A record quarterly loss at the world’s largest pension fund is prompting a debate on whether its shift to stocks from bonds was excessive.
Domestic debt held by Japan’s Government Pension Investment Fund returned 1 percent in the three months ended Dec. 31, while the nation’s stocks erased 18 percent of their value, a GPIF statement showed on Feb. 1. The fund lost a record ¥14.8 trillion ($135 billion), or 9.1 percent.
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