The largest pension fund in the world just announced a multi-billion dollar loss largely due to the declining value of the US dollar.
Japan’s Government Pension Investment Fund (GPIF) recorded a $61.1 billion shortfall in the January-March quarter, its first across-the-board loss in all asset classes since mid-2022, reports the Japan Times.
The depreciating dollar, down 4.6% against the yen, significantly reduced the value of GPIF’s international holdings.
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Global stock markets also faltered, with the MSCI All-Country World Index declining 1.7%, the S&P 500 falling 4.6%, and Japan’s Topix index dropped 4.5%.
The deficit reduced GPIF’s assets to $1.73 trillion, a 3.4% quarterly drop, as escalating US trade tariffs fueled concerns about a worldwide economic conflict, further weighing on equities.
Meanwhile, Japanese bond yields rose,
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