世界上最大的养老基金把其520亿美元的季度投资亏损归咎于6月份英国退欧公投出现了意外的结果。

　　The massive paper losses suffered by Japan’s Government Pension Investment Fund (GPIF) in the April to June quarter of 2016 almost matched the $50bn losses it recorded in the 2015-16 financial year — its worst year since the global financial crisis.

　　日本政府养老金投资基金(GPIF)在今年4月至6月这个季度出现的巨大账面亏损，几乎与其在2015-16财年全年录得的500亿美元亏损相当。2015-16财年是自本次全球金融危机以来该基金表现最差的一个财年。

　　The GPIF said that its investment losses for the three months to June 30 were -3.88 per cent — a drop that took the total value of the fund below ￥130tn ($1.3tn).

　　GPIF表示，在截至6月30日的三个月里，其投资收益率为-3.88%，基金总价值因此跌破130万亿日元（合1.3万亿美元）。

　　The most recent quarterly slump, which primarily arose from turmoil in domestic and international stock markets, effectively wipes out all the gains that the GPIF has made since it revised its investment strategy in October 2014 to place a heavier weighting on equities.

　　最近一个季度的下滑主要源于国内外股市的动荡，它实际上抹去了GPIF自2014年10月修改投资策略、给予股票更高权重以来的全部收益。

　　Norihiro Takahashi, the GPIF’s president, said In June, he said, two main factors produced especially high market volatility that strengthened the yen and caused stocks to tumble.

　　GPIF理事长高桥则广(Norihiro Takahashi)表示，6月份，两大因素导致市场出现特别大的波动，推高了日元汇率，并造成日本股市大跌。

　　One of these, he said, was the fact that the result of the British referendum on the EU had been different from market expectations — a shock that saw the yen soar against all major international currencies as investors turned to it as a safe haven.

　　他说，其中一个因素是英国退欧公投结果出乎市场意料——这一意外导致日元相对所有主要国际货币大幅升值，因为投资者纷纷买入日元以求避险。

　　The surging yen, whose rate against the dollar is correlated with the Japanese stock market, produced a 7 per cent plunge in the Topix Index on the session immediately after the June 23 referendum results emerged.

　　日本股市走势与日元兑美元汇率走势存在关联。日元大涨的结果是，6月23日的英国公投结果出来后，东证指数(Topix)在短时间内暴跌了7%。

　　Mr Takahashi sought to head-off a public backlash over the most recent results, saying in a statement: “Even if market prices fluctuate in the short term, it will not harm the pension beneficiaries…we invest from a long-term viewpoint.”

　　为了防止公众对GPIF最近的业绩产生强烈不满，高桥在一份声明中表示：“即便市场价格在短期内起伏不定，也不会给养老金受益人带来损害……我们做的是长线投资。”