日本保险公司正在从国内日元债券转向收益率提高和市场条件变化情况下的收益率较高的资产。 Japanese insurers are shifting from domestic yen bonds to higher-yielding assets amid rising yields and changing market conditions.

日本人寿保险公司管理着近300万亿日元的资产,从2025年10月至2026年3月,日本人寿保险公司正在减少国内日元债券的持有量,随着政府长期债券收益率的提高而转向高收益证券。 Japanese life insurers, managing nearly 300 trillion yen in assets, are reducing holdings of domestic yen bonds from October 2025 through March 2026, shifting toward higher-yielding securities as long-term government bond yields rise. 这一行动是继传统买家需求下降和日本银行债券购买量减少之后采取的,承保人还利用创历史新高的股票对高估的国内股票进行减价。 This move follows declining demand from traditional buyers and reduced Bank of Japan bond purchases, with insurers also trimming overvalued domestic equities amid record stock highs. 尽管套期保值费用较低,但10个主要保险公司中约有一半正在削减外债,这说明日本债券回报率提高,以及持续套期保值成本。 About half of 10 major insurers are cutting foreign debt, citing improved returns on Japanese bonds and ongoing hedging costs, despite lower hedging expenses. 这一转变反映了在收益增加和对财政政策和通货膨胀持谨慎看法的情况下,对投资组合战略进行更广泛的重新评估。 The shift reflects a broader reassessment of portfolio strategy amid rising yields and cautious outlooks on fiscal policy and inflation.