Reuters: US Dollar Report: Japan life insurers unlikely to consider boosting foreign bonds-lobby head

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Japan life insurers unlikely to consider boosting foreign bonds-lobby head Jul 19th 2013, 07:44 TOKYO, July 19 | Fri Jul 19, 2013 3:44am EDT TOKYO, July 19 (Reuters) - Japanese life insurers are unlikely to be thinking of increasing their foreign bond holdings by large amounts with domestic debt yields offering reasonable returns, the head of the country's life insurance association said on Friday. "When the Bank of Japan eased boldly, yields plunged and moving a small amount of assets to foreign bonds seemed an option," Yoshio Sato, the chairman of the Life Insurance Association of Japan and also president of Sumitomo Life Insurance, told reporters. "But the 20-year JGB yield has settled around 1.6 to 1.7 percent and buying domestic bonds appears more feasible," Sato said. The 20-year Japanese government bond yield plunged to 0.845 percent when the BOJ unveiled radical easing steps in April but has since bounced back, trading at 1.72 percent on Friday.

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