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Japanese Finance Minister Katayama Satsuki: We cannot intervene or force pension funds to carry out portfolio management.

Japanese Finance Minister Katayama Satsuki: The Japanese Government Pension Investment Fund (GPIF) will evaluate its underlying investment portfolio every year; the assumptions based on the evaluation take into account potential growth prospects, and Japan's growth strategy may bring about a major turning point.

BlackRock's assets under management exceeded US$15 trillion for the first time, with net inflows of US$192 billion in the second quarter and a record inflow of US$321 billion in the first half of the year, of which ETFs attracted US$178 billion. According to the latest global asset management rankings, BlackRock ranks first, followed by Vanguard, Fidelity, State Street and JPMorgan Chase, and industry funds continue to concentrate at the top. The reason why scale expansion is accelerating is that first of all, the rising market will automatically push up the AUM and fee base, but the cost will not increase year-on-year; secondly, the larger the ETF scale, The more obvious the liquidity and fee advantages are, the easier it is to enter the pension, investment advisory and institutional allocation systems. At the same time, BlackRock is extending its reach into infrastructure, private credit and data services through mergers and acquisitions, absorbing funds with low-cost ETFs, and then using high-cost alternative assets and technology platforms to increase profits. Scale is therefore not just a result, but will in turn enhance cost, channel and M&A advantages.

Japanese Finance Minister Katayama Satsuki: It is crucial to expand the scope of domestic and foreign investors, including households, to hold Japanese government bonds (JGB).

Analyst NAVELLIER believes that the current short-term trend of popular technology stocks is no longer entirely determined by performance and fundamentals, and a large number of short-term options are also affecting stock prices in turn. Options were originally just a tool for betting on the rise or fall of stocks, but as the scale of short-term options expands, the buying and selling operations conducted by market makers to control risks may also become an important force in promoting or suppressing stock prices. : After a market maker sells a large number of call options on stocks such as Nvidia, if the stock price rises rapidly and breaks through the execution price, the market maker may face greater hedging and compensation pressure. Therefore, in his view, Relevant institutions will use algorithms and hedging transactions to suppress the rise in stock prices, allowing prices to return to the recent average range after rising. This is the so-called "mean return." This means that even if the company's performance is still strong, the stock price may rise and fall or trade sideways at a high level in the short term. Especially outside the earnings season, when there is a lack of new performance data to provide direction for the market, the impact of zero-day options, option expiration and algorithmic trading on intraday prices may be more obvious. (It should be noted that this is NAVELLIER’s explanation of the market structure, and it does not mean that option concentration will definitely suppress the stock price.)

Japanese Finance Minister Katayama Satsuki: Specific monetary policy measures are determined by the Bank of Japan.