The Bank of Japan¡¯s search for fresh bonds to fuel its unprecedented asset-purchase program is set to get easier as public retirement funds with $276 billion turn into sellers of government debt.
Three pension pools for Japan¡¯s private school teachers and public servants ¡ª known as mutual aid retirement managers ¡ª have probably started cutting their domestic debt holdings while buying local equities, according to Credit Agricole SA and Bank of America Corp.
Trust banks, which manage public retirement money, sold a net ?215 billion ($1.8 billion) of Japanese government bonds in August while purchasing ?270 billion of shares, the most in six months.
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