The world’s largest pension fund has blamed a $52bn quarterly investment loss on the UK’s surprise Brexit vote in June to leave the European Union.
The massive paper losses suffered by Japan’s Government Pension Investment Fund (GPIF) in the April to June quarter of 2016 almost matched the $50bn losses it recorded in the 2015-16 financial year — its worst year since the global financial crisis.
The GPIF said that its investment losses for the three months to June 30 were -3.88 per cent — a drop that took the total value of the fund below ￥130tn ($1.3tn).
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