TOKYO -- Japan's Government Pension Investment Fund took a 18 trillion yen ($166 billion) loss during the first quarter of the year, an estimate by Nomura Securities shows, pointing to a record in quarterly red ink caused by higher exposure to the coronavirus-rocked equity market.
"The corona shock is not forgiving," said Norihiro Takahashi when he stepped down Tuesday as scheduled as the GPIF's president. He emphasized the fund's goals were long-term. The fund has increased its investment in riskier stocks and on Wednesday will begin allocating more of its portfolio to overseas bonds, a move that will increase its exposure to volatility.
