The Japanese government pension investment Fund (GPIF) – the largest in the world – has completed the second quarter with a loss of $52 billion according to Financial Times, the Fund’s management partially blames the result of the referendum in the UK on the status of the country in the European Union.
From April to June this year, the GPIF’s assets fell to $1.3 trillion. In the last fiscal year that ended in March, GPIF lost $50 billion, which was the worst figure since the financial crisis.
“The results of the referendum in the UK differ from those expected by the market. Data on unemployment in the US in may was much worse than expected,” explained the outcome of the head of the Fund, Norihiro Takahashi.
The FT recalls that after the announcement of voting results the Japanese yen rose sharply.