4 Govt-Backed Funds' Cumulative Losses to Expand to 46.1 B. Yen
Tokyo, Nov. 12 (Jiji Press)--Cumulative losses at four public-private investment funds are estimated to stand at 46.1 billion yen at the end of fiscal 2019, up 25 pct from a year earlier, the funds and supervisory ministries reported Tuesday.
The estimated red figure as of March 31 next year was presented at a subcommittee meeting of the Fiscal System Council, which advises the finance minister.
"Personnel expenses and other costs are weighing on the bottom line before the long-term investment funds produce returns," a senior Finance Ministry official said at the meeting.
The funds, including Cool Japan Fund and A-FIVE, which is aimed at turning the primary industry into a growth sector, plan to become profitable around fiscal 2030.
But A-FIVE, in particular, was able to invest only 1.6 billion yen in April-September, half the 3.3-billion-yen target for the first half of the current fiscal year.
[Copyright The Jiji Press, Ltd.]