Faced another quarterly loss in late 2024, its worst in over four years, due to losses in foreign bonds and foreign/domestic stocks.

: Major funds are increasingly sensitive to the performance of a small number of US tech megacaps.

: Conflict-related market shocks, such as the Iran war, have severely impacted high-multiple growth stocks.

The fund has since recovered significantly, booking a in the October–December 2025 quarter, despite 1.53 trillion yen in losses on domestic bonds. Wider Industry Impact and Trends Broad Market Declines :

: For funds like the GPIF, a depreciating dollar has historically dragged down the value of overseas securities.