Japan's Finance Minister Satsuki Katayama publicly urged pension funds and individuals to invest more in domestic assets, a move that could deliver a big boost to the yen and Japanese government bonds. The Government Pension Investment Fund, which holds ¥293.6 trillion or $1.81 trillion in assets, currently allocates 25% each to domestic stocks, domestic bonds, overseas stocks, and overseas bonds. Even a small shift of a few percentage points from foreign assets into Japanese equities and JGBs would translate into tens of billions of dollars of demand. The GPIF is overseen by the Health and Labour Ministry, not the Finance Ministry, and its five-year allocation cycle was last reset in March with the four-way split reaffirmed. The yen was trading near 161.37 to the dollar as of July 10, 2026, while the 10-year JGB yield reached 2.65% in May 2026, up from 1.545% a year earlier.