arabianmoney.net / By Peter Cooper / January 8, 2013
Japanese pension funds and gold-backed exchange traded products are going to more than double their gold holdings over the next two years to $1.1 billion, buying some 27 tons of gold at current prices, according to veteran World Gold Council representative Itsuo Toshima who is quoted today on Bloomberg.
His warning comes as new prime minister Shinzo Abe has pledged to push inflation to two per cent leaving Japan’s pension funds no option but to hedge against a weakening yen. Japanese investors have long ignored gold as irrelevant in their depressed, inflation-free economy. That is set to change.