2014.06.0608:01:56UTC+00Japan shares up on its third week on good GPIF disposition

Japan shares climbed again this week with Topix leading the stocks to secure a third week gaining streak. Investors are considering plans to review an asset allocation report of Government Pension Investment Fund as they await the formal US employment report.

The Nikkei 225 Stock Average was up by 3% for the week to finish at 15,077.24. Japan's Topix Index gained 0.2%, closing at 1,234.57 in the Tokyo market with shares rising two times more than falling. The market rose by 2.8% during the week. The second-largest weight on the equity range, SoftBank fell by 1.6% to 7,695. The yen climbed 0.1% to trade at 102.28 yen per dollar after yesterday's 0.3% gain.

With the swing in the Japanese market, Norihisa Tamura, minister of the GPIF, was asked by Prime Minister Shinzo Abe to create a review of its portfolio as early as this quarter.

This transparency that is being asked of the GPIF “is good for the market” according to senior strategist at Sumitomo Mitsui Asset management Co., Masaru Hamsaki. He claims that this news won't make shares rocket up but it will help the market bit by bit in rising.