The MUFG Global Markets Podcast

Japanese life insurance company investment strategies for fiscal year 2021: The MUFG Global Markets Podcast

April 27, 2021

Japanese lifers released their investment strategy plans for FY21 last week. In 2H FY20, amidst the COVID-19 pandemic, U.S. and Japanese rates reversed course and rose as stock market volatility picked up around the world. USD started to weaken and hedging costs remained low and stable after USDJPY basis tightened, as Japanese investors showed a greater focus on yield and bought more U.S. Government agency and corporate bonds with their Treasury redemptions. Japanese investors’ investing flows will be a critical catalyst for global yields and JPY basis. 

In today’s episode, MUFG Chief Japan Strategist Takahiro Sekido discusses key points with Japanese lifers’ 1H FY21 investment strategies including the impact on individual USD, EUR, and JPY asset classes as well as discusses dynamics in the JPY Samurai bond market and key points for the near term. He also outlines his views for Dollar/Yen, Yen rate, and Yen basis.

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