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BREXIT: World's largest pension fund blames UK vote for $51.8 million first quarter loss

Japan's Government Pension Investment Fund (GPIF) has reported investment losses of 5.2 trillion yen ($51.8 billion) for the first quarter of 2016.29 Aug 2016

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Britain's vote to leave the European Union was responsible for much of the loss, as it triggered a rise in the yen against the dollar and hit world stock markets, GPIF president Norihiro Takahashi said in a statement (link in Japanese).

US unemployment data also affected the markets when it was much worse than expected in May, he said.

GPIF had a negative return of 3.88% in the quarter, which represents its seventh worst since it began managing its assets in 2001, spokesman Shinichiro Mori told a news conference, according to Reuters.

The fund's Japanese bond portfolio was the only one with a positive return, at 1.91%. The stock portfolio made a negative 7.38% return, GPIF said.

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