Nippon Life, Dai-ichi Life wary of foreign bonds on risk of yen upswing

TOKYO -- Two major Japanese life insurers are taking a more cautious stance on foreign bonds this year amid concerns that the yen will strengthen with the Bank of Japan's pivot to a less accommodative monetary policy, executives told Nikkei recently.

With the shift expected to bring higher bond yields, Dai-ichi Life Insurance and Nippon Life Insurance are eyeing more purchases of domestic bonds, mainly ultralong-term Japanese government bonds, according to the executive officers.