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Japan's Pension Whale Stands by Stocks After $64 Billion Loss

  • GPIF lost 5.6% last quarter as stocks slid on China surprise
  • Fund has hedged some assets against euro drop, WSJ reports
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World's Biggest Pension Fund Posts $64B 2Q Loss

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Japan’s giant pension manager is unrepentant after a push into equities saw the fund post its worst quarterly result since at least 2008.

There’s no reason to doubt the 135.1 trillion yen ($1.1 trillion) Government Pension Investment Fund’s investment strategy, officials said on Monday in Tokyo as they unveiled a 7.9 trillion yen loss for the three months through September. The slump was GPIF’s first negative return after revamping allocations last October, when it doubled holdings of Japanese and foreign shares.