Whither Japan Stocks: Nikkei Average Headed For 20,000?

GPIF is undertaking a massive adjustment of its investment portfolio?selling domestic bonds (with BOJ the major, if not sole, buyer)?and reinvesting the proceeds in domestic and foreign risk assets. Implementing this strategy was highly profitable for GPIF in the October-December quarter, yielding JPY 6.6 trillion (USD 55 billion) in total earnings, the second best quarter on record.