Japan’s PFA laments lack of local alternatives

The Pension Fund Association (PFA), Japan’s largest private-sector retirement fund with $100 billion under management, wants higher returns but lacks sufficiently high-yielding opportunities at home, says chief investment officer Daisuke Hamaguchi. Across the board, Japanese institutional investors are struggling with historically low returns on assets, such as domestic government bonds, in which they are heavily overweight, after the Bank of Japan launched its negative interest r…