A ¥5.25 trillion loss
Japan’s Government Pension Investment Fund, the world’s largest, posted a loss of ¥5.25 trillion for July to September 2026. It was the fund’s first quarterly loss in six quarters, as global bond prices fell and the yen strengthened.
Allocations stay close to targets
The fund kept its domestic bond and equity holdings close to its 25% targets. Japanese bonds made up 26.49% of the portfolio and domestic stocks 24.80%. Gains for the first half of the fiscal year remained positive at ¥18.84 trillion.
Why it matters
The fund’s size means its results matter for markets in Tokyo and abroad. Prime Minister Sanae Takaichi had suggested in July that the fund could buy more domestic assets, but the latest portfolio shows no shift. For more, see our finance section.
Source: Government Pension Investment Fund, July–September 2026 results (announced 6 November 2026), as reported by The Edge Malaysia and globalSWF.
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