The Government Pension Investment Fund (GPIF), tasked with managing government pension plan reserve funds, announced on Aug. 26 that it posted an investment loss of 5.23 trillion yen in the April-June quarter of 2016.

The Japanese public pension fund has posted investment losses for two consecutive quarters against the backdrop of a drop in share prices triggered by Britain’s vote to leave the European Union (EU), and other factors. The loss in the April-June quarter represents the find’s third largest loss on record.

A GPIF official said at a news conference on Aug. 26, “We have secured pensions to be paid out from reserves over the next five years. We will cover pensions beyond that period with insurance premiums. The pension payments will not be affected in the short term.”

The cumulative losses incurred in the seven quarters through the end of June 2016 from October 2014, when GPIF raised its stock holdings to 50 percent of its total assets, stood at 1.09 trillion yen, falling into the red for the first time.

GPIF managed 129.7 trillion yen in assets as of the end of June 2016. While the losses on investment in Japanese and foreign stocks totaled about 4.67 trillion yen, Japanese bond investments turned a profit of 938.3 billion yen. Of GPIF’s assets, Japanese domestic bonds made up 39.16 percent of the total, domestic stocks 21.06 percent, foreign bonds 12.95 percent, and foreign stocks 21.31 percent. It had a negative return of 3.88 percent.