April 24, 2020 / 9:06 AM / a month ago

TABLE-Japan insurers' investment plans for fiscal year to March 2021

    April 24 (Reuters) - Following is a summary of the investment plans of Japan's biggest life
insurance companies for the year through March 2021, based on interviews with Reuters and news
conferences this month. For stories on each company's investment plans, see         .

FOREIGN BONDS
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Nippon Life    to add international bonds without currency hedging, and FX-hedged credits
Dai-ichi       stance on foreign bonds will depend on currency, interest rate levels
Meiji Yasuda   to increase FX-hedged sovereign bonds, incl Ginnie Mae's MBS
Sumitomo       to increase holdings; plans to boost foreign credit assets by 800 bln yen
Japan Post     to increase FX-hedged bonds, to keep unhedged debt steady

JAPAN BONDS
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Nippon Life    to add yen bonds, incl fully yen-hedged foreign debt using asset swaps
Dai-ichi       to increase yen bond holdings, incl Japanese government debt
Meiji Yasuda   stance on yen bonds will depend on interest rate levels and hedge costs
Sumitomo       to increase holdings by buying mainly super-long bonds
Japan Post     expects yen fixed-income holdings to fall

JAPAN STOCKS
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Nippon Life    to keep Japanese stock holdings steady
Dai-ichi       to cut back domestic stock holdings in order to reduce risks
Meiji Yasuda   to reduce equity holdings with aim of reducing risks
Sumitomo       to increase holdings; plans to buy on dip
Japan Post     to increase holdings

FOREIGN SHARES, ALTERNATIVE INVESTMENTS
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Nippon Life    to keep foreign stock and domestic real estate holdings steady
Dai-ichi       to increase alternative assets such as private equity real estate
Meiji Yasuda   to moderately add domestic investment property assets
Sumitomo       to increase holdings of foreign stocks and real estate assets
Japan Post     to keep foreign stock holdings steady; to increase alternative assets

EXPECTED MARKET RANGES
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                 USD/JPY      EUR/JPY       NIKKEI         JGB 10-yr      US 10-yr
Nippon Life     Y100 - 120   Y110 - 130   14,000 - 24,000  -0.3 to 0.1%   0.3 - 1.7%
Dai-ichi        Y100 - 115   Y110 - 130   16,000 - 22,000  -0.2 to 0.2%   0.0 - 1.5%
Meiji Yasuda    Y100 - 115   Y107 - 127   15,000 - 21,000 -0.15 to 0.15%  0.5 - 1.4%
Sumitomo        Y100 - 115   Y105 - 130   13,500 - 23,000  -0.3 to 0.2%   0.3 - 2.0%
Japan Post      Y100 - 112   Y110 - 125   16,000 - 23,000  -0.2 to 0.2%   0.2 - 1.2%

 (Reporting by Tokyo Markets Team;)
  
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