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TABLE-Top Japan insurers' investment plans for fiscal HY through March 2021

    TOKYO, Oct 27 (Reuters) - Following is a summary of the investment plans of Japan's major
life insurance companies for the half year through March 2021, based on interviews with Reuters
and news conferences this month. For more stories, see         .

FOREIGN BONDS
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Nippon Life    to reduce foreign bonds without FX hedge, keep FX-hedged holdings flat
Dai-ichi       stance on foreign bonds will depend on currency, interest rate levels
Meiji Yasuda   to reduce holdings without FX hedge, FX-hedged sovereign bonds
Sumitomo       to add foreign bonds without FX hedge, possibly by a few hundred bln yen
Japan Post     to keep FX-hedged bond holdings steady; will buy US investment grade credit
Fukoku         to raise holdings of FX-hedged foreign debt and to trim unhedged investment
Taiju          to reduce holdings of FX-hedged foreign bonds, may add unhedged ones
Taiyo          expects holdings to stay flat, with many existing bonds coming to maturity
Daido          to trim overall holdings, reduce US Treasuries and increase corporate bonds 
Asahi          to reduce holdings by Y20 bln

JAPAN BONDS
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Nippon Life    to add yen bonds, incl fully yen-hedged foreign debt using currency swaps
Dai-ichi       to increase yen bond holdings; may step up buying if yields rise further
Meiji Yasuda   to increase holdings
Sumitomo       to increase domestic bonds, incl superlong JGBs, by up to Y180 bln    
Japan Post     expects yen bond holdings to fall; will buy superlong JGBs when yields rise
Fukoku         Could sell some of holdings if there are attractive opportunities elsewhere
Taiju          to trim holdings by Y10 bln; may buy more if yields stay at current levels
Taiyo          to increase holdings
Daido          to increase holdings of superlong bonds, possibly by nearly about Y70 bln 
Asahi          to keep holdings steady after having increased them more than planned in H1 

JAPAN STOCKS
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Nippon Life    to trim Japanese stock holdings
Dai-ichi       to cut back domestic stock holdings in order to reduce risks
Meiji Yasuda   to cut equity holdings with aim of reducing risks
Sumitomo       to increase holdings by nearly 100 bln yen; plans to buy on dip    
Japan Post     sees holdings flat to higher; will buy stocks when Nikkei dips below 20,000
Fukoku         to keep holdings steady after increase of Y30 bln in H1
Taiju          to keep holdings steady
Taiyo          may buy on dip if market corrects due to U.S. elections etc
Daido          to keep holdings steady or to lift them slighly higher 
Asahi          to slightly increase holdings

FOREIGN SHARES, ALTERNATIVE INVESTMENTS
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Nippon Life    to increase foreign stocks and alternative assets
Dai-ichi       to increase properties, investments in buy-out & infrastructure funds
Meiji Yasuda   to moderately increase domestic investment property assets
Sumitomo       to add int'l shares, incl investments through 3rd-party mutual funds     
Japan Post     to keep foreign stock holdings flat; to add alternative assets, such as PE
Fukoku         to increase foreign stock holdings by Y10 bln, after Y30 bln increase in H1
Taiju          to raise investments in European hybrid bond, direct lending and PE funds
Taiyo          to buy on dip if market corrects due to U.S. election etc
Daido          to increase project finance
Asahi          to keep foreign stock holdings flat; to increase alternative investments

EXPECTED MARKET RANGES
---------------------------------------------------------------
                 USD/JPY      EUR/JPY       NIKKEI         JGB 10-yr      US 10-yr
Nippon Life     Y100 - 120   Y110 - 130   17,000 - 25,000  -0.2 to 0.2%   0.3 - 1.7%
Dai-ichi        Y100 - 110   Y115 - 135   20,000 - 27,000  -0.2 to 0.2%   0.0 - 1.5%
Meiji Yasuda    Y101 - 110   Y116 - 131   19,500 - 26,000 -0.15 to 0.15%  0.5 - 1.3%
Sumitomo        Y100 - 112   Y115 - 135   20,000 - 27,500  -0.2 to 0.2%   0.4 - 1.3%    
Japan Post      Y100 - 110   Y110 - 130   19,000 - 25,000  -0.2 to 0.2%   0.5 - 1.2%
Fukoku          Y 95 - 115   Y105 - 130   18,000 - 24,000  -0.3 to 0.2%   0.3 - 1.5%
Taiju           Y101 - 111   Y120 - 132   20,000 - 26,000  -0.1 to 0.1%   0.6 - 1.4%
Taiyo           Y100 - 110   Y120 - 130   19,000 - 25,000  -0.1 to 0.1%   0.3 - 1.3%
Daido           Y100 - 110   Y119 - 130   21,500 - 25,000  -0.2 to 0.2%   0.5 - 1.1%
Asahi           Y103 - 108   Y120 - 127   22,000 - 25,000  -0.1 to 0.1%   0.5 - 1.0%


    
 (Reporting by Tomo Uetake, Hideyuki Sano, Daiki Iga, Yoshiko Mori, Shinji Kitamura, Kentaro
Sugiyama, Mayu Sakoda and Hiroko Hamada)
  
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