Japanese insurers to lift exposure to bonds on policy change hopes

Japanese insurance companies are planning to increase their holdings of Japanese government bonds (JGBs), according to 10 insurers who detailed their investment plans for the fiscal year ending March 2024, at recent media briefings. Nippon Life Insurance, Meiji Yasuda Life Insurance, and Sumitomo Life Insurance said they would steadily increase JGB purchases if yields rise, driven by a possible tweak in the Bank of Japan’s (BOJ) policy. Changes in the BOJ’s yield curve control (YC…