Japan pension fund seen posting torrid annual loss

Tokyo

JAPAN'S government will escape a piece of bad news until after a summer election.

The US$1.3 trillion Government Pension Investment Fund (GPIF) will on July 29 announce what may be its worst annual loss since the global financial crisis - about three weeks later than usual and after an upper house poll that must be held before July 25. SMBC Nikko Securities Inc estimates the decline for the fiscal year ended March at as much as six trillion yen (S$74 billion).