October 26, 2018 / 7:32 AM / 18 days ago

TABLE-Japan insurers' investment plans for fiscal half year to March 2019

    TOKYO, Oct 26 (Reuters) - Following is a summary of the investment plans of Japan's biggest
life insurance companies for the six months through March 2019, based on interviews with Reuters
and news conferences this month. For stories on each company's investment plans, see         . 
    
FOREIGN BONDS
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Nippon Life    to increase holdings of unhedged foreign bonds, to reduce FX-hedged Treasuries
Dai-ichi       likely to reduce FX-hedged bonds, may buy unhedged debt if dollar goes below Y112
Meiji Yasuda   to reduce FX-hedged bonds, to increase unhedged bonds
Sumitomo       to increase holdings, to increase unhedged bonds when yen is stronger
Mitsui         to increase FX-hedged bonds slightly and unhedged bonds by about Y140 bln
Taiyo          to increase holdings with focus on dollar-denominated debt
Daido          to raise foreign corporate bond holdings, shift to European bonds from US bonds
Fukoku         to keep holdings steady 
Asahi          to invest 170 bln yen in foreign bonds, up from initially planned 100 bln
Japan Post     to increase FX-hedged bonds, mainly US corp, to keep unhedged bonds steady

JAPAN BONDS
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Nippon Life    to keep steady or raise slightly, to buy super-long JGBs if yields above 1 pct
Dai-ichi       expects holdings continue falling, sees current JGB yields as still too low
Meiji Yasuda   to keep overall holdings steady, may buy super-long JGBs if yields rise
Sumitomo       to increase holdings but limit buying in super-long bonds
Mitsui         to keep overall holdings steady, increase credit products and cut JGBs
Taiyo          to trim holdings due to low yields
Daido          to keep holdings steady
Fukoku         to keep holdings steady
Asahi          to reduce holdings by 10 bln yen
Japan Post     to reduce holdings, buy super-long JGBs if 30-yr yield rises above 1 pct

JAPAN STOCKS
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Nippon Life    to keep holdings steady
Dai-ichi       to reduce holdings for risk control reasons
Meiji Yasuda   to slightly increase holdings
Sumitomo       to keep holdings steady
Mitsui         to keep holdings steady
Taiyo          to keep holdings steady
Daido          to increase holdings after rise of Y25 bln in April-September period 
Fukoku         to cut by 10 bln yen
Asahi          to increase holdings by Y3 bln
Japan Post     to keep overall holdings steady after having slightly increased holdings in H1

FOREIGN SHARES, ALTERNATIVE INVESTMENTS
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Nippon Life    to increase foreign stocks, including alternative funds 
Dai-ichi       to continue adding alternative assets, incl. hedge funds, PE and real estates 
Meiji Yasuda   to slightly decrease foreign stock holdings
Sumitomo       to increase through foreign stock funds
Mitsui         to allocate 10 bln yen in new areas such as direct lending
Taiyo          to keep foreign shares steady, increase alternative investments
Daido          to increase foreign equities after Y10 bln rise in April-September period
Fukoku         to increase 30 bln yen in foreign stocks 
Asahi          to cut foreign stocks by Y10 bln, to increase alternative investment Y30 bln
Japan Post     to increase alternative assets, mainly PE and real estates

EXPECTED MARKET RANGES
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                 USD/JPY      EUR/JPY       NIKKEI         JGB 10-yr      US 10-yr
Nippon Life     Y104 - 124   Y125 - 145   21,000 - 26,000  -0.2 to 0.2%   2.7 - 3.7%
Dai-ichi        Y105 - 115   Y120 - 140   22,000 - 25,000   0.0 to 0.2%   2.8 - 3.5%
Meiji Yasuda    Y105 - 118   Y123 - 138   21,000 - 25,000   0.05 to 0.25% 2.7 - 3.4%
Sumitomo        Y100 - 120   Y120 - 145   20,000 - 27,500   0.00 to 0.25% 2.6 - 3.5%
Mitsui          Y106 - 116   Y122 - 137   24,000 - 25,300  -0.1 to 0.2%   2.8 - 3.6%
Taiyo           Y100 - 120   Y120 - 145   19,000 - 26,000   0.0 to 0.2%   2.8 - 3.8%
Daido           Y104 - 115   Y122 - 138   21,000 - 26,000 -0.05 to 0.25%  2.7 - 3.3% 
Fukoku          Y100 - 118   Y120 - 140   20,000 - 26,000  -0.1 to 0.20%  2.7 - 3.5%
Asahi           Y105 - 120   Y122 - 138   20,000 - 25,000   0.0 to 0.25%  2.9 - 3.6%
Japan Post      Y100 - 120   Y125 - 145   21,000 - 25,000   0.0 to 0.3%   2.8 - 3.3%    

 (Reporting by Tokyo Markets Team)
  
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