日本政府養老金投資基金因英國退歐出現鉅虧

The world’s largest pension fund has blamed a $52bn quarterly investment loss on the UK’s surprise Brexit vote in June to leave the European Union.

世界上最大的養老基金把其520億美元的季度投資虧損歸咎於6月份英國退歐公投出現了意外的結果。

The massive paper losses suffered by Japan’s Government Pension Investment Fund (GPIF) in the April to June quarter of 2016 almost matched the $50bn losses it recorded in the 2015-16 financial year — its worst year since the global financial crisis.

日本政府養老金投資基金(GPIF)在今年4月至6月這個季度出現的巨大賬面虧損，幾乎與其在2015-16財年全年錄得的500億美元虧損相當。2015-16財年是自本次全球金融危機以來該基金表現最差的一個財年。

The GPIF said that its investment losses for the three months to June 30 were -3.88 per cent — a drop that took the total value of the fund below ￥130tn ($1.3tn).

GPIF表示，在截至6月30日的三個月裏，其投資收益率爲-3.88%，基金總價值因此跌破130萬億日元（合1.3萬億美元）。

The most recent quarterly slump, which primarily arose from turmoil in domestic and international stock markets, effectively wipes out all the gains that the GPIF has made since it revised its investment strategy in October 2014 to place a heavier weighting on equities.

最近一個季度的下滑主要源於國內外股市的動盪，它實際上抹去了GPIF自2014年10月修改投資策略、給予股票更高權重以來的全部收益。

Norihiro Takahashi, the GPIF’s president, said In June, he said, two main factors produced especially high market volatility that strengthened the yen and caused stocks to tumble.

GPIF理事長高橋則廣(Norihiro Takahashi)表示，6月份，兩大因素導致市場出現特別大的波動，推高了日元匯率，並造成日本股市大跌。

One of these, he said, was the fact that the result of the British referendum on the EU had been different from market expectations — a shock that saw the yen soar against all major international currencies as investors turned to it as a safe haven.

他說，其中一個因素是英國退歐公投結果出乎市場意料——這一意外導致日元相對所有主要國際貨幣大幅升值，因爲投資者紛紛買入日元以求避險。

The surging yen, whose rate against the dollar is correlated with the Japanese stock market, produced a 7 per cent plunge in the Topix Index on the session immediately after the June 23 referendum results emerged.

日本股市走勢與日元兌美元匯率走勢存在關聯。日元大漲的結果是，6月23日的英國公投結果出來後，東證指數(Topix)在短時間內暴跌了7%。

Mr Takahashi sought to head-off a public backlash over the most recent results, saying in a statement: “Even if market prices fluctuate in the short term, it will not harm the pension beneficiaries…we invest from a long-term viewpoint.”

爲了防止公衆對GPIF最近的業績產生強烈不滿，高橋在一份聲明中表示：“即便市場價格在短期內起伏不定，也不會給養老金受益人帶來損害……我們做的是長線投資。”