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Japan's giant pension fund has been told to bring its money home, and markets have been quick to believe it will.
Finance Minister Satsuki Katayama urged the fund to shift investment toward domestic assets and away from foreign markets. Yen, bonds and Japanese stocks all moved higher on the news.
The institutional path from a ministerial call to actual reallocation is not.
The minister's case Katayama's argument runs in a direction that is easy to summarize: capital that flows overseas should be redirected inward. The immediate market reaction was correspondingly direct.
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