April 25, 2018 / 5:13 AM / in 7 months

Sumitomo Life: to invest in non-dollar denominated foreign bonds

TOKYO, April 25 (Reuters) - Sumitomo Life Insurance Co said on Wednesday it plans to increase investment in foreign bonds denominated in currencies other than the U.S dollar, given the rise in the cost of hedging the greenback’s swings against the yen.

The Japanese insurer said it plans to buy dollar-denominated bonds without such hedges when the U.S. currency falls sharply against the yen, a move that would generate extra gains when the dollar rebounds.

Japan’s fourth-largest private-sector life insurer, which manages about 30 trillion yen ($275 billion) in assets, also said it would continue to curb investment in super-long Japanese government bonds. ($1 = 109.0000 yen)

Reporting by Taiga Uranaka Additional reporting by Yoshiko Mori; Editing by Chris Gallagher

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