TOKYO — Japan’s Government Pension Investment Fund enlarged its assets by 98 trillion yen ($678 billion) over five years ending with fiscal 2024 while posting returns of 1.7 trillion yen, or $11.8 billion, for that final fiscal year, the fund reported on Friday.
Rising stock prices at home and abroad drove the heavy gains over the medium-term period. But the weak yen also played a role, accounting for about 40% of the increase, prompting concern about a backlash as the Japanese currency strengthens.
