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Free Access### POV: JAPANESE LIFERS COULD FLATTEN........>
BONDS: ### POV: JAPANESE LIFERS COULD FLATTEN GLOBAL YIELD CURVES FURTHER
The latest semi-annual Japanese lifer investment intentions show a wider
openness to entering unhedged-FX foreign bond holdings, albeit without any
outright commitments.
- This comes as the inflated USD hedging costs have made it costly for Japanese
lifers to hold FX hedged US Tsy positions, eroding most, if not all of the yield
advantage that Tsys provide relative to the comparable JGBs, crimping the
profitability and cash flows of life insurers in the process.
- The latest weekly int'l security flow data showed that Japanese investors were
net buyers of foreign bonds for the 2nd week in a row with flows moving back
into foreign bonds at a quicker than average rate for the start of a new FY.
- Lifers were also net buyers of foreign bonds in March, even though
historically they tend to stay on the side-lines into fiscal year-end.
- This should boost demand in the longer end of the US Tsy curve and other
FX-hedging cost prohibited spaces such as Australia, with perhaps a further
flattening of such yield curves owing to Japan lifers' longer dated preferences.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.