World Biggest Pension Fund Seen Losing $43 Billion Last Quarter (JP)

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The calculations come amid criticism the government has put the public's pension money at risk after the fund known as the whale for the size of its assets increased its equity allocations in 2014. That's prompted the main opposition party to pledge GPIF will move investments back into safer ones in its manifesto ahead of elections this month.

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GPIF has been hurt after global stock routs in mid-2015 and early this year helped wipe about $7.4 trillion off world equities in the past 12 months. Japan's Topix index has tumbled 19 percent in 2016 to be the second-worst performing developed stock market as the yen strengthened, reducing returns from overseas holdings.