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Tokyo government may start playing the stock market
The Tokyo Metropolitan Government will consider using a portion of its 4 trillion yen ($38 billion) in public funds to invest in stocks. The move is part of efforts to turn the capital into a global financial center. But channeling tax money originally collected for public services into equities will likely prove controversial. The Tokyo government will form an advisory board of asset management experts as early as next month. Excluding cash for immediate needs, Tokyo's reserve funds total more than 2 trillion yen. They are invested mostly in time deposits and Japanese government bonds, yielding a paltry 0.2% a year. ... (full story)