# Japan National Pension Fund

Japan National Pension Fund is a Pension Fund based in Tokyo, Japan.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Tokyo, Japan
- **Region:** Asia
- **Address:** Tokyo, Japan
- **Founded:** 1991
- **Assets under management:** Undisclosed
- **Website:** www.zenkoku-kikin.or.jp

## Regulatory record

- **Reports private funds:** No

## About

The Japan National Pension Fund (全国国民年金基金) is a public pension fund in Japan. It allows self-employed individuals and freelancers, who are first-class insured p

## Sectors

- Fixed Income
- Equities
- Real Estate
- Private Equity
- Infrastructure

## People

- Hirochika Nishikawa — President
- Noboru Fukumoto — Investment Executive Director
- Atsuko Iino — Head of Alternative Investment

## Questions

### Who runs investment decisions at the Japan National Pension Fund?

Investment execution is led by Executive Director Noboru Fukumoto, who joined from Mitsubishi UFJ Trust. Atsuko Iino heads alternative investments, directing the fund's allocations into real estate, private equity, and infrastructure. President Hirochika Nishikawa, formerly of the Bank of Japan, oversees the fund's overall strategy and operations following his April 2025 appointment. The Ministry of Health, Labour and Welfare provides the regulatory framework and policy direction.

### How is the Japan National Pension Fund different from Japan's GPIF?

The Japan National Pension Fund is the supplementary pension vehicle exclusively for self-employed, freelance, and agricultural workers enrolled in the first tier of the National Pension system. GPIF manages the reserve funds for the Employees' Pension Insurance and Basic Pension for corporate workers and public servants. The National Pension Fund is far smaller and operates under a direct contributory model, whereas GPIF manages national pooled reserves at the largest scale in the world.

### What does the fund invest in?

The fund allocates across global fixed income, domestic and international equities, real estate, private equity, and infrastructure. Alternative investments are led by Atsuko Iino, with a recent expansion into direct co-investment capabilities in infrastructure. The portfolio is structured to meet long-term actuarial return targets needed to fund annuity payouts, with geographic exposure spanning Japan, the US, Europe, and developed Asia.

### Where does the fund's capital come from?

Capital comes from mandatory and voluntary contributions by self-employed individuals, freelancers, and agricultural workers enrolled in Japan's National Pension first-tier system. These contributions sit atop the flat-rate Basic Pension, allowing members to build retirement reserves that their employee counterparts accumulate through corporate pension plans. No general tax revenue is used for the fund's investment activities.

## Related profiles

- [Japan Mutual Aid Association of Public School Teachers](https://altss.com/profile/japan-mutual-aid-association-of-public-school-teachers)
- [Japan Network for Public Interest Activities](https://altss.com/profile/japan-network-for-public-interest-activities)

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Last updated: 2026-05-30T16:54:39.396Z

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