India, July 10 -- The yen strengthened against other major currencies in the Asian session on Friday, following news that Japan intends to encourage pension funds to enhance their holdings in local financial assets.
According to Reuters, Japan's Finance Minister Satsuki Katayama stated that the government is pursuing policies that would involve the Government Pension Investment Fund (GPIF) making "substantially greater investments in Japanese financial assets." According to analysts, this move could provide more support for the battered currency than intervention.
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