Japan’s Biggest Life Insurer to Reduce Its Yen-Bond Holdings

Japan’s largest life insurer plans to reduce its holdings of the nation’s sovereign bonds, even as higher yields have attracted more domestic buyers and overseas investors to the haven asset.

Nippon Life Insurance Co. said that after making purchases at a brisk pace earlier this month, buying will now steady and that on a book value basis, its holdings of the debt will drop this fiscal year for the first time since the 12 months ended March 2017.