Japan’s Government Pension Investment Fund’s decision to not disclose details of its quarterly allocation breakdown has some analysts saying that the world’s biggest pension fund is backtracking on transparency.

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In a statement on Nov. 1, GPIF President Norihiro Takahashi said the fund won’t disclose the allocation breakdown, amounts and investment income for each asset class this fiscal year, as it reviews the composition of its basic portfolio, which totals about 161.8 trillion yen ($1.5 trillion).

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The GPIF subsequently posted quarterly results without the details. While the GPIF may have opted to hold back the information to corral market speculation on changes to its portfolio, the move reduces transparency and causes unwanted guessing among investors, according to Hidenori Suezawa, chief strategist at SMBC Nikko Securities in Tokyo.

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“It’s clear transparency has receded from this decision,” he said. “It just stirs up even more speculation. It brings unnecessary attention to the matter.”

The GPIF president’s proposal to withhold asset details was debated during a board of governors meeting on Aug. 27, according to minutes released on Nov. 1. During discussions over the new basic portfolio, an unnamed executive managing director cited speculation risks seen in other pension funds.

Others in the minutes said it was risky to change the disclosure procedure, with one member saying that it would look “unnatural” for the fund to suddenly not disclose information that had been available to the public.

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