Insurers eye Japan, with downside protection

The speed and strength of Japan's stock rally this year took many by surprise, not least Asian life insurance firms. Tactical players – notably hedge funds – benefited, but less nimble investors were caught out, notes Julien Lascar, Asia-Pacific head of distribution for cross-asset solutions at Société Générale. A long-term underweight to Japan is common among institutional investors, he adds, but “some Hong Kong-based insurers, for example, still have zero exposure to Japanese …