Japan’s 121 trillion yen ($1.21 trillion) pension fund needs more independence from bureaucrats and should put some of the world’s biggest retirement savings pool into private equity and commodities, an expert panel said.
Bank Julius Baer & Co. is buying emerging Asian stocks most tied to the global economy for the first time since January, betting steelmakers and shipbuilders will surge 25 percent in the next year as growth rebounds.
The biggest drop in Japanese shares since the 2011 earthquake erased $314 billion in market value, shaking bulls who pushed the Topix Index to five-year highs and highlighting their vulnerability to shocks at home and abroad.
Stocks in Southeast Asia are tumbling at the fastest pace in 12 years relative to global equities, sending the regional benchmark index into a bear market as foreign investors cut holdings for a third month.
The Internal Revenue Service has taken in a total of $2.7 billion from holders of offshore bank accounts, the agency said as it announced that 12,000 taxpayers responded to the second round of a partial amnesty program.
Asian stocks outside Japan fell, with a regional gauge heading for its lowest close since September, on concern the Federal Reserve will reduce stimulus and China’s economic slowdown may deepen amid a cash crunch.