Japan's government is pushing a plan to gradually raise the Government Pension Investment Fund's allocation to alternative investments to about 5 percent from 1.7 percent, with the recommendation to be reflected in the next GPIF policy report. The shift could move billions of dollars into private equity, private credit, real estate and infrastructure. The government is also urging bigger domestic investment by public pension funds, amid stronger GDP data and a policy backdrop of higher inflation forecasts and recent rate hikes.

Expectations that Strategy will buy more bitcoin have weakened, while the possibility of additional sales has emerged as a new market variable. Michael Saylor posted a chart of the company’s bitcoin portfolio on X, writing that “orange dots tell only part of the story.” Market participants read the ambiguous wording as hinting at potential selling. Portfolio data showed an average purchase price of $75,476 and a return of minus 15.41 percent, implying about $10 billion in unrealised losses.