August 9, 2022: -SoftBank posted one of its most influential losses at its Vision Fund investment unit for its first fiscal quarter, as technology stocks continue to get hammered by rising interest rates.

The Japanese giant’s Vision Fund posted a 2.93 trillion Japanese yen loss for the June quarter. This is the second-biggest quarterly loss for the Vision Fund.

That donated to a 3.16 trillion-yen net loss for the quarter for SoftBank versus a 761.5-billion-yen profit in the same period last year.

SoftBank’s Vision Fund, which started in 2017 and invests in technology companies, has been hit by a slump in high-growth stocks due to rampant inflation that has led the U.S. Federal Reserve and other central banks to increase interest rates.

Masayoshi Son, SoftBank’s outspoken founder and the mastermind behind the Vision Fund, said that the company would go into “defense” mode and be more “conservative” with the speed of investments after a record 3.5 trillion Japanese yen loss at the investment unit was posted for the previous economic year.

SoftBank said it saw a decrease in the share prices of a wide range of its portfolio companies, which mainly is due to the global downward trend in share prices because of the growing concerns over economic recession driven by inflation and rising interest rates.”

Shares of companies that range from South Korean e-commerce firm Coupang to DoorDash in the United States reached hard in the year’s second quarter.