Japan’s $1.2 trillion public pension fund said Friday it plans to take more aggressive bets by slashing how much money it puts in domestic bonds and ramping up its investments in stocks.

The dramatic portfolio shift at the Government Pension Investment Fund is aimed at boosting the retirement incomes of the fund's 67 million participants, but it runs counter to moves by other global pension funds to scale back holdings in risky assets. The move is part of Prime Minister Shinzo Abe's efforts to make Japan stocks more attractive and speed up the nation's economic recovery.