Japanese retirement fund misplaces $2.3 billion

The government entity regulating Japan's finances shut down the operations of a money-management company that has misplaced some $2.3 billion in pension fund assets, according to the Wall Street Journal.

Regulators Friday closed Tokyo's AIJ Investment Advisors, who said they can't account for a large percentage of the 183 billion yen invested on behalf of companies including manufacturers of industrial robots and microchip-testing equipment.

The shut-down has also had significant spillover to the entire Japanese investment industry, as Japan's financial services minister announced that the Financial Services Agency will take a closer look at the operations of all 263 of the country's investment management companies.

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