“中长期资金”研究系列之一：日本养老金体系洞察：GPIF引领的资产配置与全球投资

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Japan's pension system is structured into three pillars: a basic public pension, an income-linked pension, and voluntary private pensions, ranking 36th among 48 global pension systems [2][14] - The Government Pension Investment Fund (GPIF) is the largest public pension fund globally, with assets reaching approximately 245.98 trillion yen (around 12 trillion RMB) in FY2023, and has maintained a nominal annual return of 4.33% since its market-oriented operation began in 2001 [2][3] - The report emphasizes the importance of long-term investment strategies and diversified asset allocation in managing pension funds, highlighting GPIF's approach of passive and outsourced investments [2][3] Summary by Sections 1. Overview of Japan's Multi-Layered Pension System - Japan faces significant aging and declining birth rates, with the proportion of the population aged 65 and over rising from 5.80% in 1960 to 30.07% in 2023 [5][6] - The pension system consists of a first pillar (public pension), a second pillar (employer-sponsored pensions), and a third pillar (individual pensions), with the first pillar covering 97.85% of the labor force [9][11] - The net pension replacement rate in Japan has been declining, currently at 38.8%, which is below the OECD recommended level of 55% [11] 2. Management and Investment of Pension Assets - The public pension system is managed by the Ministry of Health, Labour and Welfare, with GPIF handling the investment of pension reserves since its establishment in 2001 [17][18] - The first pillar includes the National Pension and Employees' Pension Insurance, which are funded through contributions from insured individuals and government subsidies [18] - The second pillar consists of various employer pension plans, including lump-sum severance benefits and defined benefit plans, with the total asset scale for defined benefit plans reaching approximately 66 trillion yen [24] 3. GPIF's Investment Strategy - GPIF's investment strategy focuses on long-term asset allocation, with a target allocation of 25% each for domestic stocks, domestic bonds, foreign stocks, and foreign bonds [2][3] - The fund has increased its equity allocation from 20% to 50% over the past decade, reflecting a shift towards higher-risk assets [2] - GPIF's management fees are low, totaling 47 billion yen in FY2023, maintaining a stable ratio of 0.02% over the past three years [2]