Should state pension funds take risks?

Japan's $1.3tn state pension fund is the world largest investor and it can create huge momentum in the markets as well as the economy. State pension funds are directed by state authorities, so should it respond to the authorities's other policies apart from pension policies? Because of the huge sizes of these state pension funds, it can improve the effectiveness of both monetary policies and fiscal policies. However, the danger is once the policy is incorrect, it could create huge losses for the pension funds even cause social instability in the future. Therefore, I do not encourage state pension funds to fully support fiscal and monetary policies, as the risk is too high. I think that state pension funds should operate as private firms whose priority is to maximize profits.