The Japanese government’s retirement investment fund said it had been selling Russian assets since March after the invasion of Ukraine, reducing some values to almost zero in the process.
The world’s largest pension fund has significantly reduced its holdings of Russian bonds, which can still be traded over-the-counter. The fund has largely been stuck with the country’s stocks as foreign investors face trade restrictions, chief investment officer Eiji Ueda said in the GPIF annual report on Friday.
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