GPIF, the agency managing the pension fund's deposits lost about $ 50 billion last year. This is about 4% of the total reserve.

Since all workers in Japan, local or foreign, pay to a pension fund, the fund does affect them. This kind of losses, if continued, can lead to smaller paybacks in future.

The fund lost even more during the 2008-9 financial crises, but covered that quickly. So, it is not a huge deal in the short term. But the problem is that last year's loss was triggered by the agency's aggressive moves to the overseas stock markets. Some predict that there will be more losses this year.