Problems flagged with Japan pension reform

Last week's announcement that Japan's ¥127 trillion ($1.2 trillion) Government Pension Investment Fund is changing its allocation targets to double its equities exposure was a long time in coming. It was also no big surprise that the country's other big pools of retirement money – the three big mutual aid associations, Japan Post Insurance and the Small Enterprise Retirement Allowance scheme (Serama) – will be expected to take a similar route. All this will presumably help drive…