Japan's public pension
fund — the world's biggest — lost a whopping US$64 billion in the
July-September quarter, according to a new report, as global equity markets
plunged this summer on fears over China's economy. The drop in the 135
trillion yen (US$1.1 trillion) Government Pension Investment Fund (GPIF) — the
worst quarterly fall since 2008 — came after it decided last year to double the
amount of equities in its bond-heavy portfolio to generate higher returns.
