Japan ponders sovereign fund

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An LDP panel has recommended that Tokyo creates a fund with 10 trillion yen (£47.1 billion) of assets, using money drawn from the nation's pension reserves..

The LDP panel was formed this year to discuss the feasibility of creating such a fund to manage about four trillion yen of interest and profits earned from Japan's foreign reserves.

A raft of sovereign wealth funds has been created in recent years to manage huge cash inflows to oil-producing countries and growing export giants such as China.

They have caused controversy on both sides of the Atlantic, with politicians raising fears that the funds could be used for political purposes.

The European Union and US are trying to force such funds to disclose more information. Their assets have ballooned to $3.2 trillion and may reach $12 trillion (£6.01 trillion) by 2015, according to Morgan Stanley.