TOKYO -- As the British vote to exit the European Union roils the market, the eroding value of the Government Pension Investment Fund's assets is raising questions about a 2014 portfolio reshuffling that increased its exposure to equities.
Assets managed by the public pension fund shrank an estimated 5 trillion yen ($48.7 billion) by market value in the April-June quarter, according to Masahiro Nishikawa, chief fiscal policy analyst at Nomura Securities. Nishikawa arrived at this figure after comparing prices at the end of March and the end of June.
