Bloomberg survey says GPIF to double its allocation target for local stocks via ForexLive

Bloomberg reports:

Japan's Government Pension Investment Fund (GPIF) will double its allocation target for local stocks from around 12% currently to 24% according to the median estimate of 12 fund managers, strategists and economists polled by Bloomberg over the past two weeks
Up from 20% in May survey
Will cut its local debt allocation to 40 percent from 60 percent, unchanged from May, the median survey prediction shows
Credit Agricole SA and Barclays Plc say anticipation for the shift is so high that equities are vulnerable to a sell-off on the announcement. “I think investors will sell Japanese stocks on the fact after buying on the rumor,” said Kazuhiko Ogata, chief Japan economist at Credit Agricole. “Over the medium and longer term, the changes will buoy demand for shares and gradually support the market.”

Nikkei and yen getting a double-whammy boost today