The Japanese yen on Friday slipped against the world's reserve currency after the leader of an advisory panel said Japan's Government Pension Investment Fund should reduce domestic debt at once, according to Bloomberg.
The monetary unit of the Pacific Rim nation fell against all but two of its 16 major counterparts as the first trade week of the final month of 2013 comes to a close. GPIF, the world's largest retirement fund, should cut debt because the Japanese government will comply with advice regarding increased returns, chairman Takatoshi Ito with an advisory panel to GPIF told the news source during an interview on Friday.
"The Ministry of Health has given an OK to everything that was said in the report," the chairman told the publication. "GPIF needs to start reducing bonds as soon as possible to its lower limit of 52 percent."
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