Meiji Yasuda to cut unhedged foreign bonds

Interactive Investor – Japan’s Meiji Yasuda Life Insurance Co said on Monday it planned to cut its unhedged foreign bond holdings while increasing its hedged foreign bond holdings this business year to offset currency risks.

The nation’s third-largest life insurer by assets also said it has been experimenting with trades in yen swap rates since March to seek higher yields, and said it would boost its yen bond holdings mostly in super-long Japanese government bonds.

Meiji Yasuda said it planned to reduce its unhedged foreign bond holdings by about 100 billion yen ($997 million), and raise its currency-hedged foreign bond holdings by 200 billion yen in the year to March 2010.

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