Japan's public pension reserves exceeded 300 trillion yen for the first time in fiscal 2025, and the Government Pension Investment Fund followed with a record 24.09 trillion yen investment gain in the April-June 2026 quarter as equity markets rallied in Japan and abroad. GPIF said cumulative investment returns since it began independent management in fiscal 2001 reached 221.02 trillion yen. Foreign equities delivered the strongest quarterly return at 16.94%, while domestic equities gained 14.48%. Foreign bonds returned 3.13%, and domestic bonds were the only asset class in negative territory at minus 1.11% as rising interest rates weighed on performance. As of end-June 2026, GPIF's portfolio remained close to its policy asset mix, with 25.59% in domestic bonds, 24.60% in foreign bonds, 24.48% in domestic equities and 25.33% in foreign equities. The latest results underline how strongly market moves can improve Japan's pension finances, while also highlighting the fund's continued exposure to large swings if conditions reverse.