Japan's annuity reserve management used an independent administrative agency to keep its asset allocation basically unchanged in the most recent quarter, undermining speculation that it plans to transfer more funds to domestic stocks and bonds. The fund recorded its first quarterly loss in six quarters. As global bond prices fell and the yen strengthened, it lost 1.7% in the quarter ending September. GPIF lost 5.253 trillion yen during the quarter, and total assets fell to 314.4 trillion yen, according to Friday's announcement. Among them, Japanese stocks recorded a positive return of 3.71%; foreign bonds lost 6.52%, Japanese bonds lost 1.80%, and overseas stocks lost 1.86%. However, the performance of its Japanese bond and foreign bond holdings still outperformed their respective benchmarks by 5 basis points and 13 basis points, respectively, while Japanese stock holdings outperformed the benchmark by 8 basis points. The performance of foreign stock holdings was on par with the benchmark.

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