Japan's Taiyo Life to keep yen bond holdings steady in 2017/18
Japan life insurers Taiyo Life speaking to Reuters 21 April
- plans to slightly increase foreign bond holdings with an emphasis on corp debt
- plans to slightly raise foreign ccy exposure this year
- trimmed exposure to treasuries in 2016/17
Taiyo Life is part of T&D Holdings with about JPY 7.3trln in assets.
Yesterday Matsui Life announced they would be increasing euro bond holdings over USD due to carry cost and that helped to support EUR pairs already finding dip demand.
EURUSD currently tightly bound again at 1.0718. USDJPY 109.22 with 109.50, an area I highlighted yesterday, still capping.
GBPUSD can't get past the 1.2850 offers either despite another attempt after I signed off yesterday and is back down to 1.2796. Demand notable around 1.2770 so there's your range for the moment.