The likes of Dai-ichi Life and Nippon Life are expanding their overseas investment allocations and expertise, at a time when it is harder than ever for them to match assets to liabilities.
Abenomics may have given Japanese equities a shot in the arm, but it has forced government bond volumes down. Still, the top dealing dogs retain a familiar look.
The Pension Fund Association for Local Government Officials manages almost three times as much of its assets in-house now as it did in 2003.
Results show it has increased its holding of foreign securities from scratch in March 2008 to over ¥10 trillion as at September 30, adding ¥3 trillion in the past year alone.