Japan's GPIF loses 5.25 trillion yen as bond selloff bites

Japan's Government Pension Investment Fund lost 5,253.3 billion yen in the September quarter, a return of minus 1.65 percent, as foreign bonds fell 6.52 percent in the global bond selloff.

Why it matters: GPIF is the world's largest pension reserve manager, and a quarter in which foreign bonds alone lost 5,230.1 billion yen shows how far the 2026 bond selloff, with the US 10 year yield at 5.28 percent, has reached into the biggest pools of savings.

Data as of GPIF's own quarterly update report for the second quarter of fiscal 2026, published November 6, 2026 and read in full in this run; all figures are the fund's own. Investing.com's report of the same disclosure was also read in full. Developing item.

Japan’s Government Pension Investment Fund lost 5,253.3 billion yen in the three months to September 30, a return of minus 1.65 percent, reversing the June quarter’s gain of 24,089.5 billion yen. Foreign bonds accounted for nearly the whole loss, falling 6.52 percent, or 5,230.1 billion yen, as the US 10 year Treasury yield climbed to 5.28 percent from 4.47 percent and the yen strengthened to 157.14 per dollar from 162.53, cutting the yen value of overseas holdings. Domestic bonds lost 1.80 percent as the 10 year Japanese government bond yield rose to 3.07 percent from 2.68 percent, and foreign equities fell 1.86 percent, while domestic equities gained 3.71 percent.

Total assets stood at 314,387.6 billion yen at the end of September, down from 317,759.6 billion yen three months earlier. For the fiscal year to date the fund is still ahead by 18,836.3 billion yen, a return of 6.42 percent.

Japan's GPIF loses 5.25 trillion yen as bond selloff bites

Sources