Japan pension fund, world’s biggest, loses $64B after shifting to stocks

TOKYO: Japan’s public pension fund — the world’s biggest — lost a whopping $64 billion in the July-September quarter, according to a new report, as global equity markets plunged this summer on fears over China’s economy.

The drop in the 135 trillion yen ($1.1 trillion) Government Pension Investment Fund (GPIF) — the worst quarterly fall since 2008 — came after it decided last year to double the amount of equities in its bond-heavy portfolio to generate higher returns.