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TABLE-Japanese insurers investment plans in Oct-March

Wednesday, 30 Oct 2013 | 8:39 PM ET

Oct 31 (Reuters) - Japanese life insurers, which have combined assets of about 180 trillion yen ($1.84 trillion) under management, are planning to increase domestic bond holdings in October-March though many of them say they could shift some of funds to foreign bonds if domestic bond yields are to stay too low. Below is a summary of the investment plans of Japan's biggest life insurance companies for financial half year to March 2014, as obtained by Reuters in interviews and at news conferences this month.

FOREIGN BONDS

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Nippon Life wants to increase foreign bonds if currency rates attractive Dai-ichi to keep holding without currency hedging steady Meiji Yasuda plans to increase holdings, possibly by 700 billion Sumitomo to gradually reduce currency hedges on foreign bonds Mitsui no major plan to increase foreign bond holdings Taiyo to increase holdings, mostly with currency hedging Daido have increased holdings by Y35 bln in H1 Fukoku to maintain holdings after having bought Y100 bln more than

planned

Asahi to reduce holdings, having raised them by Y160 bln in H1

JAPAN BONDS

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Nippon Life to increase holdings but may limit buying if yields too low Dai-ichi to increase holdings but may look to foreign bonds if yields too

low

Meiji Yasuda to increase holdings, possibly by 200 bln yen Sumitomo to increase holding, but if yields too low, may shift to foreign

bonds

Mitsui to increase holdings by around 50 billion yen Taiyo to keep holdings steady or slightly reduce them Daido to mildly slow pace of buying, has reduced them by Y40 bln in H1 Fukoku to increase holdings by Y50 bln; though stance depends on

yields, liquidity

Asahi to increase holdings further

JAPAN STOCKS

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Nippon Life may trim holdings Dai-ichi to trim holdings after a small increase in Apr-Sept Meiji Yasuda may cut holdings Sumitomo to keep holdings steady Mitsui has finished long-term objective of reducing Japanese stocks Taiyo to sell if Nikkei above 14,000, but buy below 13,000 Daido n/a Fukoku to keep holdings steady Asahi to reduce holdings

FOREIGN SHARES, ALTERNATIVE INVESTMENTS

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Nippon Life may reduce holdings Dai-ichi to increase holdings in foreign shares Meiji Yasuda to increase investment Sumitomo to take a cautious stance on foreign stocks Mitsui n/a Taiyo n/a Daido n/a Fukoku to reduce properties by Y10 bln Asahi to maintain holdings steady

EXPECTED MARKET RANGES

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Dollar/yen Euro/yen NIKKEI JGB 10-yr US 10-yr Nippon Life Y93 - 103 Y117 - 137 13,500 - 17,000 0.55 - 1.15% n/a Dai-ichi Y97 - 103 Y126 - 140 14,000 - 17,000 0.5 - 0.9% 2.5 -

3.0%

Meiji Yasuda Y94 - 105 Y125 - 142 12,500 - 15,500 0.6 - 0.9% 2.4 -

3.2%

Sumitomo Y90 - 110 Y115 - 145 12,500 - 16,700 0.5 - 1.0% 2.4 -

3.2%

Mitsui Y98 - 108 Y124 - 139 15,000 - 16,500 0.65- 1.05% 2.4 -

3.6%

Taiyo Y90 - 100 Y120 - 140 12,000 - 16,000 0.5 - 0.8% 2.0 -

3.0%

Daido Y95 - 110 Y125 - 150 13,000 - 16,000 0.5 - 0.9% 2.3 -

3.5%

Fukoku Y95 - 105 Y120 - 145 13,500 - 16,000 0.6 - 0.9% n/a Asahi Y90 - 110 Y120 - 140 12,000 - 16,000 0.5 - 0.9% 2.5 -

3.2%

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