TOKYO: Japan’s Government Pension Investment Fund (GPIF) on Friday posted a gain of 1.7 trillion yen ($11.78 billion) for the financial year ended March.

GPIF posted a gain on its foreign stock holdings and a loss on its domestic bond portfolio.

The result compared with a record gain of 45.4 trillion yen in the same period a year earlier and marks the fifth consecutive year of gain.

The fund, whose assets totalled 249.8 trillion yen at March-end, is closely watched in financial markets because of its size.

It also booked a gain on its foreign bond holdings and a loss on its portfolio of domestic stocks.

For the fourth quarter alone, GPIF booked a loss of 8.8 trillion yen.

Kazuto Uchida, formerly an executive at MUFG Bank, became the fund’s head in April.

Reuters