Major Japanese Life Insurer to Slow Buying of Domestic Debt

Fukoku Mutual Life Insurance Co. plans to slow purchases of Japanese government debt this fiscal year as it sees limited upside in super-long bond yields.

The insurer expects to boost its holdings of Japanese bonds by ¥110 billion ($691 million), scaling back from last fiscal year’s projected increase of about ¥480 billion. Investment decisions by Japan’s life insurers are closely tracked as they can move global markets. Fukoku is the first among Japan’s insurers to report plans for the fiscal year.