Japan’s Government Pension Investment Fund (GPIF) posted an investment gain of 16.19 trillion yen ($103.25 billion) for the October-December period, it said on Friday.
The result compared with an investment gain of 10.7 trillion yen over the same period a year previously and marked three consecutive quarters of gain as its holdings of both domestic and foreign equities performed well.
However the fund’s domestic bond holdings recorded an investment loss of 1.53 trillion yen.
Japanese government bond yields have shot up since Sanae Takaichi, who espouses an expansionary economic policy, became prime minister. Rising yields reduce the market value of bonds bought when yields were lower.
The pension fund, one of the world’s largest, had 293.4 trillion yen in assets at the end of December.
It maintains roughly equal allocations to domestic equities, foreign equities, domestic bonds and foreign bonds.
($1 = 156.8000 yen)
Reuters
