Sumitomo Life plans to boost foreign bond investment without FX hedge, sees limited yen gain risk By Reuters

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TOKYO (Reuters) -Sumitomo Life Insurance coverage to step up funding in international bonds with out forex hedge within the six months to March because it sees restricted danger of a stronger yen, a prime funding planning official mentioned on Tuesday.

Japan’s fourth-largest insurer additionally plans to extend holdings of home bonds in addition to international shares and bond funds, Toshio Fujimura, basic supervisor of funding planning, informed reporters.

Following is a abstract of Sumitomo Life’s funding plan for the half 12 months to March.

— Plan to extend holdings of international bonds with out forex hedge by a couple of hundred billion yen. It invests in U.S. and Asian markets.

— Plan to scale back international bond funding with forex hedge by about 100 billion yen ($0.88 billion) whereas persevering with to give attention to credit score merchandise.

— Plan to extend international shares and funds, together with bond funds and different property, probably by a couple of hundred billion yen. Within the final half 12 months, the agency has elevated holdings in these property by 250 billion yen.

— Anticipate U.S. inflationary stress to steadily subside in 2022, permitting the Federal Reserve to carry off elevating rates of interest till 2023.

— Plan to extend yen bond holdings by about 100 billion yen, shopping for super-long Japanese authorities bonds.

($1 = 113.70 yen)

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