The Japanese Government Pension Investment Fund (GPIF), the world’s largest pension fund, has been closely monitoring global macroeconomic policies since the coronavirus outbreak as such measures could affect markets, the president said.

“While authorities around the world have pursued large-scale fiscal and monetary policy, one of our focus points is how such measures would affect markets,” said Masataka Miyazono, who took office. of president in April, in an interview on Wednesday.

The GPIF was managing 150.6 trillion yen at the end of March and generally does not disclose its influences.

Since the start of the current fiscal year in April, the Japanese government has compiled two supplementary budgets for a stimulus package, totaling 233.9 trillion yen, aimed at cushioning the economic blow of the outbreak.

Ratings agency Fitch on Wednesday lowered its outlook for Japan’s long-term foreign currency debt rating from negative to stable, citing the hit from the coronavirus crisis and rising public debt.

“Currently we are not concerned (about these downgrade moves) but of course we have to watch this point carefully as an investor,” Miyazono said.

GPIF had reported a record quarterly loss of 17.71 trillion yen ($168.6 billion) in the three months to March as global stock markets plunged during the COVID-19 pandemic.

But Miyazono said the fund’s investment philosophy of seeking stable profits would not change.

In April, the GPIF raised its foreign bond allocation target to 25% from 15% and lowered the domestic bond allocation to 25% from 35%. Its portfolio is evenly split at 25% each between domestic and foreign equities and domestic and foreign bonds.