Gov't pension fund incurs July-September loss amid subprime mess.
The Government Pension Investment Fund said Wednesday it incurred a loss of 1.63 trillion yen before subtraction of fee payments and other expenses in the July-September quarter due partly to stock price falls in the wake of the U.S. subprime loan crisis.
The yen's appreciation against the dollar also contributed to the first quarterly loss since the April-June period of 2006, the fund said.
The entity is an independent administrative institute in charge of managing and investing reserve funds of the national pension and employees' pension plans.
As of the end of September, the fund had 91.28 trillion yen under management, with 54.39 percent of the sum allocated to domestic bonds, 19.97 percent to domestic stocks, 14.88 percent to overseas stocks, 10.46 percent to overseas bonds and the rest to other instruments.
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|Publication:||Japan Weekly Monitor|
|Date:||Dec 8, 2007|
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