NPS incurs $500 million in missed gains due to improper forex hedging

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The story "NPS incurs $500 million in missed gains due to improper forex hedging" was covered 1 days ago by Korea Economic Daily, a news publisher based in South Korea.

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NPS incurs $500 million in missed gains due to improper forex hedging - Korea Economic Daily

Quick Summary:

The National Pension Service (NPS), South Korea’s state-run pension fund and the country’s largest institutional investor, likely has incurred some $5 million in missed gains due to its currency risk hedging aligned with the government’s foreign exchange policy.

Critics are questioning whether it is appropriate for the government to mobilize the NPS for its foreign exchange market stabilization policy.“If the NPS’ betting on the won’s gains and related hedging was made on its own, it’s their fault.

According to investment banking industry sources, the NPS in November reported to the fund management committee, the state fund’s top decision-making body, that its currency exposure ratio out of the fund’s total foreign assets of $48.55 billion was 2.75%, or $13.35 billion, as of the end of September.