Japan Press Weekly

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2016 July 6 - 12 [SOCIAL ISSUES]

Pensioners angry at huge loss in public pension fund

The Japan Pensioners’ Union on July 4 issued a statement criticizing Prime Minister Abe Shinzo for causing the loss of five trillion yen in public pension funds in FY2015 under his policy of having the national pension fund increase its investment in stocks.

The statement pointes out that the Abe government doubled the Government Pension Investment Fund’s target allocation for stocks with the aim at artificially raising stock prices.

In the document, the union stresses that the Abe government intends to implement further cuts in pension payments after the House of Councilors election through a revision of the current system. It goes on to state that the prime minister, who recklessly keeps cutting pension payments and using the pension fund for gambling in stocks, should step down from power.

Past related article:
> Abe’s policy to have public pension fund buy more stocks causes huge loss [July 2, 2016]