Jul 20, 2021 While Japan’s mammoth Government Pension Investment Fund has yet to decide if it should invest in Chinese sovereign bonds, a smaller pension operator that mimics the GPIF’s portfolio says it will treat Chinese debt the same as any other emerging market’s. The Promotion and Mutual Aid Corporation for Private Schools of Japan, or PMAC, which provides pension services to private school workers, will consider investing further in Chinese debt when it’s added to FTSE Russell’s benchmark World Government Bond Index in October, according to Kei Terasako and Masaharu Noguchi, two officials from the fund.