pension funds

UK Autumn Budget: Fiscal Credibility, Gilt Risk Premiums, and the Role of Foreign Investors

The UK government's budget announcement will need to show fiscal discipline to satisfy gilt investors, and while our baseline sees enough credibility to nudge the risk premium in gilt yields lower, we are well aware of significant upside risks too. Foreign gilt investors are relatively important and could even gain in importance in the future

GPIF Portfolio Stability and Japanese Investment Trends Ahead of 2025 Strategy

In February 2025, Japanese investors net purchased JPY3.0trn ($19.5bn) of foreign securities (equities + long-term bonds), the largest net purchase since August 2024 (Fig. 2 ). The main contributor was net purchases of foreign bonds by pension funds and banks (Fig. 3 ). 

Japanese Investment Trends: GPIF, Foreign Flows, and Bond Market Shifts