Japanese govt pension fund 'faces major losses'
House opposition leader criticises fund as being equity-heavy, urges cut to equity allocation
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Tokyo
JAPAN'S Government Pension Investment Fund (GPIF), the biggest of its kind in the world, lost five trillion yen (S$65.5 billion) last year on its stepped-up equity investments, and losses are expected to swell with the Brexit-triggered slump in stock values, parliamentary opposition leader Katsuya Okada claimed on Friday.
The head of the fledgling Democratic Party declared this in an "open letter" which he told the Foreign Correspondents Club of Japan he had presented to Prime Minister Shinzo Abe, after Mr Abe rejected a challenge to a televised debate ahead of the July 10 Upper House election.
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