans to invest more in stocks

jueves 7 de agosto de 2014 02:05 GYT

TOKYO, Aug 7 (Reuters) - Japan's Nikkei share average
snapped a five-day losing streak on Thursday after sources told
Reuters that Japan's massive Government Pension Investment Fund
(GPIF) was planning to invest more in domestic stocks.
    The Nikkei gained 0.5 percent to 15,232.37 points
after falling earlier to 15,061.99, its lowest since June 30, on
a stronger yen and geopolitical concerns.
    The $1.24 trillion pension fund, the world's largest, plans
to allocate over 20 percent of its funds to domestic stocks
compared with a current 12 percent target as it aims to generate
higher returns for the country's ageing population, sources
    "The GPIF news came at a good time as the market was sliding
lower. GPIF receives a lot of attention from overseas investors
as well, and it appears some players bought back in light of the
news after selling earlier," said Takashi Oba, senior strategist
at Okasan Securities in Tokyo.
    The broader Topix rose 0.6 percent to 1,258.12, and
the new JPX-Nikkei Index 400 climbed 0.5 percent to

 (Reporting by Shinichi Saoshiro and Hideyuki Sano; Editing by
Kim Coghill)