The debate over repatriating the roughly 300 trillion yen in assets managed by the Government Pension Investment Fund, or GPIF, is back in the spotlight. The discussion centers on whether shifting into domestic bonds is appropriate, a move that would reverse the 2014 reform that aimed to reduce reliance on Japanese government bonds. Prime Minister Sanae Takaichi told the Upper House Budget Committee that she will pursue measures to encourage further investment by pension funds in Japanese financial assets. Finance Minister and Financial Services Minister Satsuki Katayama also made remarks suggesting an expansion of domestic investment. Even a few percentage point change in the current basic portfolio, which allocates 25 percent each to domestic and foreign stocks and bonds, could move funds on the scale of 10 trillion yen. Some in the market view the comments as verbal intervention aimed at stemming yen depreciation and a bond sell-off.