World’s largest pension fund posts $52bn loss

The world’s biggest pension fund posted a $52bn (€46bn) loss in the last quarter as stocks tumbled and the yen surged, wiping out all investment gains since it overhauled its strategy by boosting shares and cutting bonds.

Japan’s Government Pension Investment Fund (GPIF) lost 3.9%, or 5.2trn yen, in the three months to the end of June, reducing assets to 129.7 trillion yen, it said yesterday.

That erases a 4.1trn yen investing return for the previous six quarters starting October 2014, the month it decided to put half its assets into equities.