October 24, 2017 / 7:09 AM / a month ago

Sumitomo Life to increase U.S. corporate bond investment

TOKYO, Oct 24 (Reuters) - Japan’s Sumitomo Life Insurance Co said on Tuesday it would boost investment in U.S. corporate bonds in the October-March second half as it continues to curb buying in Japanese government bonds (JGBs).

At its biannual investment strategy briefing, Japan’s fourth-largest private sector life insurer by assets also said it would buy foreign bonds without currency hedging when the dollar falls against the yen.

Sumitomo Life and rival Japanese insurers have been moving away from JGBs in favour of riskier but higher-yielding assets as the Bank of Japan’s massive monetary easing hits returns on government debt. (Reporting by Taiga Uranaka; Editing by Chang-Ran Kim)

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