Japan pension giant GPIF hit record $232bn return in 2023

Stock rally rewards fund's shift toward equities and foreign assets

20240202N GPIF

Japan's Government Pension Investment Fund is believed to be the second largest shareholder for Japanese companies.(Photo by Kotaro Igarashi)

AKIRA INUJIMA, Nikkei staff writer

TOKYO -- Japan's Government Pension Investment Fund booked a record gain of 34.31 trillion yen ($232 billion) in 2023, buoyed in large part by a rise in Japanese stock prices.

The fund, one of the world's largest institutional investors, saw investment returns of 5.73 trillion yen in October-December, amounting to a 2.62% gain, according to quarterly results announced Friday.

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