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Nippon Life Heads Insurer Carry Trades as Yen May Drop to 100 BusinessWeek

26.04.10

By Theresa Barraclough and Shigeki Nozawa

April 27 (Bloomberg) -- Nippon Life Insurance Co., Japan’s largest life insurer, leads firms managing more than 120 trillion yen ($1.3 trillion) aiming to expand or retain foreign bond holdings, gauging the yen may slide to a one-year low.

Nippon Life will “boost” overseas debt stakes, said Yosuke Matsunaga, general manager of the company’s finance and investment planning department. Meiji Yasuda Life Insurance Co., the third-biggest, plans to invest 300 billion yen abroad. Each plans to buy without currency hedges. Dai-ichi Life Insurance Co. and Sumitomo Life Insurance Co. plan to “maintain” their unhedged foreign bond positions. The four companies forecast the yen will depreciate to as weak as 105 per dollar, the lowest since 2008, in the fiscal year that started April 1.

“Japanese investors are looking to reinstate the carry trade,” said Christian Carrillo, a senior interest-rate strategist in Tokyo at Societe Generale SA. Buying more foreign bonds or canceling existing hedges “would weaken the currency. In the case of the lifers they are such large investors that, by them expecting yen weakness and acting on that expectation, they can actually force the currency weaker.”

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