April 3, 2025

Akahata on April 3 reported that the Government Pension Investment Fund (GPIF) has appointed as its new chief investment officer former Goldman Sachs employee Yoshizawa Yusuke who had been involved in an opaque decision-making process led by his predecessor in selecting securities firms to be commissioned to purchase government bonds.

The GPIF, with its policies on management and investment of its pension reserve funds, purchases government bonds through securities firms.

According to Akahata, between July 2023 and April 2024 in violation of the GPIF bylaws, Yoshizawa’s predecessor Ueda Eiji, who also came from Goldman Sachs, at his own discretion entrusted two securities firms with the purchase of government bonds. As the reason for his selection, Ueda explained that during his service to Goldman Sachs, he forged a personal connection with one of the two companies.

Yoshizawa, as the GPIF investment division director at that time, took part in a meeting in which Ueda made the selection decision. In addition, after the meeting, Yoshizawa was in contact with a securities company executive who had a personal connection with Ueda under his instructions.

Former GPIF President Miyazono Masataka admitted that this issue is a case of suspected collusion.