Japan's Government Pension Investment Fund (GPIF) reported a quarterly loss of
JPY 5.253 tln (about $33.3bn) for the three months to September, its first
quarterly loss in six quarters, leaving assets at JPY 314.4 tln. Losses were
driven by a drop in global bond prices and yen appreciation. Returns by asset
class: Japan equities +3.71%; overseas bonds -6.52%; domestic bonds -1.80%;
overseas equities -1.86%. GPIF said bond price declines accelerated in September
as Middle East tensions pushed oil higher and stoked inflation concerns. Its
strategic allocation model assigns roughly 25% to each of four asset classes:
domestic equities, domestic bonds, overseas equities and overseas bonds.
