Nikkei gains after sources say GPIF plans to invest more in stocks

Reuters

TOKYO, Aug 7 (Reuters) - Japan's Nikkei share average snapped a five-day losing streak on Thursday after sources told Reuters that Japan's massive Government Pension Investment Fund (GPIF) was planning to invest more in domestic stocks.

The Nikkei gained 0.5 percent to 15,232.37 points after falling earlier to 15,061.99, its lowest since June 30, on a stronger yen and geopolitical concerns.

The $1.24 trillion pension fund, the world's largest, plans to allocate over 20 percent of its funds to domestic stocks compared with a current 12 percent target as it aims to generate higher returns for the country's ageing population, sources said.

"The GPIF news came at a good time as the market was sliding lower. GPIF receives a lot of attention from overseas investors as well, and it appears some players bought back in light of the news after selling earlier," said Takashi Oba, senior strategist at Okasan Securities in Tokyo.

The broader Topix rose 0.6 percent to 1,258.12, and the new JPX-Nikkei Index 400 climbed 0.5 percent to 11,452.78.

(Reporting by Shinichi Saoshiro and Hideyuki Sano; Editing by Kim Coghill)

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