Reuters: US Dollar Report: UPDATE 1-Japan's Dai-ichi Life likely to increase yen bonds in Oct-March

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UPDATE 1-Japan's Dai-ichi Life likely to increase yen bonds in Oct-March Oct 30th 2013, 07:53 Share this Email Print Reprints Wed Oct 30, 2013 3:53am EDT TOKYO Oct 30 (Reuters) - Japan's Dai-ichi Life Insurance is likely to increase its yen bond portfolio in October-March but its stance will depend on their yield levels, a senior official said on Wednesday. * In the April-September period, Japan's second-largest private life insurer with total assets of 35.7 trillion yen ($364 billion) bought yen bonds after their yields spiked in May, the official said. * The 10-year Japanese government bond yield has been declining since then, hitting a 5-1/2-month low below 0.600 percent last week on the back of the Bank of Japan's aggressive bond buying. *"At the moment, JGB yields are at a low level. How much yen bonds we will buy will depend on the yield levels," Tetsuya Kikuta, a manager of investment planning at the firm, told a news conference. * "If we can't buy (domestic bonds), then it's possible we will buy currency-hedged foreign bonds," he added. * Dai-ichi also plans to maintain the size of its foreign bond investments without currency hedging steady in the six months to March, after increasing them in April-September. * "Initially we expected the Fed to start tapering its stimulus earlier. Now we expect U.S. bond yields to stay near the lower end of our forecast," Kikuta said. Link this Share this Digg this Email Reprints

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