A Japanese corporate pension fund is preparing its first allocation to cryptocurrencies in fiscal 2026, with roughly 1% of managed assets set aside for the move. Nikkei reported that the Okayama-based National Business Corporate Pension Fund plans to invest through a passive multi-asset crypto fund managed by a large hedge fund. The pension scheme covers about 1,200 small and mid-sized companies, has more than 20,000 participants, and oversees about ¥21.3 billion in assets.
Currency diversification is driving the decision
Founded in 1971, the fund operates under a defined-benefit structure. It guarantees an annual interest rate of at least 1.2%, and its funding ratio is above 140%. Executive managing director Aitomo Kiguchi said one reason behind the crypto move is concern that the U.S. dollar could lose its status as the world’s reserve currency. He also said Bitcoin has very low correlation with the dollar index, giving it value as a separate currency diversification tool.
Kiguchi said he has studied the crypto market for about six years and believes the market has become more mature. He added that the fund may consider increasing exposure later, including allocations to arbitrage-focused strategies.
Asset mix will shift in fiscal 2026
The fund’s portfolio plan shows a broader rebalancing effort. In fiscal 2025, allocations stood at 80% yen, 15% U.S. dollars, and 5% other assets. In fiscal 2026, the yen share is set to fall to 70%, while developed-market currencies will be added at 10%. Another 5% will be spread across emerging-market currencies, gold, and cryptocurrencies.
Regulation and market plumbing are moving at the same time
The pension fund’s decision comes as Japan updates the legal framework around crypto investing. An amendment to the Financial Instruments and Exchange Act passed the House of Representatives plenary session on June 11, shifting crypto oversight from the Payment Services Act framework to the Financial Instruments and Exchange Act.
Japan’s Financial Services Agency also plans to classify cryptocurrencies as “specified assets” in 2028, a change that would allow investment trusts to include them formally. On June 11, Osaka Exchange President Akira Tagaya told Nikkei that the exchange plans to launch Bitcoin futures in 2028. Brokerages are also preparing products: SBI Securities and Rakuten Securities have said they plan to sell investment trusts with crypto exposure, while Nomura, Daiwa, and SMBC Nikko have said they will assess similar offerings once the rules are settled.