TABLE-Japanese insurers investment plans in Oct-March

Reuters

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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