TOKYO/SINGAPORE : For Japan's long term bond investors, an end to the Bank of Japan's stifling control of market yields can't come soon enough.Life insurance companies and pension funds in Japan have for months been positioning for an end to the BOJ's ultra-loose yield-curve-control (YCC) policy, by flush
TOKYO/SINGAPORE : For Japan's long term bond investors, an end to the Bank of Japan's stifling control of market yields can't come soon enough.
"We're all waiting for the end of YCC so we can buy JGBs," said a Japanese pension fund manager who requested anonymity as he is not authorized to speak to media."Everyone, pensions and lifers, is thinking the same thing... the sooner the better!" In interviews and media conferences at the beginning of Japan's new fiscal year in April, many domestic life insurers, including Nippon Life Insurance and Sumitomo Life Insurance, were convinced that Kuroda's replacement, Kazuo Ueda, would tweak or even abandon YCC at the June policy meeting.
Lifers and pension funds say they have very little exposure to Japanese government bonds, so a surprise policy change won't hurt them either.
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