by Wolf Richter
“It will not harm the pension beneficiaries”: official
This is how the report by Japan’s Government Pension Investment Fund (GPIF) for the March-June quarter – the first quarter in Japan’s fiscal year – started out in order to soothe the frazzled nerves of the people who’d paid into this system all their working lives: the fund is managed “in the long-term, and its investment results should be assessed in the same manner.”
OK we get that. But what a fiasco.
The GPIF isn’t alone.