April 25, 2019 / 5:29 AM / 2 months ago

TABLE-Japan insurers' investment plans for fiscal year to March 2020

    TOKYO, April 25 (Reuters) - Following is a summary of the investment plans of Japan's
biggest life insurance companies for the year through March 2020, 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 trim FX-hedged U.S. Treasuries, to increase holdings of unhedged foreign bonds
Dai-ichi       stance on foreign bonds will depend on market conditions
Meiji Yasuda   to slightly increase FX-hedged bonds, to increase unhedged bonds
Sumitomo       to increase holdings both with and without FX hedge, by more than Y240 bln
Taiju          to cut FX-hedged bonds slightly, increase unhedged bonds by about Y350 bln
Taiyo          to increase holdings with focus on credit bonds
Daido          to increase holdings with focus on European bonds and unhedged Treasuries
Fukoku         to raise holdings by 40 bln yen
Asahi          to raise 150 bln yen
Japan Post     to increase FX-hedged bonds, mainly US corp bonds; to keep unhedged bonds steady

JAPAN BONDS
---------------------------------------------------------------
Nippon Life    to keep domestic bond holdings steady, may buy super-long JGBs if yields rise
Dai-ichi       expects holdings to continue falling, sees current JGB yields as still too low
Meiji Yasuda   to slightly increase holdings with focus on credit assets that offer yields
Sumitomo       to increase holdings but limit buying in super-long bonds
Taiju          to increase holdings by less than 50 bln yen, increase credit products 
Taiyo          to increase holdings
Daido          to keep holdings steady
Fukoku         to cut by 30 bln yen
Asahi          to reduce holdings by 50 bln yen
Japan Post     expects yen assets holdings to fall, buy superlong JGBs if yield rises near 1 pct

JAPAN STOCKS
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Nippon Life    expects holdings to continue increasing
Dai-ichi       to reduce holdings from a risk control point of view
Meiji Yasuda   to slightly reduce holdings
Sumitomo       to increase holdings by about Y60 bln
Taiju          to keep holdings steady
Taiyo          to increase slightly
Daido          to keep holdings steady 
Fukoku         to raise holdings by 20 bln yen (including 10 bln yen in start-ups)
Asahi          to slightly increase holdings
Japan Post     to keep overall holdings steady; to raise in-house managed portion

FOREIGN SHARES, ALTERNATIVE INVESTMENTS
---------------------------------------------------------------
Nippon Life    to increase alternative investments, including real assets
Dai-ichi       to continue increasing alternative investments, including hedge funds & PE funds
Meiji Yasuda   to reduce foreign stock holdings
Sumitomo       to increase holdings of foreign stocks, infrastructure, private equity funds
Taiju          to allocate 10 bln yen in new areas such as PE, infrastructure
Taiyo          to slightly increase foreign stocks, increase alternative investments
Daido          to keep holdings steady 
Fukoku         to keep holdings steady
Asahi          to cut foreign stocks by Y10 bln, to increase alternative investment Y80 bln 
Japan Post     to keep foreign stock holdings flat; to increase alternative assets

EXPECTED MARKET RANGES
---------------------------------------------------------------
                 USD/JPY      EUR/JPY       NIKKEI         JGB 10-yr      US 10-yr
Nippon Life     Y100 - 120   Y120 - 140   21,000 - 26,000  -0.2 to 0.2%   2.2 - 3.2%
Dai-ichi        Y100 - 114   Y110 - 135   18,000 - 24,000  -0.2 to 0.2%   2.0 - 2.8%
Meiji Yasuda    Y100 - 115   Y115 - 135   20,000 - 24,000 -0.15 to 0.15%  2.1 - 3.0%
Sumitomo        Y100 - 120   Y115 - 140   18,500 - 25,500  -0.2 to 0.2%   2.0 - 3.0%
Taiju           Y104 - 114   Y118 - 133   20,000 - 23,000  -0.1 to 0.2%   2.4 - 3.0%
Taiyo           Y105 - 115   Y120 - 135   19,000 - 24,000  -0.2 to 0.2%   2.0 - 3.0%
Daido           Y100 - 115   Y120 - 140   18,500 - 24,500 -0.05 to 0.25%  2.0 - 3.0%
Fukoku          Y100 - 115   Y115 - 135   19,000 - 24,000  -0.2 to 0.20%  2.3 - 3.0%
Asahi           Y100 - 115   Y115 - 128   19,000 - 24,000  -0.1 to 0.1%   2.3 - 3.0%
Japan Post      Y100 - 115   Y110 - 130   18,000 - 22,000  -0.25 to 0.25% 2.2 - 2.7%
    
    

    
 (Reporting by Tokyo Markets Team; Editing by Rashmi Aich)
  
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