Finance Minister Satsuki Katayama has floated the idea of adding Japanese government bonds to tax-free investment accounts and reviewing the GPIF portfolio.
The remarks come as part of efforts to draw more funds into domestic markets amid a weakening yen.
Katayama, who heads the Finance Ministry, made the comments on July 14.
The proposals involve expanding the NISA tax-free framework to include JGBs and examining changes to the Government Pension Investment Fund holdings.
Societe Generale estimates $76 billion in Japanese government bond purchases if the Government Pension Investment Fund rebalances its assets. The projection follows Finance Minister Satsuki Katayama's call last week for greater domestic investment by pension funds.
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