According to CoinMeta, Japan's government pension investment fund ( GPIF ) suffered a 1.7% loss over the three months ending in September, marking the first quarterly loss in six quarters, mainly due to the decline in global bond prices and the appreciation of the Japanese yen. The fund reported a loss of 5.253 trillion yen (about $33.3 billion) in the third quarter, with its total assets dropping to 314.4 trillion yen. Among these, investments in Japanese stocks yielded a positive return of 3.71%, but overseas bond investments suffered a loss of 6.52%, domestic Japanese bonds lost 1.80%, and overseas stocks lost 1.86%. In September, as tensions in the Middle East escalated and drove up oil prices, concerns about inflation increased, accelerating the decline in bond prices. The investment portfolio allocation model of GPIF stipulates that one-quarter of the funds are allocated to four types of assets: domestic Japanese stocks, domestic Japanese bonds, overseas stocks, and overseas bonds.