A scandal involving the alleged disappearance of billions of dollars in pension-fund money is highlighting an uncomfortable truth here. Most of the pension plans set up by groups of small businesses in Japan are under water, the latest data from the health ministry shows, even as the burden of future payouts grows in step with the aging of the country's population.
Last month, Japanese financial regulators alleged that most of the roughly ¥200 billion ($2.4 billion) in funds overseen by AIJ Investment Advisors Co.-an asset manager that specialized in handling such small-business pensions-was missing. Regulators are still investigating.
(Wall Street Journal)
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