The depreciating dollar, down 4.6% against the yen, significantly reduced the value of GPIF\u2019s international holdings.<\/p>\n
Global stock markets also faltered, with the MSCI All-Country World Index declining 1.7%, the S&P 500 falling 4.6%, and Japan\u2019s Topix index dropped 4.5%.<\/p>\n
The deficit reduced GPIF\u2019s assets to $1.73 trillion, a 3.4% quarterly drop, as escalating US trade tariffs fueled concerns about a worldwide economic conflict, further weighing on equities.<\/p>\n
Meanwhile, Japanese bond yields rose, in contrast to declining US Treasury yields amid the Federal Reserve\u2019s higher-for-longer interest rates.<\/p>\n
Despite the setback, GPIF achieved a positive annual return of 0.7% for the fiscal year ending March 31, 2025.<\/p>\n
With roughly half its assets tied up in foreign markets, the GPIF will likely face ongoing risks from currency fluctuations and trade tensions in the months ahead, while the US and Japan try to hammer out a new agreement on trade.<\/p>\n
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