Biggest Pension Fund Faces Yen Risk as Trump Rally Fades
The world’s biggest pension may find that when it comes to returns on its $1.3 trillion in assets, Donald Trump giveth and taketh away. What started as a rally in stocks on his presidential victory five months ago turned into a slump this year, making it harder for Japan’s Government Pension Investment Fund to beat its record $92 billion gain in the fourth quarter, according to SMBC Nikko Securities Inc. and BNP Paribas Securities Ltd. in Tokyo. GPIF may announce...