TOKYO -- Japan's 10 trillion yen ($70 billion) university endowment fund is off to a rough start, posting a deficit of 60.4 billion yen -- about $420 million -- for its first full fiscal year, which ended in March.
The fund debuted in 2022, with the goal of providing subsidies for Japanese universities to help them rank among the best in the world. It is run by the education ministry's Japan Science and Technology Agency (JST), which announced the results on Friday.
