The Japanese government has perpetrated "a kind of accounting fraud" in the management of Japanese citizens' pensions that "has no advantage for the purpose of investment", according to one of the top officials at the Government Pension Investment Fund (GPIF).

Noboru Terada, executive investment officer at the fund and a member of its board of trustees, said he was "afraid the Japanese capital market will suffer a loss of confidence from foreign investors". This was because of a change in the way most Japanese bonds are treated in the fund's accounts.